On May 18, 2016, the Department of Labor (“DOL”) issued final rules relating to the Fair Labor Standards Act (“FLSA”) that updated the minimum salary amount that is required for an employee to be considered “exempt” under the FLSA. Under the final rules, which will go into effect on December 1, 2016, the DOL increased the minimum salary amount for employees performing certain duties to be considered exempt from $455 per week ($23,660 per year) to $913 per week ($47,476 per year). The DOL also put into place a mechanism by which the minimum salary amount will be updated every three years.