Annual Leave Exchange Program Payout
The Annual Leave Exchange Program offered by Pinellas County allows you to exchange annual leave for cash or for deferred compensation. Election is done during the Benefits Annual Enrollment period in the fall of the preceding year. At that time, participating employees select the total amount of leave (in hours) and a payment frequency of once, twice or four times for the following year.
- If you elect one payment, the amount will be 100% of the election.
- If you elect two payments, the amount of each will be 50% of the total election.
- If you elect four payments, the amount of each will be 25% of the total election.
2024 Payout Chart
| Number of Annual Leave Exchange Payments Selected | March 29 Payment | June 21 Payment | Sept. 13 Payment | Nov. 22 Payment |
|---|---|---|---|---|
| One | 100% | |||
| Two | 50% | 50% | ||
| Four | 25% | 25% | 25% | 25% |
What if I want cash?
Payment in cash is automatic. No further action is needed.
What if I want to put all or part of the leave in deferred compensation?
If all or part is to be deposited in deferred compensation, then you need to complete the Annual Leave Exchange Deferred Compensation Form at the time of each payout by the deadlines shown below.
2024 Deferred Compensation Form Submittal Deadlines
| Payment Date | Deadline to Submit Form |
|---|---|
| March 29 | March 20 |
| June 21 | June 11 |
| September 13 | September 4 |
| November 22 | November 13 |
What happens if I forget to send the deferred compensation form or the form is late?
The payment of leave will be made in cash and will be fully taxable. If this happens, you could consider setting the money aside in your savings account and then raising your deferred compensation deduction in a future paycheck(s). Employee Benefits can assist should this occur.
What if I have additional questions?
For more information, see the Annual Leave Exchange Guide or contact Employee Benefits by phone at (727) 464-3367, option 1, or by email at employee.benefits@pinellas.gov.
5/21/24