Bloomberg BNA is reporting (subscription required) that according to a “source familiar with the situation,” the DOL’s new overtime exemption rules will take effect on December 1. The new minimum salary for exempt executive, administrative and professional employees will be $913 per week or $47,476 per year. That’s still more than double the current $455 per week, but less than the original proposal which would have boosted the minimum to a projected $970 per week for 2016, or about $50,440 per year.

According to BNA, instead of adjusting annually as previously proposed, the minimum salary will update every three years. We are still waiting for more details on the measure that will be used for this update.

BNA is also reporting that earlier rumors of a carve-out for higher education institutions were not accurate.

We will update this post as further details emerge.

Update: 

Columbus Dispatch reports that Vice President Joe Biden will announce the rules at Jeni’s Splendid Ice Cream headquarters in downtown Columbus, Ohio.