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Final DOL Overtime Rule Released

Final DOL Overtime Rule Released

Posted on June 28th, 2016

On May 18th, 2016 the DOL released a final rule that radically increases the thresholds for overtime rules, expanding the number of employees eligible for overtime pay. Under the FLSA, employees who work more than 40 hours in a week are entitled to overtime pay, unless they meet the requirements of certain wage and duties tests.  The new rule doubles the minimum salary threshold from $455 per week to $913 per week (which amounts to $23,660 annually to $46,476 annually) and raises the exemption level for those considered to be “highly compensated employees” from $100,000 to $134,004 annual salary. Beers, Hamerman, Cohen & Burger, PC understands that the DOL rule may impact major business decisions like hiring, expansion, offering new benefits or more flexible work arrangements for employees, and possibly even require reductions at your company.  We can help you in assessing the effects of the new overtime-pay rule.  Companies will have until December 1, 2016, to make determinations on which employees to reclassify as nonexempt and implement the changes. Beers, Hamerman, Cohen & Burger, PC has the expertise to guide you through this change and help you plan for the future.

Dear Clients, Business Associates and Friends,

As the coronavirus (COVID-19) continues to affect local communities and global economies, you may have concerns about your financial well-being as well as your business and employees. Or you may be wondering about how recently passed legislation impacts you and your enterprise.

BHCB is still at work, continuing to service the needs of our clients.

Whether you have tax or financial planning questions or need advice on ways to navigate the expanded benefits, we are here for you. If you have any questions or concerns, please do not hesitate to contact us at our respective offices. New Haven – 203-787-6527, Fairfield – 203-333-2228.

During this unpredictable and challenging time, it’s more important than ever to stay connected. We are in this together and our thoughts go out to all who have been impacted by this unprecedented situation.

Rest assured; we are here to help with your questions.

We have also assembled a list of resources to help individuals and businesses through this period.