[Code of Federal Regulations]
[Title 29, Volume 2]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR453.4]

[Page 203]
 
                             TITLE 29--LABOR
 
  CHAPTER IV--OFFICE OF LABOR-MANAGEMENT STANDARDS, DEPARTMENT OF LABOR
 
PART 453_GENERAL STATEMENT CONCERNING THE BONDING REQUIREMENTS OF THE 
LABOR-MANAGEMENT REPORTING AND DISCLOSURE ACT OF 1959--Table of Contents
 
Sec. 453.4  Trusts (in which a labor organization is interested) within 
the coverage of section 502(a).

    Section 3(l) of the Act defines a trust in which a labor 
organization is interested as:

    * * * a trust or other fund or organization (1) which was created or 
established by a labor organization, or one or more of the trustees or 
one or more members of the governing body of which is selected or 
appointed by a labor organization, and (2) a primary purpose of which is 
to provide benefits for the members of such labor organization or their 
beneficiaries.


Both the language and the legislative history \4\ make it clear that 
this definition covers pension funds, health and welfare funds, profit 
sharing funds, vacation funds, apprenticeship and training funds, and 
funds or trusts of a similar nature which exist for the purpose of, or 
have as a primary purpose, the providing of the benefits specified in 
the definition. This is so regardless of whether these trusts, funds, or 
organizations are administered solely by labor organizations, or jointly 
by labor organizations and employers, or by a corporate trustee, unless 
they were neither created or established by a labor organization nor 
have any trustee or member of the governing body who was selected or 
appointed by a labor organization.
---------------------------------------------------------------------------

    \4\ Daily Cong. Rec., pp. 5858-59, Senate, April 23, 1959.
---------------------------------------------------------------------------