(a) Officers and employees of the state are entitled to personal leave with pay that accrues as follows:
(1) two days for each full monthly pay period in the case of officers and employees with less than two years of service;
(2) two and one-quarter days for each full monthly pay period in the case of officers and employees with two but less than five years of service;
(3) two and one-half days for each full monthly pay period in the case of officers and employees with five but less than 10 years of service;
(4) three days for each full monthly pay period in the case of officers and employees with 10 years or more service.
(b) Personal leave accrued by an officer or employee during each pay period shall be converted monthly to a cash value by multiplying the hours accrued during the pay periods in that month by the officer's or employee's annualized hourly rate of pay for the pay period. The resulting amount shall be added to the cash value amounts calculated for previous pay periods. The total of all of the cash values is the cash value of the officer's or employee's personal leave balance.