The new rule promotes transparency by requiring union officials to disclose payments and interests that involve actual or likely conflicts between the official’s personal financial interests and his or her duties to the union. The department intends to engage in compliance assistance and enforcement efforts to ensure proper reporting by union officials.
The DoL said the new rule avoids unnecessary intrusions into labor-management relations by removing requirements to report transactions that create no actual or likely conflicts of interest. The rule announced today reverses one published in 2007 (see DoL Puts Out Final LM-30 Union Reporting Rule) that expanded the length and complexity of the LM-30, but did not lead to additional useful information being reported by union officials.
The new rule becomes effective on November 25, 2011, and applies to reports required by union officials with fiscal years beginning on or after January 1, 2012. For fiscal years beginning before that date, OLMS will accept this new form, the 2007 Form LM-30, or the original, pre-2007 Form LM-30. A copy of the revised Form LM-30 is available at http://www.dol.gov/olms/regs/compliance/GPEA_Forms/blanklmforms.htm#FLM30.
The final rule can be viewed at http://s.dol.gov/JD.