The Unified Agenda of Federal Regulatory and Deregulatory Actions serves as a vital tool for understanding the evolving landscape of federal regulations, with updates released biannually in the spring and fall. The recent unveiling of the fall regulatory agenda highlights significant developments, particularly in overtime regulations scheduled for implementation in April 2024.

The Department of Labor (DOL) is poised to finalize updates to the executive, administrative, and professional exemptions for overtime pay under the Fair Labor Standards Act. Key components of these updates include raising the salary threshold for overtime exemptions, aiming to reflect the earnings of full-time salaried workers nationally. Additionally, automatic increases to all salary thresholds are proposed every three years, ensuring alignment with economic trends.

Employers are urged to brace for potential impacts stemming from the proposed rule changes. With the looming possibility of a substantial salary threshold increase, businesses may face critical decisions regarding salary adjustments or transitioning employees to non-exempt status. Moreover, beyond the monetary implications, nonmonetary impacts on affected employees must also be considered.

In light of the Regulatory Agenda highlights, the DOL is expected to expedite the regulatory process following the closure of the Comments Period. Employers must proactively prepare for forthcoming changes to their compensation plans, as the finalization of rules could occur within weeks of the proposal issuance.

Now is the opportune moment for employers to initiate preparations for this consequential process, ensuring readiness to navigate the regulatory landscape and mitigate potential disruptions to their operations.

Webinar Objectives

This webinar aims to educate employers about the significant challenges resulting from previous overtime increases, including communication complexities, morale issues, benefits loss, and budget impacts. By understanding these challenges, employers can prepare guidelines for effective communication, make informed decisions to reduce costs without compromising employee benefits, and implement training programs for managers and newly non-exempt employees.

Webinar Highlights

•  Strategic Regulatory Review: Understand why employers should regularly review Federal Regulatory Agendas to anticipate trending priorities and prepare for forthcoming changes.
• Implications of Highlights: Gain insights into the significance of regulatory highlights and their impact on the planned launch date in April 2024.
• DOL Proposal Overview: Learn about the key components of the Department of Labor's proposal, including its scope and the demographics it affects most.
• Timeline for Implementation: Discover the timeline employers have to enact necessary changes in response to regulatory updates.
• Proactive Decision-Making: Explore strategies for employers to proactively influence proposed decisions and shape regulatory outcomes.
• Effective Communication Strategies: Identify communication techniques that positively impact newly non-exempt employees during transition periods.
• Classification Clarification: Understand how job responsibilities, not titles, determine employee classification, aiding in compliance efforts.
• Compliance without Compromise: Learn how to comply with regulations while minimizing risks such as decreased morale, turnover, retention issues, and benefits removal.
• Budgetary Implications: Understand how automatic salary threshold updates based on the Consumer Price Index (CPI) can impact ongoing budget planning.
• Duty Test Confirmation: Discover the importance of confirming duties tests before making decisions that may negatively affect employees.
• Exemption Confusion: Navigate the complexities of the Executive, Administrative, and Professional Exemptions to ensure accurate classification of employees.
• Utilizing Fair Labor Standards Act (FLSA): Learn how employers can leverage the FLSA to identify and adhere to proper compliance guidelines.
• Employee Response Mitigation: Explore resources and strategies employers can utilize to mitigate negative responses from employees impacted by regulatory changes.
• Understanding State vs. Federal Regulations: Determine how state overtime regulations interact with federal regulations and which take precedence, aiding in compliance efforts.

Who Should Attend

• All Employers
• Business Owners
• Company Leadership
• Compliance professionals
• Payroll Administrators
• HR Professionals
• Managers/Supervisors
• Employers in all industries
• Small Business Owners

Credit(s)

IRS CPE Credits: 1 Tax hour