Big "I" Q&A Document on DOL Overtime Regulations
As reported in News & Views, last week the Department of Labor (DOL) finalized a rule that will have a significant impact on many Big "I" agencies, their business clients, and some state association staff. The DOL rule updates a regulation that exempts certain employees from overtime and minimum wage requirements commonly referred to as the "white collar" exemptions. The new rule will require that many employees who were not previously legally entitled to overtime, be paid overtime. Employee salaries and overtime eligibility status for all employees should be reviewed and adjusted, as needed, to comply with the new rule before December 1, 2016.
In response to questions about the rule, the Big "I" has prepared a question and answer document that summarizes the rule changes, and provides information specific to insurance agencies on how the changes interact with current federal law under the Fair Labor Standards Act. The Big "I" will also be providing a free member webinar on the rule changes tentatively scheduled for June 22rd. More information on the webinar will be published soon. Please contact Big "I" federal affairs counsel, Jennifer Webb at [email protected] if you have additional questions about the rule.
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