§ 245. Retirement allowances of certain war veterans. 1. Any member of
a teachers' retirement system to which the city of New York is required
by law to make contributions on account of such member who (i) is an
honorably discharged member of any branch of the armed forces of the
United States, or (ii) has a qualifying condition, as defined in section
one of the veterans' services law, and has received a discharge other
than bad conduct or dishonorable, or (iii) is a discharged LGBT veteran,
as defined in section one of the veterans' services law, and has
received a discharge other than bad conduct or dishonorable, having
served as such during the time of war and who has attained the age of
fifty years, may retire upon his or her own request upon written
application to the board setting forth at what time not less than thirty
days subsequent to the execution and filing thereof he or she desires to
be retired, provided that such member at the time so specified for his
or her retirement shall have completed at least twenty-five years of
allowable service. Upon retirement such member shall receive an annuity
of equivalent actuarial value to his or her accumulated deductions, and,
in addition, a pension beginning immediately, having a value equal to
the present value of the pension that would have become payable had he
or she continued at his or her current salary to the age at which he or
she would have first become eligible for service retirement, provided,
however, that the said member on making application for retirement shall
pay into the retirement fund a sum of money which calculated on an
actuarial basis, together with his or her prior contributions and other
accumulations in said fund then to his or her credit, shall be
sufficient to entitle the said member to the same annuity and pension
that he or she would have received had he or she remained in the service
of the city until he or she had attained the age at which he or she
otherwise would have first become eligible for service retirement.

2. Notwithstanding any other provision of this section or of any
general, special or local law or code to the contrary, a member of any
such teachers' retirement system who (i) is separated or discharged
under honorable conditions from any branch of the armed forces of the
United States, or (ii) has a qualifying condition, as defined in section
one of the veterans' services law, and has received a discharge other
than bad conduct or dishonorable, or (iii) is a discharged LGBT veteran,
as defined in section one of the veterans' services law, and has
received a discharge other than bad conduct or dishonorable, having
served as such during the time of war and who has attained the age of
fifty years, may retire upon his or her own request upon written
application to the board setting forth at what time, not less than
thirty days subsequent to the execution and filing thereof, he or she
desires to be retired, provided that such member at that time so
specified for his or her retirement shall have completed at least
twenty-five years of allowable service. Upon reaching his or her
previously selected minimum retirement age, such member shall receive an
annuity of equivalent actuarial value, at that time, to his or her
accumulated deductions, and, in addition, a pension based upon his or
her credited years of allowable service, plus the
pension-for-increased-take-home-pay, if any. Should such member die
before reaching his or her retirement age, then any beneficiary under a
selected option shall be eligible for benefits under such option at the
date upon which the member would have reached his or her selected
retirement age.