Well, I think what happened is that the governor announced it and left it up to the HR folks to figure out how to implement it.
The latest I've heard is that they are going to "spread out" the reduction in pay (due to furlough days) over the entire year, well actually, 2 years regardless of when they are taken. So basically, its a salary decrease in exchange for more vacation days, which it will be mandatory to take.
I suppose it could be worse. There are a lot of people who don't have jobs at all. :-(
My understanding of an exempt job though, is that you are paid to get the job done, not for hours worked. So if you need to work more hours on the days you are there "in order to get the job done" then that is what you have to do, because that is pretty much the definition of what it means to be an "exempt" employee.
The non-exempt employees, of course, won't work any extra hours to make up for lost time. But the way I see it, that means that those of us who are "exempt" will not only need to work extra to get our own jobs done, but will also need to put in any extra time necessary to get their jobs done too.
I love my job, and am not going to leave the public sector. But my understanding is that the next couple of years are going to be more work for less pay, and that's just the way it is. Next time people start bashing public employees wholesale ("lazy and overpaid" is what they say about us in my state), I hope they realize that public employees make sacrifices too in these tough economic times; we aren't just laying around eating bon bons and collecting cushy paychecks for doing "no" work.