ABA, Trade Groups Welcome DOL Rewrite of ‘Overtime Rule’

The American Bankers Association, along with several other industry trade groups under the Partnership to Protect Workplace Opportunity, today expressed support for the U.S. Department of Labor’s proposed rewrite of the Obama administration’s 2016 overtime rule, which was overturned in federal court. The groups welcomed DOL’s proposal to set the salary level at which an employee could be exempted from federal overtime and minimum wage requirements at $679 per week, or $35,308 per year. The groups also expressed support for DOL’s use of a nationwide uniform salary level and rejection of automatic updating of the salary level.

The groups asked that DOL not limit the amount of incentive payments that may be used to satisfy the salary level test, not increase the minimum salary required for an employee to be classified as exempt under the “highly compensated employee” test and provide a 180-day implementation period in the final rule. ABA serves on the management committee of the trade group coalition and was involved in drafting the letter. For more information, contact ABA’s Jonathan Thessin.