Well the change has been made. Fortunately it is not as bad as was originally expected. The new level to qualify to be an exempt employee is $913 per week or $47,476 per year which is better than $50,440. Unexpectedly they announced it will not be adjusted annually, as originally anticipated, but every three years. It does allow you to count bonuses and commissions, for up to 10%, to go toward meeting the threshold.
Of course it will still require you to determine who is exempt and whether they meet the standards set forth in the regulations on exemptions. If they do not meet those standards or they do not get raised to the new salary level then they will have to be paid overtime for any hours worked over 40 in a week. This means you will have to track their time accurately.
This due to be effective December 1, 2016, which was also unexpected. This gives everyone time to be ready.
There will be more information coming out and I will put together a complete post after I get the details.