A second option for enhancing transparency is for Michigan to enact a statute requiring public sector unions to file a copy of the Form LM-2, LM-3, or LM-4, depending on its size, with MERC. One benefit of this approach would be that members of the labor community, along with the accountants and lawyers who serve them, are generally familiar with the LM reporting requirements. As such, applying the LM filing requirements to a new universe of potential filers would likely result in a lower initial paperwork burden than would creating a new disclosure regime.
This approach, however, means that the state would not have control over the content of the forms if a future federal administration decided to change the Form LM-2. Therefore, the best option to ensure that the meaningful and solid disclosure requirements remain in place long term is for the Michigan Legislature to enact legislation requiring and enforcing enhanced disclosure requirements.