By regulations consistent with the federal Fair Labor Standards Act, the Secretary may provide for employees who otherwise would be entitled to payment for overtime work to elect to receive compensatory time instead. These regulations shall provide that an employee who elects to receive compensatory time must notify the employee's supervisor of that election before the overtime work is performed. Compensatory time under this section shall equal: 1 hour for each hour of overtime work for which the employee otherwise would receive the employee's regular hourly rate of pay; and 5 hours for each hour of overtime work for which the employee otherwise would receive one and one-half times the employee's regular hourly rate of pay.