With respect to each employee of hospitals and institutions primarily engaged in the care of the sick, the aged, or mentally ill or defective who reside on the premises compensated for overtime work on the basis of a work period of 14 consecutive days pursuant to an agreement or understanding under section 7(j) of the Act, employers shall maintain and preserve.
(a) The records required by § 516.2 except paragraphs (a) (5) and (7) through (9), and in addition:
(1) Time of day and day of week on which the employee's 14-day work period begins,
(2) Hours worked each workday and total hours worked each 14-day work period,
(3) Total straight-time wages paid for hours worked during the 14-day period,
(4) Total overtime excess compensation paid for hours worked in excess of 8 in a workday and 80 in the work period.
(b) A copy of the agreement or understanding with respect to using the 14-day period for overtime pay computations or, if such agreement or understanding is not in writing, a memorandum summarizing its terms and showing the date it was entered into and how long it remains in effect.