Bowen Yang is sharing how the Saturday Night Live cast decks the halls of 30 Rock — with “garbage” — during the holiday season.

In an exclusive interview with PEOPLE to promote his Las Culturistas Pinterest gift guide, the comedian, 34, reveals that fellow cast members Kate McKinnon and Aidy Bryant are the masterminds behind the show’s longstanding holiday party tradition.

While the group used to do a Secret Santa or white elephant gift exchange to celebrate, people’s feelings would get hurt, prompting a change, Yang says. “Because people were like, ‘Oh, I ended up with a bad one and this person got a good one.’ And so, Aidy Bryant and Kate McKinnon in their early days did away with that,” he explains.

“And then, they threw what is called the garbage party, which is [when] everyone — after the read-through of the Christmas show, the last read-through of the year — you just contribute something to the garbage party. So it’s like a potluck instead of a gift-giving thing,” Yang continues.

As he describes the potluck, it’s an anything-goes situation. “People will buy 20 cheeseburgers from Shake Shack, or you bring Jello shots from home, or you bring 30 little Funko Pops for people to take home,” he tells PEOPLE. “Everyone just culls together just their weird, most random contributions essentially.”

Yang says the “chaotic potluck” is a rare opportunity for the hard-working cast to kick back and have some fun together. “It’s our one moment of letting loose beyond the afterparties, which they’re hard to come by. It’s hard for all of us to be in the same place at the same time, because not everybody goes to the afterparty, and people are tired, and it’s a big ask,” he explains.

“But I think the garbage party is our big tradition that we uphold, and that’s all thanks to Kate and Aidy,” Yang adds.

The party goes down in the writers’ room at NBC’s 30 Rockefeller Center headquarters in New York City. “We go upstairs to the offices, and we turn the lights off. We get party lights. It’ll be like someone’s contribution will be a karaoke machine, and it’s a mess, and it’s so fun,” Yang notes.

The Wicked star also spoke to PEOPLE about how Lorne Michaels, SNL‘s creator and executive producer, enjoys playing Santa Claus during the holidays and handing out a sweet gift to everyone.

“I think part of his love language is gifting, gifting everything. He’ll have a birthday present for you every year. And Christmas, he will give you preserves and jams from his farm, and it’s the most delicious raspberry jam you’ve ever eaten. I look forward to it every year. My mouth is watering just thinking about it,” Yang says.

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“That’s the lovely group gift that he gives everybody, and everyone’s thrilled, truly,” he continues. “Everyone’s truly psyched to get the jams every year.”

For Yang, the holidays are always are favorite time of year, especially on the SNL set.

“I love SNL during the holidays. It’s a good vibe, and I hope people feel that way,” he says.