Fenner, Melstrom & Dooling PLC
Accountants who think like business owners.
We are your strategists, advisors and confidants.
We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.
Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself.
Bulletin: New Salary Overtime Pay Ruling
On May 17th the Obama Administration, via the U.S. Department of Labor (DOL), released their final decision regarding a new rule to extend overtime pay to millions of U.S. workers. The rule doubles the maximum annual income a salaried worker can earn and still be automatically eligible for overtime pay from $23,660 to $47,476 and requires that threshold to be updated every three years.
The new rule takes affect on December 1, 2016 and requires salaried workers earning less than $913 per week to be entitled to overtime compensation for work over 40 hours, regardless of whether they are currently classified as executive, administrative, or professional workers.
Employers have various options to comply with the change. For each affected employee newly entitled to overtime pay, employers may:
• increase the salary of an employee to at least the new salary level
• pay an overtime premium of one and a half times the employee's regular rate of pay for any overtime hours worked
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