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OLMS Extends Deadline for Filing Form T-1
The U.S. Department of Labor's (DOL) Office of Labor-Management Standards has issued a final rule to extend for one year the filing due date of Form T–1 Trust Annual Reports required to be filed during calendar year 2010. The Form T–1 is an annual financial disclosure report required to be filed by labor unions with total annual receipts of $250,000 or more about certain trusts in which they are interested. Labor unions are required to use the Form T–1 to disclose financial information about these trusts, such as assets, liabilities, receipts, and disbursements. The DOL established the Form T–1 in a final rule published October 2, 2008, with an effective date of January 1, 2009. Subsequently, the DOL announced its intention to propose withdrawal of the Form T–1. On December 3, 2009, the DOL published a Notice of Proposed Rulemaking proposing to extend for one year Form T–1 reports due in calendar year 2010, pending the completion of a rulemaking proposing to withdraw the October 2, 2008 Form T–1 rule. This rule does not extend the filing due date of any Form T–1 report due during calendar year 2011 or beyond.
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