Overtime Reform and Review Act

This bill amends the Fair Labor Standards Act of 1938 (FLSA) with respect to exemptions from minimum wage and maximum hour requirements for executive, administrative, professional and outside sales employees to increase over a five-year period the salary threshold for such exemptions, beginning on December 1, 2016, with a subsequent increase on December 1, 2018, and each December 1 through 2021.

The Government Accountability Office shall conduct, and submit to Congress, a study of the implementation of the 2016 initial salary threshold.

The rule submitted by the Department of Labor entitled "Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees" shall cease to have any force or effect.

This bill amends the FLSA, with respect to requirements for updating the salary threshold, to direct Labor, for any change to the salary threshold, to: (1) propose a specific and enumerated rate of compensation required for an employee to be exempt from minimum wage and maximum hour requirements, and (2) issue a rule through notice and comment rulemaking.