Use of Compensatory Time for Purchase of Retirement. Service Credits under the Provisions of the Employees' Retirement System of Xxxxxxxxxx County An employee wishing to purchase retirement service credits pursuant to the appropriate provisions of the Employees' Retirement System of Xxxxxxxxxx County may authorize the conversion of accrued compensatory time to a cash value for the purpose of depositing this amount under the retirement system. Not more than 80 hours of compensatory time may ever be used for purchase of retirement service credits. The lump sum cash value of the compensatory time is to be based on the employee's rate of pay as of the date of conversion. The use of compensatory time for this purpose is subject to the availability of lapsed salary monies within an employee's department and to the provisions of the Employees' Retirement System of Xxxxxxxxxx County. Whenever an employee converts compensatory time for the purpose of purchasing retirement service credits, lapsed salary monies in the employee's department or agency may be used and the monies may be transferred to the Employees' Retirement System of Xxxxxxxxxx County whenever recommended by an employee's department head or agency head and approved by the Chief Administrative Officer.
Use of Compensatory Time for Purchase of Retirement. Service Credits under the Provisions of the Employees' Retirement System of Montgomery County An employee wishing to purchase retirement service credits pursuant to the appropriate provisions of the Employees' Retirement System of Montgomery County may authorize the conversion of accrued compensatory time to a cash value for the purpose of depositing this amount under the retirement system. Not more than 80 hours of compensatory time may ever be used for purchase of retirement service credits. The lump sum cash value of the compensatory time is to be based on the employee's rate of pay as of the date of conversion. The use of compensatory time for this purpose is subject to the availability of lapsed salary monies within an employee's department and to the provisions of the Employees' Retirement System of Montgomery County. Whenever an employee converts compensatory time for the purpose of purchasing retirement service credits, lapsed salary monies in the employee's department or agency may be used and the monies may be transferred to the Employees' Retirement System of Montgomery County whenever recommended by an employee's department head or agency head and approved by the Chief Administrative Officer.
