OLMS News
Number: 02-09
February 23, 2009
Form LM-2 and LM-3: Final rule; delay of effective date.
On February 20, 2009, the Office of Labor-Management Standards (OLMS) published in the Federal Register a final rule that delayed the effective date of new regulations pertaining to the filing by labor organizations of annual financial reports required by the Labor-Management Reporting and Disclosure Act of 1959, as amended (LMRDA). The regulations were published in the Federal Register on January 21, 2009. They revised Labor Organization Annual Report Form LM-2 and established a procedure whereby the Department may revoke, when warranted, a labor organization's authorization to file the simplified Labor Organization Annual Report Form LM-3.
This final rule postpones the effective date of the regulations from February 20, 2009, until April 21, 2009, to allow additional time for the agency and the public to review questions of law and policy concerning the regulations and, meanwhile, to permit unions to delay costly development and implementation of any necessary new accounting and recordkeeping systems and procedures pending this further consideration. The final rule can be viewed here: https://www.govinfo.gov/content/pkg/FR-2009-02-20/pdf/E9-3721.pdf
OLMS will continue to accept comments on questions of law and policy concerning the January 21, 2009, regulations, including on the merits of rescinding or retaining them, until March 5, 2009.
For additional information and links to the Federal Register Notice, please visit the Form LM-2 and Form LM-3 NPRM page on the OLMS Web site at: http://www.dol.gov/OLMS/regs/compliance/lm2_lm3rule.htm
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Last Updated: 02/23/09