On May 27, 2021, OLMS published a notice of proposed rulemaking (NPRM) to rescind the Form T-1. The NPRM seeks to withdraw the final rule which established the Form T-1 on March 6, 2020. The DOL is issuing the proposal to withdrawal because “the trust reporting required under the rule is overly broad and is not necessary to prevent the circumvention and evasion of the Title II reporting requirements” and “the 2020 rulemaking record was insufficient to justify the separate trust reporting requirements as set forth in the 2020 Form T-1 rule.”
The DOL advised that the NPRM has a 60-day comment period and OLMS must receive comments by July 26, 2021, via www.regulations.gov.
The Form T-1, or Trust Annual Report, was intended to require labor organizations to report on certain trusts in which they are interested pursuant to the Labor-Management Reporting and Disclosure Act (LMRDA). As of May 27, 2021, it appears Form T-1 is heading back to cold storage.