245. Retirement allowances of certain war veterans. 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 is an honorably discharged member of any branch of the armed forces of the United States, having served as such during the time of war and who has attained the age of fifty years, may retire upon his 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 desires to be retired, provided that such member at the time so specified for his 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 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 continued at his current salary to the age at which he 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 prior contributions and other accumulations in said fund then to his credit, shall be sufficient to entitle the said member to the same annuity and pension that he would have received had he remained in the service of the city until he had attained the age at which he otherwise would have first become eligible for service retirement.
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 is separated or discharged under honorable conditions from any branch of the armed forces of the United States, having served as such during the time of war and who has attained the age of fifty years, may retire upon his 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 desires to be retired, provided that such member at that time so specified for his retirement shall have completed at least twenty-five years of allowable service. Upon reaching his previously selected minimum retirement age, such member shall receive an annuity of equivalent actuarial value, at that time, to his accumulated deductions, and, in addition, a pension based upon his credited years of allowable service, plus the pension-for-increased-take-home-pay, if any. Should such member die before reaching his 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 selected retirement age.
Last modified: February 3, 2019