It's Leap Day and everyone except Liz is celebrating.  A friend from college invites Liz to a party, and she ends up going with Jenna so that Jenna can sleep with Liz's billionaire friend.  Neither of them end up with him after a bunch of models show up to the party.

Tracy has to spend $50,000 worth of Benihana gift cards before February is over.  He takes the crew out to dinner, but after only spending $6,000, he feeds the homeless with the rest.

Jack is visited by Leap Day William, and taken through his Leap Day past, present, and future.