White Collar Reform Act

White Collar Reform Act - Amends the Fair Labor Standards Act of 1938 to exempt from its wage requirements employees whose rate of annual compensation, including specified elements, is at least $40,000.

Revises requirements for exemptions based on an employee's administrative capacity to provide that the relationship between an employee's job duties and the management policies or general business operations of the employer or the employer's customers shall not be considered in determining whether such employee is employed in a bona fide administrative capacity.

Prohibits, in determining whether the employee is exempt from specified wage requirements, consideration of: (1) the fact that an employee is subject to deductions in pay for absences of less than a full day or of less than a full pay period, when there has not been an actual reduction in pay for the pay period; and (2) the payment of overtime compensation or other additions to compensation based on hours worked in excess of a daily or weekly amount.