N.Y. Military Law § 245: Retirement allowances of certain war veterans

§ 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.