Hoosier Banker 33 chicago indianapolis st. louis milwaukee A full service business law firm with a simple promise – put you first 201 North Illinois Street, Suite 1400 Capital Center, South Tower Indianapolis, Indiana 46204-4212 T: 317.464.4100 | F: 317.464.4101 | salawus.com Growing in Indiana to meet your company’s legal needs STEPHEN STITLE | MARTHA LEHMAN | LARRY TOMLIN | ANDREW PODGORNY | BRANDT HARDY MARK WENZEL | DEBRA MASTRIAN | JOHN TANSELLE The information in this article is provided for general information purposes only and does not constitute legal advice or an opinion of any kind. You should consult with legal counsel for advice on your institution’s specific legal issues. 1 29 C.F.R. §778.200 2 The current rate is $455 ($23,660 annually). In 2019, however, the DOL announced a proposed overtime rule increasing the minimum salary to $679 per week ($35,308 annually). The comment period for the proposed rule closed in May, and a final rule is expected to be issued soon. 3 29 C.F.R. §§ 778.210, 778.503 The company must first decide whether to review all positions or certain job categories of concern. Such an audit would necessarily include monitoring and assessing the employees’ actual job duties, reviewing the job descriptions, making sure that the job descriptions are updated to accurately reflect what the employees are doing, and then determining on a case-by-by case basis whether the employees are properly classified. In examining pay practices, the company would assess how it calculates and pays wages. For example, are nonexempt employees being paid minimum wage and overtime in compliance with federal and/or state law? Are all applicable payments being included in calculating the regular rate and overtime pay? Are the deductions being made proper? The company also needs to determine whether all hours worked are being recorded and paid. Questions to ask include: Does the company’s timekeeping system provide for accurate recording of hours worked? Do nonexempt employees record all hours worked, including time reviewing and responding to emails/calls outside of regular working hours, travel time, meeting time, time worked during unpaid lunch and break times? Do the company’s rounding practices comply with applicable law? Misclassification of employees and miscalculation of overtime can lead to expensive lawsuits or enforcement actions. Taking care to identify and resolve potential FLSA compliance issues before they occur can help to avoid costly mistakes. HB Banking on Women Conference This popular event gives an opportunity for Indiana women in banking to unlock potential, build confidence and chart a course to owning the future. Click on the icon at left in HB Digital for more information or go to: indianabankers.org/2019-banking-women-conference Indianapolis NOV. 2021
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