Federal court litigation may challenge implementation of the new rule. We can also anticipate congressional activity under the Congressional Review Act, where legislation can nullify some agency regulation. But with any relief uncertain, financial institutions will need to evaluate application of the new rules, plan for necessary classification and compensation changes, and consider alternative compliance approaches available under the FLSA.
This session will brief attendees regarding the final regulation terms which specifically impact financial institutions positions and practices. We will describe the range of compliance options and considerations to weigh when evaluating those options. The most commonly impacted position will be identified. Finally, as the new regulations are an opportunity to confirm exempt status of current positions in accordance with the exemption “duties” tests, we will update attendees regarding these standards.
What You’ll Learn
- Evaluation of new salary levels for impacted exemption tests
- Explanation of new annual compensation levels for highly compensated exemption
- Evaluation of details in the regulations which will impact us, such as automatic adjustments
- Examination of 10% credit for certain nondiscretionary incentive payments
- Discussion of alternative FLSA pay plans that may be worth considering
- Discussion of approved FLSA practices to minimize reclassification obligations
Who Should Attend
HR, senior leaders, compliance, audit and bank counsel.