Course "Fluctuating Workweek, Belo and Other Guaranteed Pay Plans for Nonexempt Employees" has been pre-approved by SHRM as eligible for 1.5 credits and HRCI as eligible for 1.5 credits towards a participant's recertification upon full completion.The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program.
Why Should You Attend:
Changes to the white-collar exemptions from the minimum wage and overtime requirements of the Fair Labor Standards Act have many employers faced with reclassification of some currently exempt employees paid on a fixed salary basis to nonexempt status.
Paying a fixed salary, regardless of hours worked, is generally limited to exempt employees. The amount paid to a non-exempt employee, even if salaried, is usually subject to adjustment with variations in hours worked. Where the requirements are met, however, a non-exempt employee can be paid a fixed salary each workweek even though the hours vary from week to week.
Understanding the rules for such plans is critical. It is important for employers to be aware that such plans do not reduce the need to keep accurate records of hours worked. Such plans have strict requirements for compliance.
A fluctuation workweek plan allows for a set salary, regardless of the number of hours worked, for regular pay purposes, but requires overtime compensation for hours worked in excess of the statutory maximum. Under this plan, pay in addition to the regular salary is restricted and an employee’s hours must fluctuate from workweek to workweek. Employees may also be paid under other plans that smooth employee earnings such as day or job rates or for a “stint”. However, it is important for employers to be aware that such plans do not reduce the need to keep accurate records of hours worked.
In addition, the Department of Labor has identified a number of plans that employers have attempted to use that do not meet the statutory requirements of the FLSA. Such plans include such things as artificial wage rates, split day plans, pseudo bonuses or a low “regular” rate supplemented by employer provided “facilities”. Use of such plans can be costly to employers in terms of payment of back wages and penalties.
Areas Covered in the Webinar:
Who Will Benefit:
Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent tax payers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including payroll tax issues, FLSA compliance, and information return reporting.
The Fair Labor Standards Act governs the minimum wage and overtime pay requirements of the nation’s workers. Under the FLSA, employers are required to pay employees, who are not otherwise exempt, the federal minimum wage and any overtime pay of one and one-half times the employee’s regular rate of pay. The regular rate of pay is calculated by adding together all wage payments; noncash wages in the form of goods, board or lodging; and no overtime premium payments, such as night shift differentials. Because of these requirements, nonexempt employee pay is often variable.
The amount paid to a nonexempt employee, even if salaried, is usually subject to adjustment with variations in hours worked. However, where the requirements are met, a nonexempt employee can be paid a fixed salary each workweek even though the hours vary from week to week. Such plans include fluctuating-workweek plans, Belo plans and certain other guaranteed pay plans. However, such plans are subject to strict requirements in order to be compliant.
In establishing a guaranteed pay plan, it is important for the employer to make sure that the employees understand how they are being compensated and where required, agree to the payment plan. Employers must also avoid practices that are considered by the DOL to circumvent the minimum wage and overtime requirements of the FLSA.
Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange. Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.If you have any concern about the content of the webinar and not satisfied please contact us at below email or by call mentioning your feedback for resolution of the matter. We respect feedback/opinions of our customers which enables us to improve our products and services. To contact us please email [email protected] call +1-888-717-2436 (Toll Free).
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