(B) A member of the public employees retirement system who has contributions on deposit with, but is no longer contributing to, the Cincinnati retirement system shall, in computing years of service credit, be given credit for service credit earned under the Cincinnati retirement system or purchased or obtained as military service credit if all of the following conditions are met:

1. (1) The member's service credit in the public employees retirement system is greater than the amount of credit that would be obtained under this division.
2. (2) The member is eligible, or with the credit will be eligible, for a retirement or disability benefit.
3. (3) The member agrees to retire or accept a disability benefit not later than ninety days after receiving notice from the public employees retirement system that the credit has been obtained.

4. (4) For each year of service, the Cincinnati retirement system transfers to the public employees retirement system the sum of the following:

   1. (a) The amount contributed by the member, or, in the case of military service credit, paid by the member, that is attributable to the year of service;
   2. (b) An amount equal to the lesser of the employer's contributions to the Cincinnati retirement system or the appropriate employer contributions under section 145.48 or 145.49 of the Revised Code;
   3. (c) Interest on the amounts specified in divisions (B) (4)(a) and (b) of this section from the last day of the year for which the service credit was earned or in which payment was made for military service credit to the date the transfer is made.

(C) A member of the public employees retirement system with at least eighteen months of contributing service credit with the public employees retirement system who has received a refund of the member's contributions to the Cincinnati retirement system may obtain credit for service credit earned under the Cincinnati retirement system or purchased or obtained as military service credit if all of the following conditions are met:

1. (1) The member's service credit in the public employees retirement system is greater than the amount of credit that would be obtained under this division.
2. (2) The member is eligible, or with the credit will be eligible, for a retirement or disability benefit.
3. (3) The member agrees to retire or accept a disability benefit not later than ninety days after receiving notice from the public employees retirement system that the credit has been obtained.

4. (4) For each year of service, the public employees retirement system receives the sum of the following:

   1. (a) An amount, paid by the member, equal to the sum of the following:

      1. (i) The amount refunded by the Cincinnati retirement system to the member for that year for contributions and payments for military service, with interest at a rate established by the public employees retirement board on that amount from the date of the refund to the date of payment;
      2. (ii) The amount of interest, if any, the member received when the refund was made that is attributable to the year of service.

   2. (b) An amount, transferred by the Cincinnati retirement system to the public employees retirement system, equal to the sum of the following:

      1. (i) Interest on the amount refunded to the member that is attributable to the year of service from the last day of the year for which the service credit was earned or in which payment was made for military service credit to the date the refund was made;
      2. (ii) An amount equal to the lesser of the employer's contributions to the Cincinnati retirement system or the appropriate employer contribution under section 145.48 or 145.49 of the Revised Code, with interest on that amount from the last day of the year for which the service credit was earned to the date of the transfer.

(H) Service credit purchased or otherwise obtained under this section shall be considered the equivalent of Ohio service credit. The public employees retirement system shall withdraw the credit and refund all amounts paid or transferred under this section if either of the following occurs:

1. (1) The member fails to retire or accept a disability benefit not later than ninety days after receiving notice from the public employees retirement system that credit has been obtained under this section.
2. (2) The member's application for a disability benefit is denied.