For each year of additional service credit purchased under this section, the member shall pay into the employees' savings fund an amount specified by the public employees retirement board that is equal to one hundred per cent of the additional liability resulting from the purchase of that year or portion of a year of credit as determined by an actuary employed by the board. The member shall receive full credit for such additional elective service in computing an allowance or benefit under section 145.33, 145.331, 145.332, 145.335, 145.36, 145.361, or 145.46 of the Revised Code, notwithstanding any other provision of this chapter. The payment to the employees' savings fund, and payments made to the employers' accumulation fund prior to January 7, 2013, for such additional elective service credit shall, in the event of death or withdrawal from service, be considered as accumulated contributions of the member.
The board may determine by rule what constitutes full- or part-time service for purposes of this section.
A refund under this division cancels the equivalent amount of service credit.
R.C. § 145.201