WASHINGTON, D.C., Sept. 28, 2016—The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) applauds 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,” says Charles Symington, Big “I” senior vice president of external and government affairs. “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.
“The Big ‘I’ will continue working to mitigate the harmful consequences of the rule on Big ‘I’ members and their employees,” continues Symington. “The Big ‘I’ is thankful to the House for taking action to delay this harmful rule and urges the Senate to act before the rule takes effect on December 1.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.
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