Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, ruling and other guidance released by governmental agencies in the U.S. and Canada.
Regulations may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries should be directed to the Benefits Knowledge Center at (888) 334-3327, option 5 or [email protected].
DOL Releases Proposed Revisions to Filing Thresholds for Forms LM-2, LM-3, and LM-4 Labor Organization Annual Reports
The Department of Labor (DOL) Office of Labor-Management Standards (OLMS) published a proposed rule to revise forms LM-2, LM-3, and LM-4. Under the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA), labor organizations have certain reporting and disclosure requirements including filing an annual financial report showing total annual receipts, disbursements, assets, and liabilities of the union.
In the proposed rule, OLMS will:
- increase filing threshold to higher values;
- labor organizations with $450,000 or more in annual receipts must file Form LM-2;
- labor organizations with less than $450,000 may choose to file Form LM-3; and
- those with less than $25,000 may choose to file Form LM-4.
Comments are due July 31, 2025.