May 19, 2016
The Overtime Rule
By Linda Marie Pearson, CPA, CFE
On May 18, 2016, the U.S. Department of Labor (DOL) published final regulations defining those employees exempt from overtime. The new rule (aka The Final Rule) updated the salary and compensation levels of executive, administrative and professional employees. Effective December 1, 2016, it has:
Set the standard salary level at $47,476 annually for a full-year worker;
Set the total annual compensation requirement for highly compensated employees subject to a minimal duties test to $134,004; and
Established a mechanism to automatically update the salary and compensation levels every three years.