Somerset County Business Partnership Hosts New Federal Overtime Regulations Workshop

From Somerset County Business Partnership:

BRIDGEWATER, NJ – The Somerset County Business Partnership will present another informative and profit enhancing “Business Builders Breakfast” on Tuesday, October 4, 2016 from 8:30 a.m. to 10:00 a.m. in the conference room at the Somerset County Business Partnership, 360 Grove Street, Bridgewater, New Jersey.

The focus of the October session, “New Overtime Regulations – What Your Small Business Needs to Know” will combine an interactive and educational workshop with peer networking and a delicious breakfast.

In May of 2016, the federal government announced the updating the overtime regulations that will automatically extend overtime pay protections to over 4 million workers within the first year of implementation. According to the Department of Labor, “This long-awaited update will result in a meaningful boost to many workers’ wallets…”

The Final Rule:

• sets the standard salary level at the 40th percentile of earnings of full-time salaried workers in the lowest-wage Census Region,
• sets the total annual compensation requirement for highly compensated employees (HCE)
• establishes a mechanism for automatically updating the salary and compensation levels every three years
• amends the salary basis test to allow employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new standard salary level.

The effective date of the final rule is December 1, 2016. The initial increases to the standard salary level (from $455 to $913 per week) and HCE total annual compensation requirement (from $100,000 to $134,004 per year) will be effective on that date.

Presenter will be Keya Denner of the law firm of Norris, McLaughlin & Marcus, PA. And co-chair of the Somerset County Bar Association Labor and Employment Committee. He devotes his practice to labor and employment law, executive compensation, and commercial litigation.

The workshop is free for Business Partnership members, and $15 for non-members. Sponsorship is provided by Affinity Federal Credit Union.

Registration may be accomplished by calling the Business Partnership at 908-218-4300 or online here.

Photo via Somerset County Business Partnership.