(1) The basic period of time for calculating service credit shall be the fiscal year July 1 through June 30. Generally, service credit in the Montana Teachers' Retirement System shall be based upon the following unless otherwise provided by rule or statute:
(a) Service credit for Public Employees' Retirement System service qualified in the Teachers' Retirement System shall be credited to the member's account at the same rate earned under and reported to the Public Employees' Retirement System.
(b) A member employed less than full-time during the fiscal year shall receive part-time service credit based on the total number of hours, days, or months reported to the Teachers' Retirement System, divided by the number of hours, days, or months of equivalent full-time service. For the purpose of this subsection, seven hours shall be considered one day.
(2) For employees of the university system and community colleges, part-time service credit shall be prorated based upon the portion of the full-time contract completed and/or the daily rate of pay if available.