(1) At any time prior to retirement, a member who is statutorily eligible to do so, may elect to qualify into his current retirement system all or any portion of his previously refunded credits in his current or another state retirement system.

(2) The foregoing shall not be construed to allow the transfer or purchase of credits between two retirement systems while the individual is a member of both systems, nor shall it allow the transfer or purchase of service into a system by a former member of that system.

(3) In order to qualify the previously refunded service, an eligible member must initiate the action through the system to which he currently contributes, identifying, in writing, the system and the period of employment which is to be requalified.

(4) The division will review refund information in its files, or submitted to it by the teachers' retirement system, and will notify the member the exact amount of time which can be requalified and the amount of employee contributions, plus interest, which must be deposited by the member in order to "buy back" the previously refunded service time.

(5) The member must have a letter of intent on file with the board for the buy back of previously refunded service credits, stating the amount of service credit to be requalified, the cost of the "buy back," and the amount of time over which the member will pay for such service.

(6) After full payment is made by the member, and if the service credit to be requalified was originally granted in a system other than the current system, the board will transfer from the previous system into the current system the actuarial equivalent of the employer's/state's share of granting such service credit in the current system.