We’ve been talking about the overtime rule and speculating on what the U.S. Department of Labor (DOL) would issue. Speculate no more: The rule was issued this morning, May 18, and here it is verbatim from the DOL website.

Key Provisions of the Final Rule
The Final Rule focuses primarily on updating the salary and compensation levels needed for Executive, Administrative and Professional workers to be exempt. Specifically, the Final Rule:

1. Sets the standard salary level at the 40th percentile of earnings of full-time salaried workers in the lowest-wage Census Region, currently the South ($913 per week; $47,476 annually for a full-year worker);
2. Sets the total annual compensation requirement for highly compensated employees (HCE) subject to a minimal duties test to the annual equivalent of the 90th percentile of full-time salaried workers nationally ($134,004); and
3. Establishes a mechanism for automatically updating the salary and compensation levels every three years to maintain the levels at the above percentiles and to ensure that they continue to provide useful and effective tests for exemption.

Additionally, the Final Rule amends the salary basis test to allow employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new standard salary level.

The effective date of the final rule is December 1, 2016. The initial increases to the standard salary level (from $455 to $913 per week) and HCE total annual compensation requirement (from $100,000 to $134,004 per year) will be effective on that date. Future automatic updates to those thresholds will occur every three years, beginning on January 1, 2020.

Additional Information

Officials for the Minnesota Timberwolves and Lynx announced two new developments today for the Target Center suite level. Beginning in the 2016-2017 Timberwolves season, there will be new Chairman’s Suites and Theater Boxes available. Both offer all-inclusive food and beverage.

“We’re excited to bring these products to market and provide premium suite offerings for companies of all sizes,” said Ryan Tanke, senior vice president and chief revenue officer for the Minnesota Timberwolves and Lynx, in a statement.

The Chairman’s Suites include a private suite with a balcony and access to the Chairman’s Club that overlooks center court. Theater Boxes will be located on the sideline suite level and will cater to smaller groups at Target Center in Minneapolis (home to this year’s VenueConnect).

“The Chairman’s Suites and Theater Boxes provide the perfect venue to grow business relationships, reward employees, and indulge friends and family with the backdrop of downtown Minneapolis,” Tanke said.

(Image: Minnesota Timberwolves)

Please welcome our newest members who joined IAVM in April 2016—a total of 78 new members. Thank you for being a part of the association!

Also, let us get to know you better by participating in the I Am Venue Management series. Please visit http://www.iavm.org/i-am-venue-management-share-your-story to share your story and photo.

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The IAVM Foundation is proud to announce the Joseph A. Floreano Scholarship + Internship Program recipients for the 2016 Venue Management School (VMS), recognizing individuals who demonstrate leadership, character, community involvement, and the potential to be future leaders in the venue management industry.

The Foundation also offers scholarships + internships to a variety of other IAVM conferences and schools, click here to learn more and to apply. Thanks to the support of the VMS Board of Regents and committed donors—together we are Building Amazing Futures. Click here to learn more about the Foundation’s annual campaign.

Let’s meet the scholarship and internship recipients.

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This quarter, the YP Connection event will feature Matt Hollander, CFE, general manager of the Miami Beach Convention Center, operated by Spectra Venue Management, on Friday, May 20, 3 p.m. (EST). The Miami Beach Convention Center recently broke ground on a $651 million expansion and renovation project that is slated to be completed in 2018. We briefly spoke with Hollander to learn more about his thoughts on renovations.

How are you seeing security measures being implemented into venue renovations?

Matt Hollander: Security is a major issue and a very important consideration during design. Major systems need to be designed with resiliency and redundancy in mind to help minimize downtime in the event of an incident. The designers need to consider hardening of the physical structure to minimize the risk of intrusion into the building by vehicles. And access control, surveillance, and screening technology must be evaluated based on the attractiveness of the venue as a potential target. The operators, designers, and contractors all play a role in this process.

What is your best advice to young professionals dealing with construction or renovations for the first time at their venues?

MH: Despite the best planning, nothing ever goes exactly as planned. Be prepared to adjust course many times during the process and enjoy the ride. It is a special honor to be a part of a renovation or new construction project. You will forever be a part of the history of that venue. Enjoy every minute.

How do you see convention centers evolving in design over the next five years?

MH: I think we will continue to see an emphasis on the non-traditional spaces for networking and impromptu meet-ups. I think this will continue to shape the selection of furnishings as well as redefine where and how technology is deployed within the convention center.

Please sign-up here to join the hangout and let us know if you want to be one of the eight face-to-face participants. You can also choose just to view the interview. See you on Friday!