We can anticipate a flurry of new labor rules and regulations as President Obama closes out his final term. Presidents often change regulations on their way out of office, and President Obama is no exception. Here are a few of the rules proposed for enactment in the next year:
- Fair Pay and Safe Workplaces Rule: This executive order requires government contractors to report labor law violations. While some say this is a “blacklisting rule” because of the potential cost to business revenue, others agree the rule is meant to bring contractors into compliance.
- Overtime Rule: Proposed in February 2015, this controversial rules seeks to expand overtime eligibility to employees who make less than $50,440 per year. Although this rule may be described as a necessary adjustment for inflation, the new rule will more than double the current federal threshold for employee exemption.
- Fiduciary Rule for Retirement Accounts: This rules requires retirement advisors to sideline their interests and put their clients’ interest first. This rule bans “allowable” investment vehicles that produce lucrative fees and commissions but are not in the investors’ best interest.
Stay tuned to hear what happens and what you need to do in response.