By Cathy Moreton Gray, JD, BLR Senior Managing Editor
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If you work in HR/Comp, you’ve probably heard about the proposed overtime regulations looming over the not too distant future. It’s nothing to panic about but you do need to be prepared so …
Last March (2015), President Obama directed the Department of Labor (DOL) to modernize and streamline the overtime rules. As a result, a proposed rule was published in the Federal Register last June that opened a 60-day comment period and more than 260,000 written comments in favor of and criticizing the overtime proposals were submitted by the deadline.
This March (2016), the DOL submitted the final rule to the Office of Management and Budget (OMB), which is the last step before the rule can be released. The OMB typically takes between 30 and 60 days to review a regulation. Once the OMB’s completes its review, the DOL will release the final rule, publishing it in the Federal Register. Our best guess is that the final rule will be published this May (2016) and it will likely be effective 60-days following the date it was published…