8:00 am – 9:30 am PT
9:00 am – 10:30 am MT
10:00 am – 11:30 am CT
11:00 am – 12:30 pm ET
As of January 1, 2020, employers that violate the new overtime rules will be liable for back pay, interest, damages, and attorney fees.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Understand the new salary requirements to qualify for the overtime pay exemption
- Identify the specific duties required to qualify for the overtime pay exemption
- Determine the effect the new rules will have on your institution
- Specify alternatives for employees that will no longer qualify for the overtime pay exemption
On September 24, 2019, the Department of Labor issued final rules on overtime pay under the Fair Labor Standards Act that become effective on January 1, 2020. Virtually all financial institutions will be impacted, so you must prepare now! The salary level test for the “executive, administrative, and professional” overtime exemption will increase from $455 to $684 per week. Therefore, as of January 1, 2020, employees must be paid at least $35,568 per year to satisfy the salary level test for the overtime exemption and must also satisfy the specific duties test. Any employer that violates these new rules will be liable for back pay, interest, damages, and attorney fees. Attend this webinar to understand the effect the new rules will have on your institution and learn the alternatives available for employees who will no longer be exempt from overtime pay.
Attendance certificate provided to self-report CE credits.
WHO SHOULD ATTEND?
This informative session is designed for all managers, executive personnel, human resources personnel, loan officers, branch officers, auditors, compliance officers, and attorneys.
- Department of Labor’s Fact Sheet: Final Rule to Update the Regulations Defining and Delimiting the Exemptions for Executive, Administrative, and Professional Employees
- Employee training log
- Interactive quiz
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.