Fluctuating Workweek, Belo, and Other Guaranteed Pay Plans for Nonexempt Employees


Patrick Haggerty is Keynote Speaker at ComplianceKey. He 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 taxpayers 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 a........

Overview

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 non-overtime premium payments, such as night shift differentials. Because of these requirements, nonexempt employee pay is often variable
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. However, where the requirements are met, a non-exempt employee can be paid a fixed salary each workweek even though the hours vary from week to week.
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, in some cases, communication indicating that understanding is required in order for the plan to be compliant. In some cases, the understanding on the part of the employee is sufficient for the employer to use the plan, however for some types of plans, the employee must also agree to be paid according to the plan.

Why should you attend this webinar?

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.
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.

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