The 2024 financial reports for local unions and other affiliates filed with the U.S. Department of Labor are now available online.
Each year most Teamster locals, joint councils, and the International Union must file a financial report with the US Department of Labor. These reports are available online to any member who wants to learn about the finances of their local.
These reports (called “LM-2 reports”) are signed by the officers but compiled by professional accountants. By reviewing your local report, you can find:
- officers' and employees' salaries
- income and expenses
- the membership count as of December 2024
- what law firms or other vendors and consultants your union is using
- the date of your next election
- and more
Local unions that only represent public employees and Canadian locals do not file LM-2 financial reports.
International Union Finances
The International Union has filed its 2024 LM-2 financial report.
The report shows that the IBT paid $23.5 million in strike benefits, which is 11 times more than the IBT spent on strikes per year during Hoffa’s last five years in office.
The International Union's net assets are up by $82 million for the year; this is largely due to favorable investments.
The IBT's LM-2 financial report includes a complete listing of salaries paid by the International Union.
General President Sean O'Brien was paid $258,983. Per the Teamster Constitution, no International Officer or International Rep can make more than the General President.
In accordance with the IBT Constitution, the salary of the General President was drastically reduced from the $341,033 Hoffa was paid in 2021 to the $258,983 paid to O'Brien last year.
Local union officers who do not receive a salary from the International Union are not prohibited from paying themselves more than the General President. Only very few make higher salaries from their locals.
Overall, International Union officer salaries are down $760,814 compared to 2021. Last year, the IBT paid $2,691,875 to the members of the General Executive Board, compared to the $3,452,689 paid in the last year of the Hoffa administration.
How to Find an LM-2
All LM-2 reports must be filed by March 31. You can access them online. Here’s how.
- Click here to access the Department of Labor site
- Under “Union name by abbreviation,” enter “IBT”
- Under “Union Type,” choose Local, Intermediate (Joint Council) or International
- Under “Designation number” enter your local number or the number of your Joint Council.
It’s that easy for most locals. If you are a rail Teamster, you enter BLE or BMWED instead of IBT.
Locals with only public workers are not required to file LM-2 reports; you can get their IRS form 990 as a substitute document.
Need help getting info or interpreting it? Contact TDU.
We believe that transparency and an informed membership strengthen our union.
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