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Overtime Primer: Highlights from the New Regulations
The federal DOL overtime regulations go into effect this year. Are you ready?
This report includes a summary of key changes, including the salary level test and salary basis test.
As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.
March 27, 2002
Chao Names Five to ERISA Panel
The new members are David L. Wray of Illinois, John J. Szczur of Maryland, Michele M. Weldon of Massachusetts, Judy E. Weiss of New York, and Dana M. Muir of Michigan.
They were named to three-year terms.
Representing employers is Wray, president of the Profit Sharing and 401(k) Council since 1987. He has testified before numerous congressional committees, as well as the Department of Labor, the Treasury Department and the Internal Revenue Service on issues related to defined-contribution plans.
He also serves on the board of directors and executive committee of the Stable Value Association and was president from 1994 to 1996 of the International Association for Financial Participation, an alliance of organizations promoting the use of employee financial-participation programs.
As a representative of employee organizations, Szczur brings 17 years of experience to the Council. He serves as the director of investments for the Central Pension Fund of the International Union of Operating Engineers and Participating Employers, the fifth largest Taft-Hartley Fund in the United States.
Previously he was a senior investment analyst with the National Rural Electric Cooperative Association and a senior financial analyst with the Washington Gas and Light Company. He is past president of the Washington Society of Investment Analysts and a member of the Association for Investment Management and Research (AIMR).
Weldon, director in the Financial Services Industry Practice group of PricewaterhouseCoopers, LLP's Audit and Business Advisory Services is named to the accounting position. She has specialized in employee benefit plans and ERISA collective investment fund audits since 1990, managing approximately 100 employee benefit plan audits for more than 50 Boston office clients each year.
A frequent speaker at industry conferences on employee benefit plans, she is a member of the American Institute of Certified Public Accountants' Employee Benefit Plans Audit Guides Revisions Task Force and previously served on AICPA's Employee Benefit Plans Committee.
Weiss will represent the insurance field on the Council. She serves as vice president in charge of retirement and savings business matters for Metropolitan Life Insurance Company. She also works on a broad range of retirement savings issues confronted by plan sponsors, plans participants, and service providers, with an expertise in a diversity of retirement vehicles and designs.
Her prior responsibilities included serving as chairwoman and CEO of MetLife Bank and Chief Actuary for the company during its demutualization process.
Muir brings a broad spectrum of experience in representing the general public on the Council. She worked in human resource management at the Chrysler Corporation for almost nine years and for two law firms, Dykema Gossett in Bloomfield Hills, Mich., and Winston & Strawn in Chicago, Ill., in the employee benefits area as well as corporate and tax law.
She is now an associate professor of business law at the University of Michigan Business School, specializing in employee benefits law
"These five distinguished individuals bring a wealth of experience and expertise in their respective fields," stated Chao. "I know that they and the returning members of the Advisory Council will work hard in considering issues important to the security of workers' benefits while supporting employers' efforts to provide benefits in this voluntary system."
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retary of Labor Elaine L. Chao has named five new members to the Advisory Council on Employee Welfare and Pension Plans.