Catherwood LibraryILR School

The U.S. Department of Labor's Office of Labor-Management Standards (OLMS) reached a final determination on requirements to improve financial transparency in unions. The rule, which provides for greater reporting standards and more detailed available information relating to union assets and expenditures, was mandated under the 1959 Labor-Management Reporting and Disclosure Act and implements the use of Form T-1. The new regulation should help prevent the misuse of union trusts, while increasing member access to relevant data and forcing accountability. Established union trusts serve a variety of purposes including holding benefit funds, strike funds, and training funds.