The Labor Department issued a final rule
updating the earnings threshold that determines exemptions from overtime pay requirements.
After a federal judge in 2017 struck down the Labor Department's 2016 final rule, the new final rule increases the salary level test from $23,660 to $35,568 per year and the total annual compensation level for "highly compensated employees" from $100,000 to $107,432 per year.
In a comment letter
earlier this year, ICBA said it agreed with the department's plan to use its 2004 methodology, which would be the most accurate way of distinguishing exempt and non-exempt employees for community banks and other small businesses that frequently operate in low-wage rural areas.
The final rule is effective Jan. 1, 2020.