If the employer is in California, and if you are making less than 88K a year, what they are doing may be illegal (IANAL) http://www.dir.ca.gov/t8/11170.html
We're based in Seattle. I don't think there's much to be done, except leave.
At this point, "salaried-exempt" status should just be eliminated. The "exemptions" from the FLSA now make up the majority of the full-time workforce.