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May 18, 2005
Employer's Self-Audit Uncovers FLSA Violations

Denver-based Apartment Investment and Management Company has paid $730,043 to 319 employees nationwide after a self-audit revealed Fair Labor Standards Act violations, including maintenance employees being paid compensatory time rather than overtime wages, according to the Department of Labor.

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The department says that under supervision of its Wage and Hour Division, the company conducted a nationwide self-audit, which revealed that some employees were incorrectly classified as exempt from the FLSA overtime requirement; that maintenance employees working over 40 hours per week were being paid compensatory time rather than wages at time and one-half their regular rate; and that the company misapplied a credit against wages for the cost of providing apartments to employees.

AIMCO is a real estate investment trust that owns and manages more than 1,740 properties with more than 300,000 apartment homes in 47 states, Washington, D.C. and Puerto Rico.

To help promote nationwide compliance in the future, AIMCO developed, with Wage and Hour Division's guidance, a training video which has been presented at all 1,740 properties it owns and manages.

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