Notwithstanding the provisions of any general or special law to the contrary, any retired member of a retirement system, who is a veteran who served in the armed forces of the United States and who retired prior to 1996 shall be entitled to have his retirement allowance recalculated based upon additional credit for active service in the armed services to the United States.  Such recalculation shall not be made until such member has paid into the annuity savings fund of such system, in one sum or in installments, upon such terms and conditions as the board may prescribe, makeup payments, for each year of the creditable service sought, of an amount equal to the ten percent of the regular annual compensation of the member when said member entered the retirement system; and, provided further that such creditable service shall not be construed to include service for more than four years provided further, that such creditable shall not be allowed for any period of active service for which said veteran has received credit pursuant to paragraph (h) of subsection (1) of section 4 of chapter thirty-two of the General Laws or for which said veteran receives a federal military pension.  This act shall apply to Massachusetts National Guard and Active Reserve personnel, both former and present.  Creditable service time, both enlisted and commissioned may be applied toward retirement on a ratio of five years guard service or five years active reserve service substitutable for each year of active service.