For a “good faith estimate” that is imprecise, would it be acceptable for our employees to submit a declaration at the end of the year stating their personal allocations into the five categories?
A. Yes. It is acceptable for employees to submit a declaration at the end of the year stating their personal allocations into the five categories. If employees have records that will enable them to better estimate their time, however, they should use them in order to improve the accuracy of the estimate. Such records, of course, must be maintained for not less than five years after the report is filed. Q. According to the instructions for the LM-2, the DOL is not going to require detailed time records to support the percentage allocations for the employees. What, if anything, would the DOL be looking for in terms of documentation supporting the percentage allocations? A. Whatever documentation was actually used to support the percentage allocations should be retained by the union, whether it is employee declarations, internal records, samplings, personal calendars, or other documents.
Related Questions
- For a "good faith estimate" that is imprecise, would it be acceptable for our employees to submit a declaration at the end of the year stating their personal allocations into the five categories?
- Our organizations current year audits are in draft form. Is it acceptable for us to submit the previous years report instead?
- Can current employees sign up anytime during the plan year?
