New Overtime Rule Changes
Effective January 1, 2020
Friday, November 15, 2019
11:00 am – 12:30 pm Eastern
As of January 1, 2020, employers that violate the new overtime rules will be liable for back pay, interest, damages, and attorney fees.
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
- 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
• 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
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.
Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Attendance verification for CE credits provided upon request.
Webinar Sponsored by Financial Education & Development
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.
|Live Webinar: Register for the live event and get five days access to the On Demand Playback. You’ll have an opportunity to ask questions during the presentation and be free to review the content for the next 5 (business) days Registration also includes links to presenter materials, handouts, and pdfs.
Recorded Webinar + Free Digital Download: Can’t attend the live webinar? This option provides a recording of the live event, including audio, visuals, and handouts. We even provide the presenter’s email address for follow-up questions. You will receive an email with the recorded webinar link, which can be viewed anytime 24/7, beginning 6 business days after the webinar. You will also receive instruction on how to download a free digital copy of the webinar to your PC, which you may keep and use indefinitely.
Live Webinar: Register for the live event and get five days access to the On Demand Playback. You’ll have an opportunity to ask questions during the presentation and be free to review the content for the next 5 (business) days Registration also includes links to presenter materials, handouts, and pdfs.
Additional Hookups: Registering another banker from a different location
Live Webinar + On-Demand Link : Both live webinar & recorded webinar + free digital download