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.
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
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.