U.S. Department of Labor Notifies Labor Organizations Regarding Financial Disclosure Requirement for Trusts
WASHINGTON, DC – The U.S. Department of Labor’s Office of Labor-Management Standards (OLMS) is working to ensure timely compliance with its recently published final rule requiring the filing of annual financial disclosure reports for “trusts in which a labor organization is interested.” These reports are to be filed with OLMS on the new Form T-1 Trust Annual Report.
On April 16, 2020, OLMS sent notification to the regulated community about new annual financial disclosure reports that certain labor organizations are required to file. The T-1 final rule was published on March 6, 2020, and begins to apply on June 4, 2020.
OLMS as part of its compliance assistance efforts informed labor organizations about the upcoming Form T-1 reporting obligation to help ensure timely filing of annual financial reports and provide the regulated community with available compliance material.
“The Form T-1 is an important part of ensuring full disclosure to workers so that they can make informed choices,” said Director of the Office of Labor-Management Standards Arthur Rosenfeld. “The Office of Labor-Management Standards stands ready to assist labor organizations in complying with the new financial disclosure requirements.”
OLMS administers and enforces provisions of the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA). The LMRDA promotes union democracy and financial integrity in private sector labor unions, and transparency for labor unions and their officials, employers and others. OLMS also administers provisions of the Civil Service Reform Act of 1978 and the Foreign Service Act of 1980, which extend comparable protections to federal sector labor unions.
The mission of the Department of Labor is to foster, promote and develop the welfare of the wage earners, job seekers and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.