Not true. Software developers are mostly exempt, but there are some that will be non-exempt from overtime based on their salary. If the person makes less than $455 a week as salaried or less than $27.63 an hour as an hourly employeed then they will be non-exempt (http://www.dol.gov/whd/regs/compliance/fairpay/fs17e_computer.htm). However, I have a feeling it would be hard to find somebody paid at that rate.
I have a developer working for me who HR has decided is overtime-eligible, and he makes more like 3x that.
If I understand the law correctly (e.g., http://www.itstime.com/may2006.htm) having pay above the $455/week threshold is only one of the conditions for being overtime-exempt; the other conditions have to do with extent of job responsibility.
