As of January 1, 2020, employers that violate the new overtime rules will be liable for back pay, interest, damages, and attorney fees.
- Understand the new salary requirements to qualify for the overtime pay exemption
- Identify the specific duties required to qualify for the overtime pay exemption
- Determine the effect the new rules will have on your institution
- Specify alternatives for employees that will no longer qualify for the overtime pay exemption
On September 24, 2019, the Department of Labor issued final rules on overtime pay under the Fair Labor Standards Act that become effective on January 1, 2020. Virtually all financial institutions will be impacted, so you must prepare now! The salary level test for the “executive, administrative, and professional” overtime exemption will increase from $455 to $684 per week. Therefore, as of January 1, 2020, employees must be paid at least $35,568 per year to satisfy the salary level test for the overtime exemption and must also satisfy the specific duties test. Any employer that violates these new rules will be liable for back pay, interest, damages, and attorney fees. Attend this webinar to understand the effect the new rules will have on your institution and learn the alternatives available for employees who will no longer be exempt from overtime pay.
Elizabeth Fast, JD, CPA, Spencer Fane LLP
Live and recorded webinar, handouts, quiz with answer key and training log are included.