I have a question regarding salaried personel. Our workplace switched managers from hourly to salary recently. Now, you can be required to work overtime and attend mandatory meetings on your days off without additional pay, but a call-in for a sick day is docked from pay at 1/5 the weekly salary. What does the MS law say for salaried personel?

Assuming these employees' job duties even qualify them as exempt, the employer can't have it both ways. See here for the definition of "salary basis" when it comes to exempt employees:
http://www.dol.gov/dol/allcfr/ESA/Title_29/Part_541/29CFR541.118.htm

You say the salary is "docked". Does that mean the employee is not paid at all for that day? Or that the day's pay is substituted with sick pay and the weekly salary is made whole?