[Code of Federal Regulations]
[Title 29, Volume 3]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR516.26]

[Page 109]
 
                             TITLE 29--LABOR
 
         CHAPTER V--WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR
 
PART 516_RECORDS TO BE KEPT BY EMPLOYERS--Table of Contents
 
   Subpart B_Records Pertaining to Employees Subject to Miscellaneous 
          Exemptions Under the Act; Other Special Requirements
 
Sec. 516.26  Employees paid for overtime at premium rates computed on 
a ``basic'' rate authorized in accordance with section 7(g)(3) of the Act.

    With respect to each employee compensated for overtime hours at a 
``basic'' rate which is substantially equivalent to the employee's 
average hourly earnings, as authorized in accordance with section 
7(g)(3) of the Act and part 548 of this chapter, employers shall 
maintain and preserve records containing all the information and data 
required by Sec. 516.2 except paragraph (a)(6) thereof and, in 
addition, the following:
    (a)(1) The hourly rates, piece rates, or commission rates applicable 
to each type of work performed by the employee,
    (2) The computation establishing the basic rate at which the 
employee is compensated for overtime hours (if the employee is part of a 
workforce or employed in or by an establishment all of whose workers 
have agreed to accept this method of compensation, a single entry of 
this computation will suffice),
    (3) The amount and nature of each payment which, pursuant to section 
7(e) of the Act, is excluded from the ``regular rate.''
    (b)(1) Identity of representative period for computing the basic 
rate, (2) the period during which the established basic rate is to be 
used for computing overtime compensation, (3) information which 
establishes that there is no significant difference between the 
pertinent terms, conditions and circumstances of employment in the 
period selected for the computation of the basic rate and those in the 
period for which the basic rate is used for computing overtime 
compensation, which could affect the representative character of the 
period from which the basic rate is derived.
    (c) A copy of the written agreement or, if there is no such 
agreement, a memorandum summarizing the terms of and showing the date 
and period covered by the oral agreement or understanding to use this 
method of computation. If the employee is one of a group, all of whom 
have agreed to use this method of computation, a single memorandum will 
suffice.