New law is the excuse.
I have to hand it to management; they made lemonade out of this one. Everyone saw this as a way for employees to be more fairly compensated. Honestly, if you're making under $50K, you should be paid for all of your hourly wages. Follet was cutting staff and pushing the work on their poorly paid "exempt" staff. Rather than be contrite, they pull at their parts and wave them in everyone's face. We're going to well beyond the statute and we're going to engineer this into a huge salary grab. That's right, the millionaire class who own this smelly excuse of a company are getting richer by paying the employees they abused even less. They're doing it legally, too.
Follett won't hesitate to reach into your pocket until the day they fire you. They've already show disdain for people with more than 15 years into the company, so your day is coming, too.
Time to look for another job. It's less painful than working for these creatons.