What It Means
The Fair Labor Standards Act (FLSA) generally requires employers to
pay employees at least one and one-half times their regular rate of pay for
any hours they work beyond 40 in a workweek. But an employee would be
exempt if:
1. The employee is paid a predetermined and fixed salary that is not
subject to reduction because of variations in the quality or quantity of work performed;
2. The amount of salary paid meets a minimum specified amount;
3. The employee’s job duties primarily involve executive, administrative
or professional duties as defined by the regulations. Notably, the
final regulation does not change this requirement. Thus, employees
paid over $47,476 may remain exempt from overtime if they meet
the duties test and are salaried.
The final overtime rule ties the wage threshold to the 40th percentile for
salaried workers in the lowest-wage region of the Labor Department’s five
established wage regions: Northeast, Southeast, Midwest, Southwest and
West. The threshold will be updated every three years at the 40th percentile
for salaried workers in the lowest-wage region, which is currently the Southeast and it’s likely to remain this region in the future.
House Overwhelmingly Passes NAA/NMHCSupported Flood Reform
On April 28, the full House passed NAA/NMHC-supported legislation
that will increase property owner’s access to alternative options of flood
insurance coverage outside of the government sponsored National Flood
Insurance Program (NFIP). Currently, federal laws require apartment properties with federally regulated and insured mortgages in high-risk flood
areas to purchase flood insurance. However, the private insurance market
offers few policy options, and those that do are in most cases cost prohibitive.
This legislation will help foster increased private market competition, making coverage more affordable for multifamily firms nationwide.
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The “Flood Insurance Market Parity and Modernization Act,” introduced
by Reps. Dennis Ross (R-Fla.) and Patrick Murphy (D-Fla.), passed the
House by an overwhelming vote of 419-0. Specifically, the legislation clarifies
that flood coverage offered by private carriers meets existing federal purchase
requirements for properties financed or insured by the federal government.
Current ambiguity over whether private policies were sufficient has led to
many insurance carriers not entering the market.
NAA/NMHC have long supported commonsense reforms of the NFIP,
like this bill, in an effort to reduce the post-disaster burden placed on taxpayers while ensuring that affordable flood insurance remains available at all
times, in all market conditions for every at-risk rental property. These include
more than just high rise apartment housing properties in urban centers along
the East and West coasts of our country, extending across every state to
include low-rise structures and even single family rental homes.
We are now turning our attention to passage of companion legislation
in the Senate. The strong bipartisan vote in the House sends a strong message
to Senate leaders that this bill deserves to be considered and passed as soon
as possible. In addition, we are working to ensure the reauthorization of the
NFIP before it expires in September 2017 as the program helps apartment
owners not only protect their property investment, but also helps manage
the increasing costs of providing housing.
www.aamdhq.org
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JUNE 2016 • TRENDS | 31