1.  Employees whose membership in a previously established retirement system excludes them from membership in the System established by this chapter may apply to the Board in writing for the former system to be integrated into the latter System and for them to become members of the latter System. Whenever two-thirds of them and their employer, through its governing body, chief official or department head so apply, the Board may:

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(a) Cause a financial and actuarial investigation of the proposed integration to be made, the cost of which shall be borne by the previously established system; and

(b) Upon such terms as are set forth in a contract between the Board and the employer, integrate the previously established system into the System established by this chapter.

2.  The contract shall have no effect until notice and hearing regarding it are afforded in the manner prescribed in NRS 286.200 for the promulgation of rules by the Board.

3.  Nothing in this chapter nor any action taken pursuant to it shall reduce or impair the benefits which employees who are receiving benefits from a retirement system integrated with the System provided by this chapter would have received had the integration not been effected.