(a) An eligible employee may elect to waive cash holiday compensation payable pursuant to this Part and receive compensatory time off; such waiver may subsequently be revoked. The waiver or revocation must be executed and filed with the appropriate payroll agency on a form specified by that agency during the following time periods:

1. (1) in the case of an eligible officer or employee as defined by section 144.1(b)(1) of this Part, during the time periods specified by the appropriate agreement then in effect between the State and an employee organization, or as specified by the Director of Employee Relations; or
2. (2) in the case of an eligible officer or employee as defined by section 144.1(b)(2) and (3) of this Part, during a period each year as specified by the Director of the Budget; provided, however, an employee hired subsequent to such a period shall have the opportunity to file such a waiver at the time of appointment. Waivers in effect on April 1, 1972 shall remain in effect until revoked.