[Code of Federal Regulations]
[Title 29, Volume 3]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR547.0]

[Page 249]
 
                             TITLE 29--LABOR
 
         CHAPTER V--WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR
 
PART 547_REQUIREMENTS OF A ``BONA FIDE THRIFT OR SAVINGS PLAN''
--Table of Contents
 
Sec. 547.0  Scope and effect of part.




Sec.
547.0 Scope and effect of part.
547.1 Essential requirements for qualifications.
547.2 Disqualifying provisions.
547.3 Petition for amendment of regulations in this part.

    Authority: Sec. 7, 52 Stat. 1063, as amended; 29 U.S.C. 207.

    Source: 19 FR 4864, Aug. 3, 1954, unless otherwise noted.


    (a) The regulations in this part set forth the requirements of a 
``bona fide thrift or savings plan'' under section 7(e)(3)(b) of the 
Fair Labor Standards Act of 1938, as amended (hereinafter called the 
Act). In determining the total remuneration for employment which section 
7(e) of the Act requires to be included in the regular rate at which an 
employee is employed, it is not necessary to include any sums paid to or 
on behalf of such employee, in recognition of services performed by him 
during a given period, which are paid pursuant to a bona fide thrift or 
savings plan meeting the requirements set forth herein. In the 
formulation of these regulations due regard has been given to the 
factors and standards set forth in section 7(e)(3)(b) of the Act.
    (b) Where a thrift or savings plan is combined in a single program 
(whether in one or more documents) with a plan or trust for providing 
profit-sharing payments to employees, or with a plan or trust for 
providing old age, retirement, life, accident or health insurance or 
similar benefits for employees, contributions made by the employer 
pursuant to such thrift or savings plan may be excluded from the regular 
rate if the plan meets the requirements of the regulation in this part 
and the contributions made for the other purposes may be excluded from 
the regular rate if they meet the tests set forth in regulations. Part 
549, or the tests set forth in Interpretative Bulletin, part 778 of this 
chapter, Sec. Sec. 778.214 and 778.215, as the case may be.