On Monday of this week, the U.S. Department of Labor (“DOL”) took the next step in finalizing its proposed new overtime regulations by sending its final rule to the White House Office of Management and Budget (“OMB”) for review.  This latest move from the DOL came earlier than anticipated and signals the DOL’s eagerness to finalize this rule prior to the November elections.
The OMB now has up to one hundred and twenty (120) days to review, but could finish its review early. This could mean a final rule as early as April or May. The final rule will be published in the Federal Register and take effect within sixty (60) days of publication. The SHRM announcement on this new development can be found here.
We will continue to provide updates on this important new regulation as they become available and urge employers to prepare now for the rule’s implementation.