Section 13-557. Special provisions on retirement of teachers for service and allowances thereon

Subject to such terms and  conditions  and  to  such  rules  and  regulations  as such board may adopt, any teacher may retire
  upon written application to such board after he  or  she  has  completed
  thirty years of service upon a retirement allowance consisting of:
    1.  An  annuity  which shall be the actuarial equivalent of his or her
  accumulated deductions; and, in addition thereto,
    2. Such pension as shall be certified by the actuary of such board  to
  have  an actuarial value equivalent to the reserve which would be in the
  contingent reserve fund had the city  contributed  on  account  of  such
  teacher from the date of his or her entrance into service in such manner
  as is provided for the city's contributions on behalf of new-entrants in
  section  13-527 of this chapter, the amount determined by the actuary of
  such board to be necessary to provide for the death benefit and for  the
  pension  reserve  required  at the time of retirement to pay the pension
  allowable by the city as provided in this chapter.  In  determining  the
  amount  of  the  reserve the actuary of such board shall base his or her
  calculations on the tables then in use as the basis for determining  the
  rates  of  contribution  required of the city on account of new-entrants
  and, in addition thereto,
    3.  A   pension   which   is   the   actuarial   equivalent   of   the
  reserve-for-increased-take-home-pay  to which he or she may be entitled,
  if any.