Usps Annual Leave Exchange Program
Last week I went over the rules governing leave accumulation and use. This time I want to talk about the way in which unused annual leave can be converted into cash. For all employees that means the lump sum payment you’ll receive for unused annual leave you leave government. However, for Postal Service employees, it also includes a wrinkle known as the Leave Exchange Program.
Read the letter on Annual Leave Exchange for the most complete information about this program. Some bargaining unit agreements provide a leave exchange program for covered full-time and part-time. Internal Revenue Service 'constructive receipt' regulations prevent Postal Service employees from.
Lump Sum Payments
While most employees use a large part of the leave they earn each year, those who are getting close to retirement are more likely to conserve it. In fact, they try to accumulate the maximum number of hours possible. That’s because they know that they can receive a lump-sum payment for any unused hours of annual leave to their credit when they retire. For most employees, including Executive and Administrative Schedule employees in the Postal Service, that means their annual leave limit plus any hours earned during the year. However, the rules for bargaining unit employees in the Postal Service are more restrictive. They may not be paid for hours that exceed their maximum limit of 440 hours.
Usps Annual Leave Exchange Program Form
Here’s the way the lump-sum payment system works. Any unused annual leave you have to your credit is projected forward and paid at the hourly rate you would have received if you were still on the payroll. That’s why many employees retire around the end of the year. They know that any hours that extend beyond the end of the previous leave year will be paid at the new, higher hourly rate. The more hours that cross the leave year divide, the larger your lump sum payment will be.
Leave Exchange Program
The Postal Service’s leave exchange program is divided into two categories, one for Executive and Administrative Schedule employees and the other for certain bargaining unit employees. If you are a full-time or part-time regular career EAS (non-bargaining unit) employee, you have the option of exchanging for cash up to 128 hours of the annual leave that you will earn during the next leave year. To be eligible, you must have an annual leave balance of 160 hours at the end of the current leave year.
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On the other hand, some bargaining unit agreements provide a leave exchange program for covered full-time and part-time employees. To be eligible, you must have a balance of 440 hours at the end of the leave year, and must have used less than 75 hours of sick leave during the leave year. If you are eligible, you can exchange for cash up to 40 hours of the annual leave you would otherwise earn during the next leave year.
The Postal Service offers a number of ways to help their employees assist each other and transition from the workforce to retirement. Postal employees participate in the Thrift Savings Plan (TSP) among other avenues by which they can save and plan for retirement. One of these ways is the Annual Leave Sharing.
The Postal Service has an annual leave exchange program of which employees may participate. In addition to the annual leave exchange program, employees have the benefit of an Annual Leave Sharing (ALS) program. The leave sharing program provides employees with the option of donating their annual leave to other employees under certain conditions. Many employees find themselves in the use-or-lose category at the end of the year because they have too much leave to carryover, violating the maximum carryover limits set under the Constructive Receipt provision of the Internal Revenue Service for the Postal Service.
The leave sharing program allows employees to both donate and receive leave from other employees who are career non-bargaining and bargaining unit Postal Employees. The program is also available under certain collective bargaining agreements to non-career transitional employees.
The leave sharing program assists many employees with not falling into an LWOP category that could create a financial burden on them and their families. The leave sharing program is also effective in that it is not a leave borrowing program where the leave must be paid back still placing a burden on the employee who is borrowing the leave.
Such leave sharing programs are not only a benefit to employees who need to borrow leave so that they can remain in a pay status, but engenders a team building mechanism for the organization. In addition, leave sharing programs benefit the organization by showing an efficient utilization of leave benefits. Instead of calculating the amount of annual leave that is forfeited because of use-or-lose, it rather shows how leave is reinvested into the organization’s greatest asset- the workforce.
Investing in employees is an investment in the retirement readiness of the workforce which is an investment in the future of our nation.
P. S. Always Remember to Share What You Know.
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