Wage & Hour Update for Financial Institutions- 2019
18 Jun 2019
- 01:00 PM to 02:30 PM EST
90 Minutes

Join Dr. Jim Castagnera, Esq., an employment attorney of nearly 40 years’ experience – including significant audit & litigation experience against the DOL’s Wage & Hour Division – as he walks you through the exempt v. non-exempt mine field that is being laid down for the financial services industry.

Wage & Hour Update for Financial Institutions- 2019

James Ottavio Castagnera, J.D., Ph.D., has spent nearly 30 years practicing, writing about, and teaching law. He has been a faculty member at several institutions and a communication director at an R1 university, and is currently a key administrator at Rider University.

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Overview:-

Is Your Financial Institution Ready for the New Wage & Hour Regs? Or Is It Time to Audit Your “Exempt” Employee Categories Before Minimum Salaries Jump 50%? Three years of rulemaking and federal court litigation during the Obama administration, and much bureaucratic dithering during both the past and current administrations, the U.S. Department of Labor has finally released its newly revised rules for exempt employees – those executives, administrators and professionals not covered by the minimum-wage and overtime requirements of the Fair Labor Standards Act.

Under the proposed regulations – now out for public comment and almost certainly destined to be the new law of the land – the minimum weekly salary will jump from $455 to $679. That’s a 50% hike. Put in annual terms, it’s a bump up from $23,600 to $35,308. If your institution employs “exempt” personnel earning less than $35,000, then perhaps now’s the time to consider if they are more appropriately classified as hourly workers. Or if not, how to ensure they measure up to the federal and – the possibly more stringent – state standards.

But it’s not just about the wages earned either. The DOL Wage & Hour Division Fact Sheet for the financial industry says, “Employees in the financial services industry generally meet the duties requirements for the administrative exemption…”, EXCEPT WHEN THEY DON’T. For example, did you realize that employees who sell financial products don’t qualify? And did you know that in recent class-action suits a major American bank paid out $36 million in 2015 and another $7 million in 2017 to its residential real estate appraisers, whom the bank had mistakenly classified as exempt employees?

Why This Webinar

Bottom line: In promulgating the new regulations the DOL is wielding a two-edged sword. On its first swing (the looming regulations), you may find yourself paying higher salaries to misclassified employees AND then getting penalized for the misclassification when the blade swings back the other way in a Wage & Hour audit.

Join Dr. Jim Castagnera, Esq., an employment attorney of nearly 40 years’ experience – including significant audit & litigation experience against the DOL’s Wage & Hour Division – as he walks you through the exempt v. non-exempt mine field that is being laid down for the financial services industry.

What You Will Learn

Avoid this potential double-whammy by learning:

  • How to determine which of your employees meet one of the three exemptions and which do not
  • How to write job descriptions that capture the specific job duties that the DOL identifies as meeting one or more of the exemptions in the financial service industries
  • How to monitor your day-to-day workforce activities to ensure that “exempt” employees really are doing what their job descriptions claim they are
  • For those employees who can’t meet exemption standards and who must work long hours, running up overtime, how you may be able to design such salary options as a “fluctuated workweek” plan, to get that OT under control
  • What’s happening to the annual minimum compensation level for so-called “highly compensated employees” in financial services
  • If bonuses and incentives can be used to cover the looming 50% salary boost
  • How state W&H laws figure into the mix, potentially creating a perfect storm
  • AND MUCH MORE!

At the Q&A session following the live event, ask a question and get a direct response from our expert speaker
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