The U.S. Department of Labor (DOL) proposed a rule on September 30, 2020 that would make labor unions provide more information in their annual financial disclosures to the DOL, including a more detailed itemization of its receipts and disbursements. The DOL’s notice of proposed rulemaking would expand what unions must disclose to the DOL’s Office of Labor-Management Standards (OLMS) in their annual Form LM-2 returns, requiring large unions to file a lengthier LM-2 “long form,” or LM-2 LF, that includes a new breakdown of functional categories, disclosure of strike fund amounts, and changes to presentation and disclosures in many areas.
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