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.