[Federal Register Volume 59, Number 61 (Wednesday, March 30, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-7381]


[[Page Unknown]]

[Federal Register: March 30, 1994]


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DEPARTMENT OF LABOR

Office of Labor-Management Standards

29 CFR Part 403

RIN 1294-AAO7

 

Labor Organization Annual Financial Reports

AGENCY: Office of Labor-Management Standards, Office of the American 
Workplace, Labor.

ACTION: Final Rule; correction.

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SUMMARY: This document contains a correction to the final rule which 
was published on Tuesday, December 21, 1993 (58 FR 67593). The rule 
relates to the annual financial reports required to be filed by labor 
organizations. The final rule inadvertently omitted a revised 
instruction for one of the reporting forms.

EFFECTIVE DATE: December 31, 1994.

FOR FURTHER INFORMATION CONTACT: Kay H. Oshel, Chief, Division of 
Interpretations and Standards, Office of Labor-Management Standards, 
Office of the American Workplace, U.S. Department of Labor, 200 
Constitution Avenue, NW., room N-5605, Washington, DC 20210, (202) 219-
7373. This is not a toll-free number.

SUPPLEMENTARY INFORMATION: The final rule that is the subject of this 
correction made revisions to the annual financial reporting forms 
required to be filed by labor organizations pursuant to the Labor-
Management Reporting and Disclosure Act of 1959, as amended (LMRDA). 
Section 201(b) of the LMRDA requires each covered labor organization to 
file annually with the Secretary of Labor a financial report, signed by 
its president and treasurer or corresponding principal officers, 
containing information in the detail necessary to disclose accurately 
its financial condition and operations for the preceding fiscal year.
    The requirements of LMRDA section 201(b) apply to all labor 
organizations in the private sector. In addition, section 1209(b) of 
the Postal Reorganization Act (Pub. L. 91-375, 84 Stat. 737) makes the 
LMRDA applicable to labor organizations which represent employees of 
the U.S. Postal Service. Finally, the Department's regulations apply 
the LMRDA reporting requirements to Federal sector labor organizations 
subject to the Civil Service Reform Act of 1978 (Pub. L. 95-454, 92 
Stat. 1192) and the Foreign Service Act of 1980 (Pub. L. 96-465, 94 
Stat. 2140). 29 CFR 458.3.
    Section 208 of the LMRDA authorizes the Secretary to issue, amend, 
and rescind rules prescribing the form and publication of the 
information and annual financial reports required by sections 201(a) 
and 201(b), and to provide simplified reports for labor organizations 
for whom the Secretary finds that by virtue of their size a detailed 
report would be unduly burdensome.
    The Secretary of Labor has delegated authority under the LMRDA to 
the Assistant Secretary for the American Workplace. See Secretary's 
Order No. 2-93 (58 FR 42578, August 10, 1993).
    Revisions to the reporting forms were proposed in the notice of 
proposed rulemaking published on Thursday, September 23, 1993 (58 FR 
49671). One of the proposed revisions was to change the instructions 
for Form LM-2 (to be filed by labor organizations with $200,000 or more 
in total annual receipts) and Form LM-3 (to be filed by labor 
organizations with less than $200,000, but $10,000 or more, in total 
receipts) regarding the purchase and sale of investments to include a 
reduction for reinvestments of receipts from the sale of U.S. Treasury 
securities and other investments. The proposed change was identical for 
both Form LM-2 and Form LM-3. 58 FR 49680, 49681, 49722, 49724, 49793, 
and 49798.
    After reviewing the comments submitted by the public, the 
Department decided to modify the proposed instructions slightly. 
However, the modification was only made to the Form LM-2 instructions 
(58 FR 67600, 67602) and inadvertently not made to the Form LM-3 
instructions.
    Accordingly, the final rule published on December 21, 1993 is 
corrected as follows:
    1. On page 67603, in the 2nd column, after the 33rd line, insert 
the following text:

    In Item 42, the first paragraph of the instructions is revised 
to read as follows:
    Enter the net amount received by your organization for all 
investments (including U.S. Treasury securities) and fixed assets 
sold. Do not include amounts received from the sale or redemption of 
investments which were promptly reinvested (i.e., ``rolled over'') 
during the reporting period.

    Signed in Washington, DC this 22nd day of March, 1994.
Martin Manley,
Assistant Secretary for the American Workplace.
[FR Doc. 94-7381 Filed 3-29-94; 8:45 am]
BILLING CODE 4510-86-P