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|The Pulse (05-24-16)|
Volume 5, Issue 21
Credit Union Awards Programs NOW OPEN
The Minnesota Credit Union Network and CUNA are pleased to sponsor the annual Dora Maxwell, Louise Herring and Desjardins recognition programs for credit unions to tout the differences they've made through their unique programs, services and activities.
New in 2016: CUNA has changed the entry submission timeline. Entries must be received by July 1, 2016. The award site is now open and ready for submissions. Entries must be submitted online no later than Friday, July 1, 2016.
Complete award information, including FAQs, is on the Minnesota online entry information page. Descriptions and links to the individual award applications are below.
Statewide entries will be judged in July, and winners will advance to the national competition for judging in August. Winning state entries advance to compete nationally, with national results typically available in late November to early December. National award recipients are recognized at the next CUNA Governmental Affairs Conference.
With questions about the awards programs, contact MnCUN Director of Communications Andrea Molnau by email or at (651) 288-5527.
DOL finalizes overtime pay rule
The Department of Labor (DOL) has issued its final overtime pay rule. The Fair Labor Standards Act (FLSA) guarantees a minimum wage for all hours worked during the workweek and overtime pay for hours worked beyond 40 in a workweek. While these protections extend to most workers, the FLSA does provide a number of exemptions, for example, the "EAP" exemption for employees who meet the rule's definition of "executives, administrative and professionals".
To be considered exempt, employees must meet certain minimum requirements related to their primary job duties and, in most instances, must be paid on a salary basis at not less than the minimum amounts specified in the regulations.
The final rule raises the standard salary level (from the existing $455/ week to $913/ week) and total annual compensation requirements for "highly compensated employees" or HCEs (from the existing $100,000 to $134,000), and will automatically update the salary threshold every three years, based on wage growth over time. The final rule will also allow up to 10 percent of the salary threshold for non-HCE employees to be met by non-discretionary bonuses, incentive pay, or commissions, provided these payments are made on at least a quarterly basis.
The DOL has provided several resources on its website to help employers impacted by the new rule understand the changes, including:
The rule becomes effective on December 1, 2016.