On December 1, 2010, the Department of Labor's Office of Labor-Management Standards (OLMS) published a final rule rescinding the Form T-1, Trust Annual Report.
The Form T-1, established by final rule in 2008, is an annual financial reporting form that labor unions were required to use to disclose the assets, liabilities, receipts, and disbursements of related organizations, including trusts. Union trusts are organizations established and maintained primarily to provide benefits to union members. Under the prior rule, the first Form T-1 reports had to be filed in March 2010.
The rule, rescinding the Form T-1, was effective January 1, 2011.
As reported in OLMS-News #7-10: Rescission of Form T-1, Trust Annual Report, and Change to LMRDA Coverage of Intermediate Unions.
Edited by Bob Cann, CPA, Partner, Director of Compliance Services, rcann@legacycpas.com