Department of Labor Introduces New Rule for Union Transparency
The Department of Labor has announced a new rule aimed at increasing transparency for large unions. This rule mandates that unions with annual receipts exceeding $40 million must file a more detailed version of the LM-2 report. The change affects approximately 100 out of over 20,000 unions that currently file disclosure reports. The rule is designed to enhance accountability and transparency, particularly for unions with significant financial resources. Additionally, the Labor Department has adjusted the thresholds for less detailed reports for smaller unions to account for inflation, thereby reducing their compliance burdens. The new rule also incorporates additional information into the department's online visualization tools, making it easier for workers to understand their union's activities. Unions are required to comply with the new reporting standards by July 1, 2027. 
