CFR > Title 29 - Labor > SUBTITLE B—Regulations Relating to Labor > CHAPTER IV—OFFICE OF LABOR-MANAGEMENT STANDARDS, DEPARTMENT OF LABOR (parts 401 to 471) > SUBCHAPTER A—LABOR-MANAGEMENT STANDARDS (parts 401 to 453) > PART 453—GENERAL STATEMENT CONCERNING THE BONDING REQUIREMENTS OF THE LABOR-MANAGEMENT REPORTING AND DISCLOSURE ACT OF 1959 > 453.4—Trusts (in which a labor organization is interested) within the coverage of section 502(a).

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.

Code of Federal Regulations

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.

Code of Federal Regulations

Footnote(s): 4 Daily Cong. Rec., pp. 5858-59, Senate, April 23, 1959.