Newsroom
New Reg Alert details DOL proposal for overtime, minimum wage exemptions
NAFCU sent member credit unions a Regulatory Alert Friday detailing the Department of Labor’s (DOL) proposed rulemaking to change the thresholds and methods used to delimit overtime and minimum wage exemptions. The association noted the proposal “may entail significant new labor costs for credit unions.”
The proposal would amend the DOL’s regulations implementing the Fair Labor Standards Act (FLSA) by increasing the minimum salary levels used for determining whether an employee is exempt from minimum wage and overtime pay rules. The Regulatory Alert explains the practical impact of the change “would be that full-year workers making under $55,068 annually – and not otherwise exempt from the overtime rules – would be eligible for overtime pay.”
In addition, the proposal would adjust the salary level used for determining the applicability of the streamlined duties test for highly compensated employees. The DOL is also seeking feedback on automatic, triennial adjustments to the salary level used for determining the applicability of minimum wage and overtime pay requirements.
The Regulatory Alert outlines four questions for credit unions to consider in their feedback. Credit unions can submit comments to NAFCU until Oct. 24; comments to the DOL are due Nov. 7.