Seigfreid Bingham News & Blog
Update on New DOL Overtime Rule and FTC Final Rule Banning Non-Competes
By: John Vering and Cody Weyhofen
Overtime Regulations
On April 30, 2024, we published a client alert advising you that on April 23, 2024, the U.S. Department of Labor (“DOL”) released its Final Rule, significantly raising the minimum salary thresholds for certain overtime exemptions (the so-called white collar exemptions [“WCE”] for executive, administrative, and professional employees) under the Fair Labor Standards Act (“FLSA”). The minimum salary levels for an executive, administrative, or professional employee to be exempt from overtime is scheduled to increase effective July 1, 2024, from $684 per week (equivalent to $33,568 per year) to $844 per week (equivalent to $43,888 per year). For employees eligible for the highly compensated employee exemption, the increase effective July 1, 2024, is from $107,432 per year to $132,964 per year. The regulations also provide for a second increase effective January 1, 2025, which would increase the WCE threshold to $1,128 per week ($58,656 per year) and the threshold for highly compensated employees to $151,164 per year.
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KCMBA’s 51st Annual Bench-Bar and Boardroom Conference – Sponsorship
Seigfreid Bingham was pleased to be a sponsor of the Kansas City Metropolitan Bar Association’s (KCMBA) 51st Annual Bench-Bar and Boardroom Conference. The meeting occurred in early May 2024 at a Lake of the Ozarks (Missouri) resort.
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Steve Kyle Guest-Lectures on Real Estate Law at KU
Seigfreid Bingham attorney Steve Kyle recently guest-lectured at a Land Transactions class made up of second and third-year students at the University Kansas (KU) School of Law. He was invited to speak by the course […]
Department of Labor Increases Overtime Pay Thresholds
By: Cody Weyhofen and John Vering
On April 23, 2024, the U.S. Department of Labor (“DOL”) released its Final Rule, significantly raising the minimum salary thresholds for certain overtime exemptions under the Fair Labor Standards Act (“FLSA”). Importantly, the thresholds outlined in the Final Rule are higher than those initially proposed by the DOL in August 2023. As a result, millions of employees are set to become entitled to overtime compensation when the Final Rule takes effect.
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Chris Tillery Appointed to KCMBA’s CLE Advisory Committee
Seigfreid Bingham attorney Chris Tillery was recently appointed to the Kansas City Metropolitan Bar Association (KCMBA) Continuing Legal Education (CLE) Advisory Committee.
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FTC Issues Final Rule Banning Non-Competes
By: John Vering
On April 23, 2024, the Federal Trade Commission (FTC) voted 3-2 to issue a Final Rule (“Rule”) – Non-Compete Clause Final Rule – that would generally ban employers from entering into non-competes with workers and require employers to notify workers that their existing non-compete agreements are unenforceable. The majority of FTC commissioners concluded that non-compete agreements constitute an unfair method of competition, and, therefore violate Section 5 of the Federal Trade Commission Act. The Rule will take effect (unless enjoined by a court) 120 days after it is published in the Federal Register (likely during the week of April 29, 2024).
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