This rule does not implement the ABC Test under the FLSA. President Biden had previously expressed support for the ABC test, which several states use, including California and Massachusetts. Unlike the 2024 DOL rule, the ABC test focuses on control, whether the work is outside the usual course...
Robert L. AbramowitzAmy Pocino Kelly
Quarter-hour rounding (15 minutes):This is sometimes called the 7/8 rule. The 15 minutes is split so it is 7 ½ minutes before the quarter hour to 7 ½ minutes after the quarter hour, and all the punches are on 15-minute increments. So, if an employee punches in between 7:53 a...
Fiduciary financial advisors really started getting attention with theDOL Fiduciary Ruleand subsequentSEC Regulation Best Interest. These rules have changed the industry and prompted fiduciary advisors to take their customer service to the next level. Gone are the days when advisors just recommend stocks...
Given the all-encompassing nature of this ERISA prohibition, Congress allowed for exemptions to these broad rules in several key areas. The “QPAM Exemption” (PTE 84-14) is one of the most frequently used exemptions. A QPAM is a fiduciary manager that is a bank, savings, and ...
The Trump administration is taking a harsh stance on both Dodd-Frank and the Department of Labor's fiduciary rule. And financial advisors better be straight with clients about it.
The gain on the sale of the oven is $12,500. Explanation: Step 1: Depreciation expense per year = (Cost - Salvage value ) / Life of asset Deprecia...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a quest...
During COVID-19, employers may have required employees to have temperature checks before work each day. TheDOL saysthe time for undergoing a temperature check before they begin work must be paid because it is necessary for their jobs.
The rule was issued by the U.S. Department of Labor (DOL) on April 23, 2024. It takes effect on September 23, 2024. However, a one-year transition period will delay the effective date of certain conditions to 2025. If an advisor is acting as a fiduciary under the Employee Retirement...
Once the minor reaches the legal age of adulthood in their state, control of the account is officially transferred to the named beneficiary from the custodian. At that point, the beneficiary can claim full control and use of the funds. Should theminordie before the age of majority, the accou...