(1) Effective December 1, 1970, the existing systems and the Florida Retirement System shall be consolidated and the system shall assume:
(a) All liabilities related to the payment of benefits to members and their beneficiaries; and
(b) All obligations in regard to funding and administering benefits accrued for the benefit of members, beneficiaries, and survivors.
(2) The administrator or trustees, where there may be a conflict in law, of the respective trust fund or funds held under the existing systems shall, as of December 1, 1970, cause to be transferred to the system trust funds all assets, including moneys, securities, and other property accumulated to date, as well as all liabilities and obligations connected therewith. Upon such transfer of assets, liabilities, and obligations, the administrator shall become the trustee of any trust fund or funds transferred to this system.