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Number: 01-26 May 29, 2026 Form LM-2 Long Form Final Rule The Office of Labor-Management Standards (OLMS) will publish a final rule on June 1, 2026, to improve the Department’s Labor-Management (LM) Labor Organization Annual Financial Reports. This final rule is part of the Department’s ongoing efforts to modernize and better effectuate the reporting requirements of the Labor-Management Reporting and Disclosure Act (LMRDA). This rule establishes a new form, the Form LM-2 Long Form, for the largest labor organizations, revises the original Form LM-2, and makes a parallel change to the Form LM-3. The rule also raises the annual receipts filing thresholds for Form LM-2, LM-3, and LM-4 filers—which have not been adjusted in at least 23 years—to adjust for inflation. Form LM-2 Long Form The rule establishes a new form, the Form LM-2 Long Form, that labor organizations with $40,000,000 or more in annual receipts must file each year. The Department estimates that approximately 100 labor organizations will be required to file the Form LM-2 Long Form. This new form has 32 schedules and new itemization requirements that will provide union members and the public with more detailed information about the financial condition and operations of our nation’s largest and most financially complex labor organizations. Form LM-2 The final rule revises the format of Form LM-2—which has not undergone substantial revision since 2003—most notably by eliminating the requirement to report disbursements to officers and employees by functional category and by breaking out existing schedules for easier understanding and visibility, resulting in a total of 24 schedules. For example, Schedule 3, Sales of Investments and Fixed Assets, has been divided into two schedules—Sales of Investments and Sales of Fixed Assets—to provide more granular detail on certain transactions. Labor organizations with annual receipts between $350,000 and $39,999,999 must file the Form LM-2, an increase from the prior $250,000 threshold. Form LM-3/Form LM-4 The final rule revises the Form LM-3 by eliminating a reporting exception for certain disbursements paid to labor organization officers—a parallel change to one made in Form LM-2. In addition, the rule raises the filing thresholds for both Form LM-3 and Form LM-4 filers—neither of which have been updated since 1992. Labor organizations with annual receipts of at least $25,000 and less than $350,000 may file the Form LM-3 instead of Form LM-2, and labor organizations with less than $25,000 in annual receipts may file the Form LM-4 instead of the Form LM-2 or Form LM-3. Balancing Burden and Transparency The LMRDA's various reporting provisions are designed to empower labor organization members by providing them the means to maintain democratic control over their labor organizations and ensure a proper accounting of labor organization funds. Through the disclosure of financial information as required by the LMRDA, members are better able to monitor their labor organization's financial affairs and to make informed choices about its leadership and direction. By reviewing a labor organization's financial reports, a member may ascertain the labor organization's priorities and whether they are in accord with the member's own priorities and those of fellow members. At the same time, this transparency promotes the labor organization's own interests as a democratic institution and the interests of the public and the government. Furthermore, the LMRDA's reporting and disclosure provisions safeguard a labor organization's funds from depletion by improper or illegal means by making it easier to detect and prevent unlawful financial acts. Effective Date: The final rule will be effective July 1, 2026, 30 days after publication in the Federal Register. However, no labor organization is required to file the new or revised LM forms until 90 days after the conclusion of its first fiscal year that begins on or after July 1, 2026. As a result, the earliest any labor organization will be required to file a new or revised LM report is after June 30, 2027. How to File: Filers must submit their annual LM Labor Organization Annual Financial Report electronically to OLMS via the OLMS Electronic Forms System (EFS). OLMS will make the new and revised LM forms available on the EFS on or before June 30, 2027. For Further Information: View the Form LM-2 Long Form rulemaking webpage on the OLMS website, or contact the Office of Labor-Management Standards, U.S. Department of Labor, 200 Constitution Avenue NW, Room N-5609, Washington, DC 20210, by telephone at (202) 693-0123 (this is not a toll-free number), 711 (TTY/TDD), or by email at OLMS-Public.gov.
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