DID YOU KNOW?
The IRS recently announced new 2018 limits for qualified retirement plans. These limits help increase the value of qualified retirement plans for your employees. Contact Stuckey Insurance to discuss how these changes may impact your plans.
DOL Provides Update on Overtime Rule
Last May, the Department of Labor (DOL) announced a new rule that would affect who qualifies for overtime. Since then, the rule has been blocked and is currently being appealed by the DOL. Here is a brief timeline of events thus far:
- The DOL announced a new overtime rule in May 2016 that would raise the salary threshold for overtime qualification—meaning salaried employees earning less
than $47,476 annually could qualify for overtime.
- In November 2016, a federal judge filed a preliminary injunction, effectively blocking the rule’s enforcement (originally scheduled for December 2016).
- In August 2017, the overtime rule received summary judgment from a federal court. The court maintained that the DOL did not have the authority to raise the proposed salary threshold so high.
- On Oct. 30, 2017, the DOL began legal steps to move on from the current overtime rule, which will open the door for the DOL to start new rule-making with a lower salary limit.
The proposed overtime rule has kept employers in limbo for over a year, with the possibility of fines for noncompliance hanging over their heads. Unfortunately, this most recent update does not provide closure on the matter, but it does indicate that the next iteration of this rule will be viewed with greater scrutiny by the courts.
For now, employers should wait until after the DOL appeal process before taking any action. In the meantime, Stuckey Insurance will keep you apprised of any relevant updates.
Opioids: a Health Emergency
President Donald Trump recently declared the United States’ opioid crisis a “health emergency.” This indicates the government will begin addressing the growing epidemic of
opioid-related deaths—over 59,000 in 2016 alone.
The specific wording of the president’s declaration (calling it a “health emergency” instead of a “national emergency”) means no funds will be immediately allocated to the cause. Although, the White House claims it will request money from Congress in the coming months.
While the government figures out next steps, you can help curb the problem in your own community by educating employees about the dangers of opioid addiction.
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