Employees who file an election but who terminate State service prior to receiving the exchange payment will receive such payment at the same time all other exchange payments are made. In the case of employees who have filed an election but who terminate State service prior to July 1, their salary in effect on the last date of their employment prior to July 1, will be considered to be their July 1 salary.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 566.7