DoL

United Benefit Advisors is offering updated information on ways advisers can help clients sail through a benefit plan review .

The U.S. Chamber of Commerce, SIFMA, FSI and other groups are asking a Texas court to vacate the Labor Department's new regulations less than a year before the rule goes into effect.

Industry organizations , including the U.S. Chamber of Commerce, allege that the DOL encroached on the U.S. Securities and Exchange Commission’s territory and overstepped boundaries for regulating broker-dealers that were established by Congress.

Some insiders at big brokerage firms encouraged the DOL to maintain progress during the rule’s development, which Assistant Secretary of Labor Phyllis Borzi says “kept us going.”

Changes will be more substantial than previous updates, said Phyllis Borzi, assistant secretary of labor for the Employee Benefits Security Administration, speaking this week during the IFEBP’s Washington Legislative Update.

The new rules were developed in consultation with the SEC, the Labor secretary adds.

Companies need to evaluate whether they will either raise salaries to maintain an exempt status, or begin paying overtime when the employee works more than 40 hours in a single week.

The DOL's overtime rule is out and all employers, both large and small, are sure to be affected, says lawyer John Schifino.

The DOL's overtime rule is out and all employers, both large and small, are sure to be affected, says lawyer John Schifino.

The jump in minimum salary threshold will be ‘a huge deal’ to some employers and brokers alike, says adviser David C. Smith, who recommends bringing in experts to develop a plan.