On the effective date of this act, officers and employees who, immediately prior to such date, were engaged in the performance of powers, duties or functions involved in the administration of any law administered by the consumer credit commissioner, and who, in the opinion of the state bank commissioner, are necessary to perform the powers, duties and functions involved in the administration of any law administered by the consumer credit commissioner, shall be transferred to, and shall become officers and employees of the bank commissioner. Any such officer or employee shall retain all retirement benefits and all rights of civil service which had accrued to or vested in such officer or employee prior to the effective date of this act. The service of each such officer and employee so transferred shall be deemed to have been continuous.