; and (B) by inserting (except as provided under subsection (k)(2)(C)) after Administrative Procedure Act ; and (2) by adding at the end the following: (k) Minimum salary threshold (1) In general Beginning on the effective date of the Restoring Overtime Pay Act of 2023 , the Secretary shall require that an employee described in subsection (a)(1), as a requirement for exemption under such subsection, be compensated on a salary basis, or equivalent fee basis, within the meaning of such terms in subpart G of part 541 of title 29, Code of Federal Regulations (or any successor regulation), at a rate per week that is not less than the weekly rate of the applicable annualized salary threshold under paragraph (2). (2) Salary threshold (A) In general Subject to subparagraphs (B) and (C), the applicable annualized salary threshold shall be— (i) $45,000, beginning on the effective date of the Restoring Overtime Pay Act of 2023 ; (ii) $55,000, beginning on January 1, 2024; (iii) $65,000, beginning on January 1, 2025; (iv) $75,000, beginning on January 1, 2026; and (v) beginning on January 1, 2027, an annualized amount that is equal to the rate of the 55th percentile of weekly earnings of full-time salaried workers nationally, as determined by the Bureau of Labor Statistics based on data from the second quarter of 2026. (B) Increased threshold The Secretary may establish, through notice and comment rulemaking under section 553 of title 5, United States Code, a salary threshold that is a rate that— (i) is greater than the applicable annualized salary threshold under subparagraph (A)