WASHINGTON, D.C., Sept. 28, 2016—IIABA this week applauded the U.S. House of Representatives for passing H.R. 6094, the “Regulatory Relief for Small Businesses, Schools, and Nonprofits Act,” by Rep. Tim Walberg (R-Michigan), to delay implementation of the Department of Labor (DOL) overtime rule for six months, until June 1, 2017. 

“This overtime rule will unnecessarily increase burdens on independent insurance agencies, many of which are small businesses,” IIABA Government Affairs Senior Vice President Charles Symington said. “The overtime rule will also hurt employees and insurance consumers by reducing employee flexibility and negatively impacting the ability of insurance agencies to respond to policyholders during emergencies outside of normal business hours.”

Among its many provisions, the DOL overtime rule, which was finalized in May, raises by 100% (from $23,660 to $47,476) the monetary threshold at which employees can qualify for the so-called “white collar” exemptions from overtime pay, effective December 1. The new DOL rule also requires that the salary threshold be automatically adjusted every three years.

“We will continue working to mitigate the harmful consequences of the rule on IIABA members and their employees,” Symington said. “IIABA urges the Senate to act before the rule takes effect on December 1.”