2020 DOL FLSA Final Overtime Guidelines: How to Comply With the New Federal Overtime Rule
EVENT DATE:
PRESENTER(s): Margie Faulk, PHR, SHRM-CP
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Conference Material (Password Required)New DOL FLSA Overtime Rules Go Into Effect January 1, 2020, Get Ready Now!
On September 24, 2019, The Department of Labor announced that the Proposed Rule for Overtime has been approved and now a regulation that would make more than a million more American workers eligible for overtime. Under currently enforced law, employees with a salary below $455 per week ($23,660 annually) must be paid overtime if they work more than 40 hours per week.
This regulation will be effective in 2020 has the salary threshold as $684 per week and $35,568 annually indicating changes to the overtime structure.
The proposal increases the total annual compensation requirement for “highly compensated employees” (HCE) from the currently enforced level of $100,000 to $147,414 per year.
Allowing employers to use nondiscretionary bonuses and incentive payments (including commissions) that are paid annually or more frequently to satisfy up to 10 percent of the standard salary level.
Why should you attend:
This new federal overtime regulation that could make over a million more Americans eligible for overtime—which might mean a steep hike in costs for employers. This will be effective in 2020 but Employers must start preparing now! The final rule is effective Jan. 1, 2020 and is estimated to extend overtime protections to more than one million workers who are not currently eligible under federal law.
Learning Objectives:
- Learn how to mitigate the new overtime regulation
- Learn how to prepare for the new Overtime changes
- Learn how to communicate changes to employees
- Learn what constitutes violations
- Learn how to conduct an internal audit to ensure compliance
Session Highlights:
- Learn how to conduct an internal audit to ensure compliance
- What is the proposed overtime ruling?
- What does the DOL have planned to ensure compliance with the new overtime regulations?
- What states have different overtime regulations?
- How is it different from the previous overtime regulations?
- Learn how the DOL new Violation focus is Off the Clock work as part of their new initiative.
- How can Employers mitigate the new regulations if their budget is impacted?
- What companies are impacted by the changes?
- How are Non-Exempt employees impacted by the change?
- Is the new ruling expected to change the DOL definitions?
- What does the DOL New Ruling change the Highly compensated employees?
- What changes do Employers need to prepare before the new ruling is effective?
- How can Employers communicate the changes to employees?
- What financial impact will Employers have when changes are made?
- Penalties and Fines if ruling is violated.
Who Will Benefit:
- Payroll Professionals
- HR Managers
- HR Director
- HR VP
- CEO
- CFOs
- CPA and Accountant
- Accounting Professionals
- Compensation Professionals
- HR Compliance/Specialists
- HR Professionals/Office Managers and/or any professional on-boarding new hires
- Accounting Professionals
- Tax Professionals
- Benefit Professionals
- Compensation Professionals
