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Overtime Rule Advances Toward Publication

The final overtime rule is edging closer to release: yesterday, the Department of Labor (DOL) sent to the Office of Management and Budget (OMB) its final changes for determining which workers are eligible for overtime pay. The revision to Fair Labor Standards Act regulations is expected to affect millions of employees currently considered exempt from overtime, requiring them to be reclassifed as nonexempt.

After a review period—which could take as long as several months or as short as a few weeks—the final rule will be published in the Federal Register and take effect within 60 days of publication.

What employers need to know about IRS’ plans to curtail determination letters

In Announcement 2015-19, issued on July 21, 2015, the Internal Revenue Service said it was eliminating the staggered five-year determination letter remedial amendment cycles for individually designed tax-qualified retirement plans effective Jan. 1, 2017.

People eligible for employer coverage to get $660 billion in health insurance subsidies

Wait. What? How is that possible?

U.S. taxpayers will fork over $660 billion this year to subsidize health insurance for people under 65, the vast majority of whom have coverage through their employers, the Congressional Budget Office said on Thursday.

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