Comp time payout

I work for a city government and we have two employees who have been classified as hourly non-exempt for a number of years. We have decided that they meet the exempt status criteria and plan on changing them to exempt shortly. They both have been receiving comp time in lieu of overtime compensation and have built up sizable hours, and we certainly want to pay them what they have earned.

We assume we can simply pay them the number of hours times their current rate, but we also assume we can offer them the time off, and we also assume there could be a combination of both methods. Just wanted to know if anyone had any other ideas or how long we have to "close out" their comp time balances? We would probably lean towards closing it out by the end of our budget year, 6/30/09. Thanks for any input.


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