Any member who has not retired shall be entitled to have full credit (consistent with the military service purchase rules in § 62-414) for each year or fraction thereof, to the completed month, not to exceed five years under the following conditions:
A. He shall pay the buyback rate set forth in § 62-414B(1) based upon his first year of hire.
B. Buyback may be made at any time prior to retirement (installment payment plans shall be allowed and implemented) but current retirement standards shall apply.
C. Members hired after December 31, 2011, may not purchase police service credit.