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OVERTIME UPDATE

The U.S. Department of Labor (DOL) on September 24, 2019, promulgated a final rule to introduce a new, long-awaited, rule for overtime pay.

The final DOL rule updates the salary level necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements.  The new salary level addresses increases in employee earnings since the minimum levels were last updated in 2004.

The FLSA requires employers to pay employees a minimum wage.  For employees who work more than 40 hours in a week, the FSLA requires overtime pay of at least 1.5 times the regular rate of pay. An exemption, the “white collar” exemption, exempts from these minimum wage and overtime pay requirements “any employee employed in a bona fide executive, administrative, or professional capacity.” The FLSA allows the DOL to define the terms of the exemption. Since 1940, the regulations have generally required each of the following three tests: (1) the employee must be paid a fixed salary that is not subject to reduction because of variations in the work performed (the “salary basis test”); (2) the salary paid must meet a minimum specified level (the “salary level test”); and (3) the employee’s job duties must relate to executive, administrative, or professional duties (the “duty status” test).  The  DOL has long used the salary level test as a tool to help define the white collar exemption on the premise that employees paid less than the salary level are unlikely to be bona fide executive, administrative, or professional employees, and, conversely, that nearly all bona fide executive, administrative, and professional employees are paid at least the level specified.

In the newly promulgated rule, the Department of Labor:

  • raised the “standard salary level” from the currently enforced level of $455 per week to $684 per week which equates to $35,568 per year;
  • raised the total annual compensation requirement for “highly compensated employees” from the current level of $100,000 per year to $107,432 per year;
  • allowed employers to use nondiscretionary bonuses and incentive payments (including commissions) paid at least annually to satisfy up to 10% of the standard salary level, in recognition of evolving pay practices; and
  • revised the special salary levels for certain workers.

The final rule is effective on January 1, 2020.  A complete description of the new rule can be found on the DOL website.

Bruce S. Asay
Associated Legal Group, LLC
basay@associatedlegal.com
(307) 632-2888

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We know we need estate planning when we have children who are minors, children who are gifted or expected to have their own wealth, spouses or children who cannot or do not want to handle money, securities or a business.

We know we need estate planning if we have closely held business interests, property in more than one state, or if we have charitable objectives.

We know we need estate planning for special property such as fine art, or a collection, pets that are particularly important and for asset protection.

Our next discussion is the ten most common estate planning mistakes. Part 3 will start with how to avoid them.

Top ten common estate planning mistakes are:

  1. Improper use of jointly held property
  2. Improperly Arranged Life Insurance
  3. Lack of Liquidity
  4. Choice of Wrong Executor
  5. Will Errors
  6. Leaving Everything to your Spouse
  7. Improper Disposition of Assets
  8. Failure to Stabilize and Maximize Value
  9. Lack of Adequate Records
  10. Lack of a “Master Strategy” Game Plan

If you have questions regarding your estate plan, please contact Gayla Austin, at ALG Law.

The ALG Law blog on estate planning is posted at the beginning of each month.

One of the most, if not the most, important skill of an estate planner and the person who will be creating your estate documents is the ability to understand you, the client, and what needs to be done to move you closer to the realization of your goals.

Knowledge of your hopes, fears, dreams and objects of your bounty and the relation of each to the other is essential.

For our first conversation, let`s talk about documents you will need for purposes of estate planning. They include:

  • Present Wills
  • Personal income tax returns: Last 3 years
  • Business tax returns: Last 3 years
  • Life, Health and Disability Insurance Policies
  • Employment Benefit Plan Descriptions (Profit sharing, 401k)
  • Business Buy-Sell Agreements
  • Pre or Post Nuptual Agreements and Divorce Decrees
  • Trust Documents
  • Gift Tax Returns (if any)
  • Homeowner`s Policy
  • Deeds to Real Estate

In our next conversation, we`ll talk about each one of thesewhy we need it and how it works into your plan.

If you have any questions, please contact me.

Thanks!

Gayla K. Austin

The Department of Labor issued its long anticipated new rule on overtime that updates the regulations determining which white-collar, salaried employees are entitled to the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay protections. The rule increases the salary threshold below which most white-collar, salaried workers are entitled to overtime from the current $455 per week (or $23,660 for a full-year worker) to $913 per week (or $47,476 for a full-year worker).

The new rule has the potential to impact millions of workers who may either gain new overtime protections or get a raise to the new salary threshold. Under existing regulations, exempt workers are those who are paid on a salary basis, earn at least $455 per week, and are employed in certain common exemptions including an executive, administrative or professional capacity. This means that if you have an employee working as a manager in a fast-food outlet making $30,000 per year, the new regulation just granted the manager an increase to $47,476. This is not sustainable for many small businesses and there is presently Congressional Review that may address the agency’s action. Nevertheless, employers need to review their present employment and job classification practices to address the new overtime regulations. Some possible considerations include:

  1. Review and identify employees that may need to be reclassified.
  2. Review your present job descriptions and overtime payment policies.
  3. Prepare new methods of compensation plans for salaried employees affected by the Rule.
  4. Educate your staff on the new overtime regulations and possible reclassifications.
  5. Consider alternative payment and bonus alternatives.
  6. Communicate; talk with your employees about changes that may be necessary.

The University of Wyoming School of Law recently requested that Mr. Asay teach a course on Utilities Law. Mr. Asay accepted the invitation and is currently teaching the course for the winter semester.