Section 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.