7. If the new salary threshold is $58,656 and I am already compensated over this threshold, then does that mean I can stay in my current exempt and monthly pay frequency status?

Compliance with the regulation is job-based and not only employee salary based. This requires the minimum wage for the job itself to be graded at or above the newly established minimum threshold to maintain an exempt status and monthly pay frequency. The job pay grade must be established at W.G363 or above or be in a job structure that has an assigned minimum salary over $58,656 annually. Even if your salary is over the established salary threshold and the minimum salary of the job itself is graded below the minimum threshold required by FLSA (Fair Labor Standards Act), then the U.S. Department of Labor (DOL) will deem the job itself as nonexempt and all employees in the job must be treated similarly and as nonexempt employees.