The New Overtime Rule's Impact On Your Bank
Kentucky Banker Magazine › Nbr. 933, October 2004
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Summary
The Department of Labor implemented its amendments to the Fair Labor Standards Act on August 23, 2004, changing the rules on determining which positions in your bank are exempt from overtime. Some highlights of the new provisions are: 1. The minimum salary level threshold for exempt employees increased from $250 per week - $13,000 year - to $455 per week - $23,660 year. Any employee earning less than $23,660 a year will be nonexempt. 2. The new rules emphasize the primary duties of the employees in determining exempt eligibility, and drop the requirement that they spend no more than half of their time on nonexempt work to remain exempt from overtime. 3. Primary duties are revised for the White Collar exemptions especially the Executive and Administrative Exemptions.
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The New Overtime Rule's Impact On Your Bank
The Department of Labor (DOL) implemented its amendments to the Fair Labor Standards Act on August 23, 2004, changing the rules on determining which positions in your Bank are exempt from overtime. Some highlights of the new provisions are:
* The minimum salary level threshold for exempt employees increased from $250 per week ($13,000 yr.) to $455 pe...See the full content of this document
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