Privately Owned Business Update


More Information about how we serve Privately Owned Businesses			Issue 2, July, 2003
Contact Us: Ryan Barker Tag Birge Carrie Wagner Bootcheck Jim Carlberg Gary Chapman Michelle Cooper Lisa McKinney Goldner Norm Hedges Chris Janak Jeff Kirk Kathleen Lee Bob Lowe Matt Macaluso Paul Mannweiler R.J. McConnell John Millspaugh Mark Need Bob Null Mike Schneider Harry Todd Alan Townsend Susan Traynor Richard VanRheenen Brant Wright © 2003 Bose McKinney & Evans LLP Indianapolis Downtown 2700 First Indiana Plaza 135 North Pennsylvania St. Indianapolis, IN 46204 (317) 684-5000 Indianapolis North 600 East 96th St., Suite 500 Indianapolis, IN 46240 Washington, D.C. 700 N. One Lafayette Centre, 1120 20th Street, N.W. Washington, D.C. 20036 www.boselaw.com	Department of Labor Proposed Reform of the Fair Labor Standards by David Swider and Michelle Cooper The Fair Labor Standards Act (“FLSA”) requires employers to pay their employees at least the federal minimum wage (which is currently $5.15 an hour) and overtime premium pay of time-and-one-half the regular rate of pay for all hours worked over 40 in a work week. Section 13(a)(1) of the FLSA, codified at 29 U.S.C. § 213(a)(1), exempts from both minimum wage and overtime pay “any employee employed in a bona fide executive, administrative, or professional capacity . . . or in the capacity of outside salesman.” The practical application of these exemptions (commonly known as the “white collar exemptions”) has created confusion over the years regarding who is, and who is not, exempt. Accordingly, on March 31, 2003, the United States Department of Labor proposed regulatory changes to the FLSA that will significantly modify the white collar exemptions. Executive Exemption Administrative Exemption Professional Exemption Outside Sales Employees Compensation Requirements Conclusion In light of these upcoming changes, employers must be prepared to review, or have an attorney review, their current payroll classifications to assure compliance with the new regulations. To stay apprised of recent developments regarding the proposed regulatory changes to the FLSA, please visit the Bose McKinney & Evans Labor and Employment Group page and click on the "Recent Articles" link. Meet Attorneys Who Serve Privately Owned Businesses
	R.J. McConnell chairs the firm’s Estate and Business Succession Planning Group. He assists privately owned businesses in the areas of estate planning, business transactions, and mergers and acquisitions.	Bob Lowe has been practicing law in Indianapolis since 1967. He concentrates his practice in the areas of business, estate planning, construction, probate and estate administration, with a particular focus on serving the needs of privately owned businesses.	Michelle Cooper handles a variety of employment and labor issues for privately owned businesses. Her work includes litigation, employment discrimination, affirmative action and compliance audits.
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