Worker Economic Opportunity Act
Latest action (18 May 2000): Signed by President.
What this bill does
The Worker Economic Opportunity Act amends the Fair Labor Standards Act of 1938. It clarifies that certain employer-provided stock options, stock appreciation rights, and employee stock purchase programs are not counted when calculating overtime pay for employees. The Act specifies conditions for these programs to qualify for this exclusion, relating to how they are communicated, when they can be exercised, their price, and how performance-based awards are determined.
This law primarily affects employers and their employees who participate in these types of stock-based compensation programs. For employers, it reduces potential overtime pay liabilities related to these grants. For employees, it clarifies how these benefits are treated and generally ensures they do not increase their overtime pay requirements. The Act also states that employers have no overtime pay liability for such programs that existed before the law was enacted.
S. 2323 was introduced in the 106th Congress and has been enacted, meaning it was signed into law by the President on May 18, 2000. The amendments it makes to the Fair Labor Standards Act took effect 90 days after its enactment. The Secretary of Labor is authorized to issue regulations to implement these changes.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Worker Economic Opportunity Act - Amends the Fair Labor Standards Act of 1938 to exempt employee stock option, stock appreciation right, stock purchase, and similar employer-provided grants or rights programs from being included in overtime pay calculations, under specified conditions.Provides that employers have no overtime pay liability because of any employee stock options or similar programs prior to enactment of this Act.
Timeline
18 May 2000
Signed by President.
3 May 2000
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 421 - 0 (Roll no. 139).
12 Apr 2000
Passed Senate without amendment by Yea-Nay Vote. 95 - 0. Record Vote Number: 81.
Common questions
- What does S. 2323 do?
- The Worker Economic Opportunity Act amends the Fair Labor Standards Act of 1938. It clarifies that certain employer-provided stock options, stock appreciation rights, and employee stock purchase programs are not counted when calculating overtime pay for employees. The Act specifies conditions for these programs to qualify for this exclusion, relating to how they are communicated, when they can be exercised, their price, and how performance-based awards are determined. This law primarily affects employers and their employees who participate in these types of stock-based compensation programs. For employers, it reduces potential overtime pay liabilities related to these grants. For employees, it clarifies how these benefits are treated and generally ensures they do not increase their overtime pay requirements. The Act also states that employers have no overtime pay liability for such programs that existed before the law was enacted. S. 2323 was introduced in the 106th Congress and has been enacted, meaning it was signed into law by the President on May 18, 2000. The amendments it makes to the Fair Labor Standards Act took effect 90 days after its enactment. The Secretary of Labor is authorized to issue regulations to implement these changes.
- Has S. 2323 become law?
- Yes. S. 2323 has been enacted. Status last updated 18 May 2000.
- Who sponsored S. 2323?
- S. 2323 was sponsored by Sen. Mitch McConnell [R-KY] (Republican-KY), with 32 cosponsors.
- What's the latest action on S. 2323?
- Signed by President. (18 May 2000).
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