I'm a salaried exempt, fulltime employee at a non-profit agency in North Carolina. My agency has a policy in place, which we all have to sign upon hire, that says if we turn in our timesheet late, we will be paid minimum wage for the hours on the late timesheet. We never get to recover that pay, it's a penalty for turning in your timesheet late.
As a salaried exempt employee, it was my understanding that under CFR 541 that a salaried exempt employee must receive their full salary (assuming they worked the full work week/40 hours) and that an employee can be penalized for improper deductions of pay.
I turned in my timesheet late 2 weeks ago, was notified I would be paid minimum wage and sure enough, on my paycheck today, I was paid 40 hours at $7.25 and 40 hours at my regular salaried rate of pay. I've certainly learned a lesson about turning in my timesheet on-time, however from my online research, it looks like my employer is violating labor laws.