Coalition Request for Compliance Period Extension on DOL Overtime

ARTBA and industry partners on May 9 requested that DOL extend the compliance deadline on its final rule increasing overtime pay compensation. Read the coalition comments here.

On April 26, 2024, the US Department of Labor finalized changes to overtime pay regulations. According to the Fair Labor Standards Act (FLSA), employees who work over 40 hours a week are entitled to overtime compensation for the additional hours worked. While hourly workers typically qualify for overtime, salaried employees are eligible only if their salary falls below a specific threshold and if their job functions meet certain criteria. For example, executives, administrative and professional staff, and outside sales positions are typically exempt. Additionally, individuals classified as “highly compensated employees” are not entitled to overtime compensation for additional hours worked. Read ARTBA’s regulatory summary.