Home > 106th Congressional Bills > S. 2324 (is) To amend chapter 44 of title 18, United States Code, to require ballistics testing of all firearms manufactured and all firearms in custody of Federal agencies, and to add ballistics testing to existing firearms enforcement strategies. [Intro...S. 2324 (is) To amend chapter 44 of title 18, United States Code, to require ballistics testing of all firearms manufactured and all firearms in custody of Federal agencies, and to add ballistics testing to existing firearms enforcement strategies. [Intro...
Calendar No. 481
106th CONGRESS
2d Session
S. 2323
To amend the Fair Labor Standards Act of 1938 to clarify the treatment
of stock options under the Act.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 29, 2000
Mr. McConnell (for himself, Mr. Dodd, Mr. Jeffords, Mr. Enzi, Mr.
Abraham, Mr. Bennett, Mr. Robb, Mr. Warner, Mrs. Murray, Mr. Gorton,
Mr. Hutchinson, Mr. Lieberman, Mr. Bingaman, Mr. Reed, Mr. Kerry, and
Mr. Lugar) introduced the following bill; which was read the first time
March 30, 2000
Read the second time and placed on the calendar
_______________________________________________________________________
A BILL
To amend the Fair Labor Standards Act of 1938 to clarify the treatment
of stock options under the Act.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Worker Economic Opportunity Act''.
SEC. 2. AMENDMENTS TO THE FAIR LABOR STANDARDS ACT OF 1938.
(a) Exclusion From Regular Rate.--Section 7(e) of the Fair Labor
Standards Act of 1938 (29 U.S.C. 207(e)) is amended--
(1) in paragraph (6), by striking ``or'' at the end;
(2) in paragraph (7), by striking the period and inserting
``; or''; and
(3) by adding at the end the following:
``(8) any value or income derived from employer-provided
grants or rights provided pursuant to a stock option, stock
appreciation right, or bona fide employee stock purchase
program which is not otherwise excludable under any of
paragraphs (1) through (7) if--
``(A) grants are made pursuant to a program, the
terms and conditions of which are communicated to
participating employees either at the beginning of the
employee's participation in the program or at the time
of the grant;
``(B) in the case of stock options and stock
appreciation rights, the grant or right cannot be
exercisable for a period of at least 6 months after the
time of grant (except that grants or rights may become
exercisable because of an employee's death, disability,
retirement, or a change in corporate ownership, or
other circumstances permitted by regulation), and the
exercise price is at least 85 percent of the fair
market value of the stock at the time of grant;
``(C) exercise of any grant or right is voluntary;
and
``(D) any determinations regarding the award of,
and the amount of, employer-provided grants or rights
that are based on performance are--
``(i) made based upon meeting previously
established performance criteria (which may
include hours of work, efficiency, or
productivity) of any business unit consisting
of at least 10 employees or of a facility,
except that, any determinations may be based on
length of service or minimum schedule of hours
or days of work; or
``(ii) made based upon the past performance
(which may include any criteria) of one or more
employees in a given period so long as the
determination is in the sole discretion of the
employer and not pursuant to any prior
contract.''.
(b) Extra Compensation.--Section 7(h) of the Fair Labor Standards
Act of 1938 (29 U.S.C. 207(h)) is amended--
(1) by striking ``Extra'' and inserting the following:
``(2) Extra''; and
(2) by inserting after the subsection designation the
following:
``(1) Except as provided in paragraph (2), sums excluded from the
regular rate pursuant to subsection (e) shall not be creditable toward
wages required under section 6 or overtime compensation required under
this section.''.
(c) Effective Date.--The amendments made by this section shall take
effect on the date that is 90 days after the date of enactment of this
Act.
(d) Liability of Employers.--No employer shall be liable under the
Fair Labor Standards Act of 1938 for any failure to include in an
employee's regular rate (as defined for purposes of such Act) any
income or value derived from employer-provided grants or rights
obtained pursuant to any stock option, stock appreciation right, or
employee stock purchase program if--
(1) the grants or rights were obtained before the effective
date described in subsection (c);
(2) the grants or rights were obtained within the 12-month
period beginning on the effective date described in subsection
(c), so long as such program was in existence on the date of
enactment of this Act and will require shareholder approval to
modify such program to comply with section 7(e)(8) of the Fair
Labor Standards Act of 1938 (as added by the amendments made by
subsection (a)); or
(3) such program is provided under a collective bargaining
agreement that is in effect on the effective date described in
subsection (c).
(e) Regulations.--The Secretary of Labor may promulgate such
regulations as may be necessary to carry out the amendments made by
this Act.
Calendar No. 481
106th CONGRESS
2d Session
S. 2323
_______________________________________________________________________
A BILL
To amend the Fair Labor Standards Act of 1938 to clarify the treatment
of stock options under the Act.
_______________________________________________________________________
March 30, 2000
Read the second time and placed on the calendar
Pages: 1 Other Popular 106th Congressional Bills Documents:
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