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Changes To Compliance Laws 12-2016

Changes to Compliance Laws 12-2016

At iBusinessSolutions, we pride ourselves on providing our clients with the most up-to-date information with regard to compliance and legislative changes. We have been keeping our eye on two very important developments in legislation: Overtime Compliance Laws and Workers’ Comp Rate Increases; both of which we have received important new information regarding changes that were to go into effect on December 1, 2016.

Workers’ Comp 14.5% Rate Increase Set for 12/1/16 – ON HOLD

Our sources at the National Council on Compensation Insurance (NCCI) advised that on November 23, 2016, the circuit court found that the December 1, 2016 rate order will not go into effect, as scheduled. The court’s decision was based on a finding that the Florida Office of Insurance Regulation (OIR) and NCCI violated Florida’s Government-in-the-Sunshine Law. NCCI continues to believe that NCCI and the Florida OIR have fully complied with the law; however, in the meantime they are working to define clear direction to carriers for policies already issued / quoted with a 12/1/16 or later effective date, as well as for those policies that will be quoted moving forward.

Overtime Salary Threshold Increase for 12/1/16 – ON HOLD

On Nov. 22, 2016, a federal judge in Texas issued a preliminary injunction, halting the enforcement of the Department of Labor’s (DOL) new overtime rule until further notice. The rule, which was set to take effect on December 1, 2016, would have increased the salary threshold for the “white collar overtime exemptions” to $47,476 per year. While this salary threshold increase will not go into effect on 12/1/16, employers should continue to watch for new developments related to the overtime rule, as some uncertainty remains. Until a final decision is reached in the case, employers can rely on existing overtime exemption rules.

Stay tuned for more, as iBusinessSolutions will continue to monitor these developments and provide updates as necessary. Contact me at [email protected] about how you can receive these updates automatically!

Katy Shores

Katy Shores is a fourth generation Manatee County native with a Bachelor’s Degree from The Florida State University. She is licensed in Health and Life Insurance (2-15) and comes with more than 15 years of combined corporate retail and customer service experience.

Her top priority at iBusinessSolutions is to help local businesses achieve their financial goals and promote a higher level productivity and profitability. In offering more streamlined and cost effective processes for payroll, human capital management, workers’ compensation, human resources, and health benefits, her skill set has come full circle in delivering client satisfaction and fostering relationships in the local community.

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