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Friday, November 15, 2019

New Overtime Rule Changes Effective January 1, 2020

Date(s): November 15, 2019

Time: 9:00 AM  MST - 10:30 AM  MST

New Overtime Rule Changes Effective January 1, 2020
9:00 am – 10:30 am MT

 

WEBINAR DETAILS
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.


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
TAKE-AWAY TOOLKIT
  • 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.

Continuing Education: Attendance verification for CE credits upon request.

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.
   

  MEET THE PRESENTERS
Elizabeth Fast, JD & CPA
Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne 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.




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