I was told that I don't qualify to be exempt. I've been on my job for 22+ years and supervise 2 part time folks. My title is executive assistant/office manager. I've spoken with the supervisor and she told me that all staff don't qualify to be exempt, but the last 2-3 new hires have been hires as exempt. I was told by an outside person that if the company reclassified my position as exempt, they would have to pay me more money. Is this correct?

That's a question only your boss can answer as a companies policy on pay scales is exclusive to them. I found this though,

https://www.thebalancecareers.com/what-is-an-exempt-employee-525701

And

https://www.dol.gov/whd/overtime/fs17a_overview.pdf

Hope it explains it.

If your job does get reclassified as exempt it does not automatically mean a pay raise. You would begin to earn a salary rather than an hourly wage, so no more overtime pay. Quite often when an employ is reclassified there is a bit of a bump in net pay, in recognition of expanded responsibilities together with the elimination of any overtime pay, but it would depend on the HR practices of the company.