Pub. 1 2019 Issue 6

NewFinal Overtime Rule Effective on January 1 The U.S. Department of Labor announced a final rule to make 1.3 million American workers newly eligible for overtime pay. T he final rule updates the earnings thresholds necessary to exempt executive, administra- tive and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements, and allows employers to count a portion of certain bonuses/commis- sions toward meeting the salary level. The new thresholds account for growth in employee earnings since the thresh- olds were last updated in 2004. In the final rule, the Department is: • Raising the “standard salary level” from the cur- rently enforced level of $455 per week to $684 per week (equivalent to $35,568 per year for a full-year worker); • Raising the total annual compensation requirement for “highly compensated employees” from the currently enforced level of $100,000 per year to $107,432 per year; • Allowing employers to use nondiscretionary bonuses and incentive payments (including com- missions) paid at least annually to satisfy up to 10% of the standard salary level, in recognition of evolv- ing pay practices; and • Revising the special salary levels for workers in U.S. territories and the motion picture industry. • The final rule is effective on January 1, 2020. For additional information, go to https://www.dol.gov/whd/overtime2019/index.htm 603.391.2826 | www.stmarysbank.com FIRST IN THE NATION. SECOND TO NONE. As the nation’s first credit union, St. Mary’s Bank operates in your best interest. Serving over 100,000 New Hampshire families and businesses, at St. Mary’s, you’re more than just a customer—you’re a member. Discover the St. Mary’s Bank difference today. Bronze Partner AProudMemberof America’s Auto Auction - Boston Dealer Only Wholesale Auto Auction An 1,900+ vehicle auction offering fresh trades from new car dealers and fleet lease including: exotic, luxury, foreign & domestic, trucks, sports, and specialty in every price range. For more information please contact Jim Lamb, Managing Director at 781-596-8500 or jim.lamb@americasautoauction.com N E W H A M P S H I R E 13