A PUBLICATION BROUGHT TO YOU BY | LABOR’S COMPANY | VOL.6, ISSUE 1 | SUMMER 2018

MESSAGE FROM THE CEO: Thanks a Billion I am proud to report that the Ullico Infrastructure Fund has now passed the $1 billion mark in commitments. For me, it represents a dream come to life, and continues to meet Ullico’s mission of providing solutions for the union workplace. We started hiring staff for the fund in 2009, and by 2011, we were raising capital during the depths of the recession. Since its inception in 2012, the fund has experienced strong growth and now has assets under management in excess of $900 million, spanning over 10 investments. Continued on page 2

INSIDE THIS ISSUE: 1 Message from the CEO 3 Multiemployer 401(k) Fund Becomes Latest Target 4 Union Labor Life Celebrates Longstanding Clients 6 J for Jobs Adds Projects in Chicago and New Jersey 7 UIF Raises $1 Billion in Five Years 8 Kudos from Life and Health Customers 9 2018 Interns and UCG Tour 10 Welcome to Our New Clients MESSAGE FROM THE CEO: Make no mistake, P3’s can, and are working, provided you use a stakeholder-based approach that includes local involvement. The public has to understand the reality of the Thanks a Billion need, the cost involved, and that there is no such thing as free Continued from cover page money. Asset owners need to understand that private capital can be a win/win for communities when done right. Today at Ullico, our Infrastructure Fund is helping rebuild America, utilizing union dollars, to generate Our Ullico Infrastructure Fund is an example of competitive returns and to put union members and union infrastructure done right, and we have a great story to tell. contractors to work. These are long term investments that Congratulations to Jeff Murphy, Sonia Axter and their crew match perfectly with the long-dated needs of union pension for the great job of getting the Infrastructure Fund up and funds. We have funded water, and wastewater projects, solar, running, and performing at such a high level. wind, hydro and natural gas energy generation, electricity Many thanks to all of our investors who believed in the transmission and recently a transportation company, and concept of a real union infrastructure entity, and made we are just getting started. Our Infrastructure Fund is a the concept a reality. Take a minute to read all about our great example of the labor movement investing in itself, Infrastructure Fund in the article later in this issue. leveraging its assets to grow and sustain itself. It follows the long time example of the Building Trades, who created their Dan- We’re Going to Miss You! own apprenticeship and training funds, health and welfare Congratulations to Dan Wolak, who is retiring funds, and pension funds, all with the idea of investing in in August after serving as President of Union their membership to achieve quality results. Labor Life. Dan’s incredible knowledge and stature in the industry, his work ethic, America’s infrastructure needs are substantial as outlined in friendship and leadership will be greatly a recent report card published by the American Society of missed. Dan’s tenure is marked by incredible success and Civil Engineers. Their 2017 Infrastructure Report Card, gives attention to detail. We wish him all the best in retirement. America a grade of D+. It’s a report card I would not want to show my mother. The report indicates that only one half Congrat’s to Stephanie Whalen who the Board appointed of the infrastructure bill is being paid, leaving a $2 trillion as the new President of Union Labor Life upon Dan’s investment gap that hurts the economy, families, workers retirement. Stephanie’s twenty years with Ullico will serve and businesses. Political decisions at all levels of government her well in her new job. have deferred critical maintenance of existing infrastructure assets and kicked the can further down the road. While Enjoy the Summer! the solution of utilizing private capital to assist in solving the infrastructure problem may sound simple, many in the public believe that P3 [Public/Private/Partnership] stands for “picking the public’s pocket.” Edward M. Smith President and CEO Ullico Inc.

Join Us in Welcoming the Major League Baseball Players Association as a New Stop Loss Client for The Union Labor Life Company.

2 | ULLICO BULLETIN | SUMMER 2018 UCG COUNSEL’S CORNER Second, another practical way to lessen risk is to offer a diversified mix of investments, including Multiemployer 401(k) Fund target-date funds and lower-cost index funds. Courts have dismissed cases where funds offered participants a wide range of investment options Becomes Latest Target in that included high and low risk options, because doing so allowed fund participants to choose investments according to their personal risk Wave of Fee Litigation Suits tolerance.

