With the end of the month of June 2005 there are now hundreds of unions due to file their LM2 form under the new regulations no later than September 30th 2005. Our experience would indicate a mixed degree of readiness amongst them. Even at this late date there are many unions who are unaware of the full extent to which the LM2 form has changed and the implications as a result. Apart from the electronic filing requirement, capturing the information correctly from the outset in the manner required by the DOL is a major challenge for everybody involved and many accounting systems used are simply not up to the task. In many cases unions have completely replaced their accounting systems where necessary and even when they have a suitable system, have invariably revised their entire fiscal year-to-date transactions in order to reflect the DOL requirements.

JayStar Group has now assisted numerous unions in the LM2 compliance exercise. Contrary to what you might have heard, complying with the new LM2 regulations is neither impossible, nor a "nightmare." It does require methodology and it does require extra work. If you are unsure as to your state of readiness or the capabilities of your accounting system, contact us, we can help you with every aspect of the LM2 compliance challenge.