Today, one of GLM's Accountants take the helm of the Blog to discuss the Overtime Rule Changes that took effect last Wednesday May 18th when the Department of Labor released the final overtime rule changes for white collar workers.
The new salary threshold is $47,476 per year or $913 per week. Companies have until 12/1/16 to comply with this. As of 12/1/16 anyone making less than $47,476 should be paid overtime regardless of their position or duties. Anyone making over $47,476 will still need to pass the other components of the overtime exemption duties test to be considered exempt. Companies that have salaried employees under this level will need to know and may need help with strategies for making the change.
There is also a change to the exemption salary for Highly Compensated Employees. The salary threshold is now $134,004 per year (up from $100,000).
Both these salary levels are set to increase every three years going forward, with the next increase set for 1/1/2020.
Today I am talking with Tracey Masbaum representing Thomas Industrial Network or Thomasnet.com. She helps mainly B2B industrial businesses market their business to increase sales. Today Tracey talks about how she does it and gives me a demonstration.
Today I am talking with Victoria Pelleteire from HPL&S. She is an employee benefit consultant which specializes in in the design and administration of qualified deferred compensation plans.
She and HPL&S helps business owners with all types of retirement plans, including 401K, 403B, Profit sharing, cash balance plans and much, much more.
Today we talk about how Victoria helps all types of businesses from start up to succession.
In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: