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Federal Register / Vol. 86, No. 248 / Thursday, December 30, 2021 / Rules and Regulations
amount for 13 categories of receipts such as dues and interest Items 3649;
and the dollar amount for 16 categories of disbursements such as payments to officers and repayment of loans obtained Items 5065.
Schedules 110 require detailed information and itemization on assets and liabilities, such as loans receivable and payable and the sale and purchase of investments and fixed assets. There are also nine supporting schedules Schedules 1112, 1420 for receipts and disbursements that provide members of labor organizations with more detailed information by general groupings or bookkeeping categories to identify their purpose. Labor organizations are required to track their receipts and disbursements in order to correctly group them into the categories on the current form.
The Form T1 provides similar but not identical reporting and disclosure for section 3l trusts, currently including subsidiaries, of Form LM2
filing labor organizations. The Form T
1 requires information such as: Losses or shortages of funds or other property Item 16; acquisition or disposal of any goods or property in any manner other than by purchase or sale Item 17;
whether or not the trusts liquidated, reduced, or wrote-off any liabilities without full payment of principal and interest Item 18; whether the trust extended any loan or credit during the reporting period to any officer or employee of the reporting labor organization at terms below market rates Item 19; whether the trust liquidated, reduced, or wrote-off any loans receivable due from officers or employees of the reporting labor organization without full receipt of principal and interest Item 20; and the aggregate totals of assets, liabilities, receipts, and disbursements Items 21
24. Additionally, the union must report detailed itemization and other information regarding receipts in Schedule 1, disbursements in Schedule 2, and disbursements to officers and employees of the trust in Schedule 3.
Although the Form T1 has a higher reporting threshold for receipts and disbursements than does the Form LM
2, it provides nearly identical information regarding receipts and disbursements as does the Form LM2.
For example, unions must itemize receipts of trusts with virtually identical detail on Form T1, Schedule 1, as on the Form LM2, Schedule 14. Further, the information required on Form T1
Schedules 2 and 3 correspond almost directly to the information required on Form LM2 Schedules 1520 and 11
12, respectively, although the format
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does not directly correlate. However, as discussed earlier, Form T1 does not provide as much detail regarding assets and liabilities of trusts as the Form LM
2 requires. For example, although Form T1 Items 16 and 17 correspond directly to Form LM2 Items 13 and 15, and the information required in Form T1 Items 1820 is required in a different format in Form LM2, Schedules 2 and 810, there is also significant information required on the Form LM2 and not on the Form T1. Chief among the material excluded on the Form T1 is the detailed information regarding assets and liabilities required by Form LM2, Schedules 110. In sum, under the 2020
rule unions would need to report such information on the Form LM2, while they would not need to do so under the existing Form T1.
Additionally, the Department provided the public with separate burden analyses for the Form LM2 and the Form T1, in addition to the other forms required to be filed with the Department under the LMRDA. These analyses include the time for reviewing the respective set of instructions, searching existing data sources, gathering and maintaining data needed, creating needed accounting procedures, purchasing software, and completing and reviewing the collection of information. This rule eliminates the need for a Form T1 burden analysis, as it proposes to eliminate that form and its separate reporting regime. Thus, many of the areas analyzed in other LMRDA reporting and disclosure burden analyses are not relevant to this discussion, as the existence and basic structure and procedures of the present Form LM2 reporting regime is not amended by this final rule.
C. Methodology for the Burden Estimates Initially, as stated above, this document proposes a reduction of burden hours for respondents included within ICR 12450003, as a result of the rescission of the Form T1. The rescission of the Form T1 results in a reduction of 174,128.4 hours in future years that an estimated 2,292 Form LM
2 filers would incur. 85 FR 13433.
Additionally, the rule would eliminate the total cost to filers of $10,385,820 in subsequent years. See 85 FR at 13437.
The accompanying ICR discusses changes to the other LMRDA forms and instructions included within ICR 1245
0003, which the Department will implement as proposed. These changes include mandatory electronic filing for the simplified annual reports and Forms LM15, 15A, 16, 30, and Form S1 as well clarification concerning the OLMS

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use of email addresses for the signatories of each of the forms included within the ICR. As explained in the ICR, the Department does not believe that such revisions will result in a change to the burden estimates, since electronic filing does not result in greater burden than paper filing and filers already provide email addresses as part of the electronic filing process. The Department did not receive any comments on these proposed changes.
D. Conclusion As this final rule requires a revision to an existing information collection, the Department is submitting, contemporaneous with the publication of this document, an ICR to remove the Form T1 and its associated burden from OMB Control Number 12450003
and revise the PRA clearance to address the clearance term. A copy of this ICR, with applicable supporting documentation, including among other items a description of the likely respondents, proposed frequency of response, and estimated total burden may be obtained free of charge from the RegInfo.gov website at https
www.reginfo.gov/public/do/
PRAOMBHistory?ombControlNumber=
1245-0003 this link will be updated following publication of this rule or from the Department by contacting Andrew Davis on 2026930123 this is not a toll-free number/email: OLMSPublic@dol.gov.
Agency: DOLOffice of LaborManagement Standards OLMS.
Type of Review: Revision of a currently approved collection.
OMB Control Number: 12450003.
Title of Collection: Labor Organization and Auxiliary Reports.
Affected Public: Private Sector businesses or other for-profits and notfor-profit institutions.
Estimated Number of Respondents:
33,021.
Estimated Number of Annual Responses: 35,297.
Frequency of Response: Varies.
Estimated Total Annual Burden Hours: 4,644,849.
Estimated Total Annual Other Burden Cost: $0.
Small Business Regulatory Enforcement Fairness Act of 1996
This rule would not constitute a major rule as defined by section 804 of the Small Business Regulatory Enforcement Fairness Act of 1996. This rule will not result in an annual effect on the economy of $100,000,000 or more; a major increase in costs or prices; or significant adverse effects on competition, employment, investment,
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