I should note you are partially correct if an employee is paid on hourly basis, they must be at $27 an hour and are still exempt from overtime pay. However they would still be paid straight time for hours worked over.
From: http://www.dol.gov/esa/whd/regs/compliance/fairpay/fs17e_computer.htm
To qualify for the computer employee exemption, the following tests must be met:
* The employee must be compensated either on a salary or fee basis at a rate not less than $455 per week or, if compensated on an hourly basis, at a rate not less than $27.63 an hour;
* The employee must be employed as a computer systems analyst, computer programmer, software engineer or other similarly skilled worker in the computer field performing the duties described below;
* The employeeâ(TM)s primary duty must consist of:
1. The application of systems analysis techniques and procedures, including consulting with users, to determine hardware, software or system functional specifications;
2. The design, development, documentation, analysis, creation, testing or modification of computer systems or programs, including prototypes, based on and related to user or system design specifications;
3. The design, documentation, testing, creation or modification of computer programs related to machine operating systems; or
4. A combination of the aforementioned duties, the performance of which requires the same level of skills.