(a) The regulations in this part set forth the requirements of a
``bona fide thrift or savings plan'' under section 7(e)(3)(b) of the
Fair Labor Standards Act of 1938, as amended (hereinafter called the
Act). In determining the total remuneration for employment which section
7(e) of the Act requires to be included in the regular rate at which an
employee is employed, it is not necessary to include any sums paid to or
on behalf of such employee, in recognition of services performed by him
during a given period, which are
paid pursuant to a bona fide thrift or savings plan meeting the
requirements set forth herein. In the formulation of these regulations
due regard has been given to the factors and standards set forth in
section 7(e)(3)(b) of the Act.
(b) Where a thrift or savings plan is combined in a single program
(whether in one or more documents) with a plan or trust for providing
profit-sharing payments to employees, or with a plan or trust for
providing old age, retirement, life, accident or health insurance or
similar benefits for employees, contributions made by the employer
pursuant to such thrift or savings plan may be excluded from the regular
rate if the plan meets the requirements of the regulation in this part
and the contributions made for the other purposes may be excluded from
the regular rate if they meet the tests set forth in regulations. Part
549, or the tests set forth in Interpretative Bulletin, part 778 of this
chapter, Secs. 778.214 and 778.215, as the case may be.
