All former employees of the several counties receiving pensions from the Municipal Employees’ Retirement Fund, county appropriations or any private pension plan contracted for by any county shall continue to receive pensions through payments from the Municipal Employees’ Retirement Fund, appropriations from the General Fund or assumption by the state of the contract, as the case may be, in each case equivalent to the amount which such employee received prior to October 1, 1960, and the state assumes liability for any payments which might be due the Municipal Employees’ Retirement Fund for persons receiving pensions from said fund under the provisions of this section.