Iowa Admin. Code r. 875-218.117
Current through Register Vol. 47, No. 8, October 30, 2024
Rule 875-218.117 - Amount of salary required(1) Compensation on a salary basis at a rate of not less than $310 per week, exclusive of board, lodging, or other facilities, is required for exemption as an executive. The $310 a week may be translated into equivalent amounts for periods longer than one week. The requirement will be met if the employee is compensated biweekly on a salary basis of $620, semimonthly on a salary basis of $671.68 or monthly on a salary basis of $1343.35. However, the shortest period of payment which will meet the requirement of payment "on a salary basis" is a week.(3) The payment of the required salary must be exclusive of board, lodging, or other facilities; that is, free and clear. Alternatively, the sale of the facilities to executives on a cash basis if they are negotiated in the same manner as similar transactions with other persons is not prohibited.Iowa Admin. Code r. 875-218.117