On May 18, the Department of Labor (DOL) released the long-anticipated final rules defining overtime exemption requirements, including guaranteed salary requirements for white collar exemptions for executive, administrative, professional and highly compensated employees.
The new rules go into effect on December 1, 2016; key highlights include:
- The new guaranteed salary requirement is a minimum of $913.00 per week ($47,476.00 annually); this salary requirement applies to the executive, administrative and professional exemptions
- For the highly compensated exemption, the new salary requirement is $134,004.00
- The DOL did not change the white collar exemption duties tests
- The final regulation establishes a mechanism to update the salary requirement level every three (3) years
SESCO Management Consultants, NFDA’s endorsed human resources experts, has posted an overview of the final DOL rule on their website. Please read it carefully to understand the steps you need to take – which could include changes to your funeral home’s job descriptions, budget and more – to ensure you are in compliance by the December 1 deadline.
To help you understand the specific steps you need to take to be in compliance, NFDA will host a members-only teleconference on Thursday, July 14, from 1-2 p.m. CT. This teleconference will be free to the first registrant from each firm.
Bill Ford, president and CEO of SESCO Management Consultants, will help you:
- Identify salary-exempt incumbents who will no longer meet the minimum salary threshold – and those who work more than 40 hours per week
- Analyze actual hours worked to determine how to best meet new minimum salary requirements
- Develop a strategy for complying with changes, from revising job descriptions to your budget
Register now for this important teleconference.