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OLMS Proposes Revisions to Form LM-2; Proposes Procedure to Revoke Right to File Form LM-3

The Office of Labor-Management Standards (OLMS), Department of Labor (DOL) issued a proposed rule and request for comments on proposed revisions to Form LM-2, annual financial reports filed by large labor organizations. The rule would clarify reporting, add schedules for various categories of receipts and establish procedures for revoking a particular labor organization's right to file a simplified annual report, Form LM-3. Changes to Form LM-2 include: identifying purchaser or seller of union assets greater than $5,000; removal of the distinction between direct and indirect disbursement and require union officials to report charges paid directly to vendor or by credit card; require unions to individually report on Schedule 11 fringe benefits received by union officials, rather than on Schedule 20 in aggregate. The rule also establishes procedures and standards to revoke the simplified reporting option, Form LM-3, where appropriate in particular circumstances. The intent of the proposed changes are to provide greater financial transparency. Comments must be received on or before June 26, 2008.

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