Making Cursor/Fetch more efficient

/* THIS IS ORIGINAL SP!!! */
ALTER PROCEDURE [dbo].[CalculateSomeAwefulStuff]
@SSN char(9),
@currentPayrollDate smalldatetime,
@std_hours float
 AS
 
Declare @Hours float
Declare @Work_Date smalldatetime
 
Declare looper CURSOR SCROLL
  FOR SELECT CONVERT( decimal, hrs_Worked ) + ( CONVERT( decimal ,mins_Worked ) / 60)  + ( dbo.workDayPercentageStringToDecimal(  Work_Day_Percentage )  * (@std_hours/5) ) AS Hours,
             Date_Worked
  FROM tblRecord
		WHERE Finalized = 1
                   		AND SSN = @SSN
                   		AND pay_cycle_date = @currentPayrollDate
			AND Time_Code IN ( 'O', 'D', 'N', 'R' )
 
Declare @temp float
SET @temp = 0
 
Open looper
 Fetch First From looper
              INTO @Hours, @Work_Date
 
 While @@Fetch_Status = 0  ------------------LOOP 
   BEGIN
	print @Hours
	print datepart( week, @Work_Date )
	print @Work_Date
 
	SELECT @temp = COUNT(*) FROM tblACRWeekHours_temp
	WHERE week = datepart( week, @Work_Date )
 
	IF @temp <= 0
	  BEGIN
		INSERT INTO tblACRWeekHours_temp( week, hours_already_worked ) 
		VALUES(  datepart( week, @Work_Date ),  @Hours + @std_hours )
	  END
	ELSE
	  BEGIN
		SELECT @temp = hours_already_worked
		FROM tblACRWeekHours_temp
		WHERE week = datepart( week, @Work_Date )
 
		UPDATE tblACRWeekHours_temp 
		  SET hours_already_worked = @temp + @Hours
		  WHERE week = datepart( week, @Work_Date )
	  END
 
	Fetch Next from looper INTO @Hours, @Work_Date
   END -----------------------------------------------------END LOOP
 
 
CLOSE looper
DEALLOCATE looper
 
/********************************************************************************************************/
 
/* Here's my version of the same thing, to improve some speed. I'd like to eliminate my while loop altogether.  Either way, my results are not correct, so what am I doing wrong? */
 
ALTER PROCEDURE [dbo].[CalculateHoursAlreadyWorkedThisCycleDuplicate]
@SSN char(9),
@currentPayrollDate smalldatetime,
@std_hours float
 
AS
 
begin
 
Declare @Hours float
Declare @Work_Date smalldatetime
 
/* if temp. table exists, delete it to avoid problems */
IF OBJECT_ID('temp..#temp_table') IS NOT NULL
begin
DROP TABLE #temp_table 
end
 
/* create main temp. table */
CREATE	TABLE	#tblACRWeekHours_temp 
( 
	ssn char(9),
	division char(2), 
	pay_sect char(3), 
	currentPayrollDate datetime,
	week int,
	hours_already_worked float,
	_1_0_hrs float,
	_1_5_hrs float,
	_2_0_hrs float,
	_diff_hrs float,
	_eper_hrs float,
	addnl_money float,
	work_location int
)
 
/* create a temp. table to hold the values, instead of using a CURSOR/loop
   like in orign. stored proc */
CREATE	TABLE #temp_table 
( 
	
	hours float, 
	date_worked datetime
	
)
 
 
/*store everything here ahead of time.
 *fetch the hours and date_worked
 *To get the hours, use same formula as orgin. stored proc.
 *same query as in last orig. proc. */
INSERT INTO #temp_table(hours, date_worked)
SELECT	CONVERT( decimal, hrs_worked) + ( CONVERT( decimal ,mins_worked ) / 60)  
								+ ( dbo.workDayPercentageStringToDecimal(  Work_Day_Percentage )  * (37.5/5) ), Date_Worked
 
						FROM	tblRecord
 
						WHERE Finalized = 1
                   				AND SSN = @SSN
                   				AND pay_cycle_date = @currentPayrollDate
						AND Time_Code IN ( 'O', 'D', 'N', 'R' )
 
 
 
/*looping is ugly but we might have to end up with it here*/
DECLARE @counter int; /* counter for while loop */
DECLARE @i int; /* increment with @i */
set @i = 0;
SELECT @counter = count(*) from #temp_table
 
 
/* The idea with the while loop here is:
   Grab the top 1 result from #temp_table. After we are doing what we need with this row,
   delete it from #temp_table. Then adjust the @counter and @i values at end of while loop.
   Something is going wrong here...
*/
WHILE @i < @counter
begin
 
SET		@Work_Date = (select top 1 date_worked from #temp_table)
SET		@Hours = (select top 1 hours from #temp_table)
 
 
--calc week here instead of re-using it directly
DECLARE @week int
SET @week = DATEPART(week, @Work_Date)
 
IF NOT EXISTS(SELECT * FROM #tblACRWeekHours_temp WHERE week = @week)
BEGIN
	INSERT INTO #tblACRWeekHours_temp( week, hours_already_worked )
	SELECT TOP 1	@week, hours + @std_hours
			
	FROM			#temp_table
 
END
ELSE
BEGIN
 
	UPDATE #tblACRWeekHours_temp 
	SET  hours_already_worked = hours_already_worked  + @Hours
						
	WHERE week = @week
 
	
END
 
delete from #temp_table where date_worked = @Work_Date
set @counter = @counter - 1;
set @i = @i + 1;
end