Bass, Berry & Sims attorney Doug Dahl provides an update regarding the Department of Labor’s (DOL) fiduciary rule, which sets forth when an individual becomes a fiduciary by providing investment advice to employer retirement plans. While the final rule was released in April 2016, numerous delays have postponed entire implementation until July 2019. Until then, Doug recommends employers consider the following:
Continue Reading The DOL’s Fiduciary Rule: Alive, Dead or Both?
Update: Stage Now Set for DOL to Adopt More Modest Salary Level for Overtime Exemptions
In an article for the October 2017 issue of The Corporate Counselor, Bass, Berry & Sims attorney Tim Garrett examined the latest ruling related to the Department of Labor’s (DOL) overtime rule following Texas Federal Judge Amos Mazzant’s final rule striking down the Obama-era rule. If implemented, the rule would more than double the minimum salary that employers would have to pay “white-collar” workers to meet overtime pay exemptions. Judge Mazzant’s final ruling cited that the DOL rule had made the salary level too high and that the exemption would inadvertently become based on pay and not duties of the position. Following the ruling, the DOL withdrew its appeal of the preliminary injunction and the Fifth Circuit granted the request.
Continue Reading Update: Stage Now Set for DOL to Adopt More Modest Salary Level for Overtime Exemptions
DOL Withdraws Obama-era Letters on Joint Employer and Classification Guidance
The unwinding continues. The U.S. Department of Labor (DOL) recently announced the withdrawal of the Obama administration’s previously issued informal guidance on independent contractors and joint employers.
In a very brief statement, the DOL announced that it was withdrawing a 2016 interpretation of the Fair Labor Standards Act (FLSA) which expanded the joint employer standard from one requiring a business to have direct control over an employee to a more broad and ambiguous standard of indirect control.
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For the Second Time, Fiduciary Rule Applicability Date is Pushed Back
In an unsurprising move, the Department of Labor (DOL) postponed the applicability date of the fiduciary rule on April 4 for an additional 60 days. The new applicability date for the rule is June 9, 2017, although the DOL may choose to push that date back even further. The extra time was added just days before the fiduciary rule was set to go into effect and gives the DOL additional time to consider revisions. The agency was ordered to re-evaluate the rule by President Trump back in February.
Continue Reading For the Second Time, Fiduciary Rule Applicability Date is Pushed Back