The United States Department of Labor (DOL), Office of Labor-Management Standards recently introduced the electronic forms system (EFS) for completing and submitting Labor Organization Annual Report forms LM-2, LM-3, and LM-4. This new web-based system is expected to be released this summer with many significant enhancements over the current system.
In an invitation-only webinar held on June 24, 2010, the DOL offered insights on the soon-to-be-released system that offers two major improvements.
First, the new system uses a new PIN/password signing process that replaces the current digital signature requirement. As a result, union officers will no longer be required to purchase, maintain, and renew a digital signature.
Secondly, since the new system is a secure web-based system, it eliminates the need to download, install, and maintain any additional software. As a web-based form, the system will allow multiple users to access the form from different locations and allow preparation of the form over a period of time.
Each person who prepares, reviews, or signs the LM form will be required to register for an EFS user account and password to access the system. A union representative will register the organization to obtain a unique private identification number (PIN) for the union to provide security from unauthorized access to the form. The PIN will need to be renewed each year to maintain authorized access to the form.
The new EFS system should significantly improve the submission process for LM filing. Remember, this change only affects the process of submission not the format and information requirements of the actual form.
Additional information on the EFS system may be found on the DOL website at www.dol.gov/olms/regs/compliance/efs/efspreview.htm.
We will advise you as new information becomes available from the DOL. If you have any questions, please contact us.
By Bob Cann, CPA, Partner, Director of Compliance Services, rcann@legacycpas.com