§ 245 — Retirement allowances of certain war veterans

§ 245. Retirement allowances of certain war veterans. 1. Any member of\na teachers' retirement system to which the city of New York is required\nby law to make contributions on account of such member who (i) is an\nhonorably discharged member of any branch of the armed forces of the\nUnited States, or (ii) has a qualifying condition, as defined in section\none of the veterans' services law, and has received a discharge other\nthan bad conduct or dishonorable, or (iii) is a discharged LGBT veteran,\nas defined in section one of the veterans' services law, and has\nreceived a discharge other than bad conduct or dishonorable, having\nserved as such during the time of war and who has attained the age of\nfifty years, may retire upon his or her own request upon written\napplication to the board setting forth at what time not less than thirty\ndays subsequent to the execution and filing thereof he or she desires to\nbe retired, provided that such member at the time so specified for his\nor her retirement shall have completed at least twenty-five years of\nallowable service. Upon retirement such member shall receive an annuity\nof equivalent actuarial value to his or her accumulated deductions, and,\nin addition, a pension beginning immediately, having a value equal to\nthe present value of the pension that would have become payable had he\nor she continued at his or her current salary to the age at which he or\nshe would have first become eligible for service retirement, provided,\nhowever, that the said member on making application for retirement shall\npay into the retirement fund a sum of money which calculated on an\nactuarial basis, together with his or her prior contributions and other\naccumulations in said fund then to his or her credit, shall be\nsufficient to entitle the said member to the same annuity and pension\nthat he or she would have received had he or she remained in the service\nof the city until he or she had attained the age at which he or she\notherwise would have first become eligible for service retirement.\n 2. Notwithstanding any other provision of this section or of any\ngeneral, special or local law or code to the contrary, a member of any\nsuch teachers' retirement system who (i) is separated or discharged\nunder honorable conditions from any branch of the armed forces of the\nUnited States, or (ii) has a qualifying condition, as defined in section\none of the veterans' services law, and has received a discharge other\nthan bad conduct or dishonorable, or (iii) is a discharged LGBT veteran,\nas defined in section one of the veterans' services law, and has\nreceived a discharge other than bad conduct or dishonorable, having\nserved as such during the time of war and who has attained the age of\nfifty years, may retire upon his or her own request upon written\napplication to the board setting forth at what time, not less than\nthirty days subsequent to the execution and filing thereof, he or she\ndesires to be retired, provided that such member at that time so\nspecified for his or her retirement shall have completed at least\ntwenty-five years of allowable service. Upon reaching his or her\npreviously selected minimum retirement age, such member shall receive an\nannuity of equivalent actuarial value, at that time, to his or her\naccumulated deductions, and, in addition, a pension based upon his or\nher credited years of allowable service, plus the\npension-for-increased-take-home-pay, if any. Should such member die\nbefore reaching his or her retirement age, then any beneficiary under a\nselected option shall be eligible for benefits under such option at the\ndate upon which the member would have reached his or her selected\nretirement age.\n