A. The city treasurer is directed to liquidate all assets held in the employees’ retirement fund representing the contributions of employees and to on or before the 1st day of January, 1955 return all funds contributed by city employees into said employees’ retirement fund, less expenses and costs as provided by said system, to said city employees, or to deliver said funds to the Washington State Employees’ Retirement System and on account of such employees if so directed.

B. The city treasurer is further directed to liquidate all assets of the employees’ retirement fund and to pay out of such funds to the State Employees’ Retirement Fund sums due the Washington State Retirement System as provided by law.

C. The balance of the funds left on hand after providing payment of pensions now outstanding, the return of employees’ funds and sums due the Washington State Employees’ Retirement Fund System shall be held by the treasurer of the city until its distribution shall be directed by ordinance of the city. (Prior code § 1.44.050.)