[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