By Anthony Cacace & Tulio D. Chirinos of Proskauer Rose LLP Third, fiduciaries should ensure that they are following statutory requirements with respect to Participants of a multiemployer 401(k) fund documents and information from the trustees fund disclosures. These disclosures, in addition recently filed a putative class action suit against related to their administration of the 401(k) fund. to being required, can inoculate fiduciaries the fund’s board of trustees alleging that the from hindsight-based claims that “investment trustees breached their fiduciary duties of loyalty The claims asserted in Ybarra are similar to mixes” offered by the fund’s investment and prudence when they authorized excessive those that have been leveled against dozens of options were imprudent. Courts recognize that fees to be paid by the fund’s participants. The 401(k) and 403(b) plan fiduciaries in the last investments have risks and if these risks are complaint alleges that the trustees imprudently two years in what are commonly referred to as properly disclosed to participants, courts will and disloyally allowed the fund to pay: (1) “fee litigations.” Like in Ybarra, many of these be disinclined to use hindsight to second guess excessive investment management fees for cases have survived the initial pleading stage inclusion of these investment options in the mutual fund options by failing to offer cheaper and have entered into costly discovery. These fund’s lineup, particularly when the fund offers institutional share class options instead of the suits have typically been brought against large a diversified mix of investment options with more expensive retail share class options; and plans commonly referred to as “jumbo plans,” different risk profiles. (2) excessive recordkeeping fees by failing to generally with over a billion dollars in assets. monitor the recordkeeping arrangement with the However, as the plaintiffs’ bar looks to increase Fourth, a best practice is to have outside counsel fund’s recordkeeper, which allegedly resulted the volume of fee litigation, they have started conduct fiduciary training to outline in greater in overpayments of more than $17 million. The expanding their targets to include plans of mid- detail the steps that should be taken to avoid, plaintiffs seek to represent a class of over 27,000 market sized companies and, as Ybarra indicates, or at least mitigate the chance of, being sued. current and former participants. The case is multiemployer participant-directed annuity or If there are specific concerns, fiduciary legal captioned Ybarra v. Bd. of Trs. of Supp. Income 401(k) funds. compliance reviews can help identify and correct Tr. Fund, No. 8:17-cv-02091, ECF No. 1 (C.D. problems before litigation occurs. If performed by Cal. Nov. 30, 2017). While this potential new trend may give counsel and properly structured, these reviews multiemployer fund fiduciaries cause for can either be maintained as privileged, or can be In response to the complaint the trustees filed a concern, it also can be used as an opportunity for used to document the prudent fiduciary process motion to dismiss, seeking an early resolution to fiduciaries to re-examine their fund’s procedures used to manage the fund’s investment options. the case. The district court granted, in part, the and implement a strategy to decrease fiduciary trustees’ motion to dismiss with respect to the liability exposure. Multiemployer fund trustees Finally, not all trustees will have the expertise participants’ claim that the trustees violated their seeking to prevent the risk of such lawsuits, or or time to implement and follow the best fiduciary duties by allowing the fund to offer retail to be better prepared to handle any potential practices identified above. Accordingly, in share classes of mutual funds as plan investment lawsuits, can be guided by the evolving case law appropriate circumstances, the trustees options in lieu of cheaper share classes of the in the single employer plan fee litigation context. may want to consider out-sourcing fiduciary same investment options. The court ruled that management of investments to independent the participants lacked Article III constitutional First, having a well-documented prudent fiduciary professionals. But, because this option standing to bring the claim because they did not process to review and oversee fund investment takes control away from the trustees, strong identify in which allegedly imprudent mutual fund options and third-party providers is the most consideration should be given to whether the the participants were invested, and therefore, did valuable first line of defense. This should include guidelines discussed above can be accomplished not sufficiently establish that the participants had regular meetings to review and monitor the by the trustees themselves. suffered harm by investing in the more expensive fund’s investment options with the guidance retail shares of the challenged investment of a fiduciary investment consultant to ensure The rate of new fee litigation filings does not options. The court, however, granted participants investment manager performance is comparable appear to be declining, with over 35 new fee 20 days to correct the complaint and, based to stated benchmarks and that the fees charged litigation cases filed in 2017. It is too soon to on documents provided by the participants, it remain reasonable. As part of a prudent process, tell whether Ybarra will be an isolated event appears that once the complaint is corrected they fund trustees should also periodically issue or the start of a new trend of lawsuits against will establish standing. requests-for-proposals for major service providers multiemployer funds. The safest course for like recordkeepers. If fees appear out of line trustees is to take preemptive action to mitigate The court also denied, in part, the trustees’ with benchmarks (note that plaintiffs’ counsel their potential exposure. motion to dismiss the participants’ claim are often monitoring these benchmarks), then for excessive recordkeeping fees because it trustees should investigate the prudence of ______found participants provided sufficient factual retaining the existing service providers and support for their allegations that the trustees’ document the resolution of the issue. Trustees do Anthony Cacace is senior counsel at Proskauer, an process for reviewing and monitoring the plan’s not have to retain the lowest-cost provider; quality international law firm headquartered in New York recordkeeping fees was flawed. Ybarra will and service can and should be considered and City. Tulio Chirinos is an associate at Proskauer. The now presumably enter into the discovery phase documented in evaluating any service provider. views expressed here are the authors’ alone. of litigation where the participants will seek

VOL. 6, ISSUE 1 | SUMMER 2018 | 3 Union Labor Life Celebrates Longstanding Clients

Over the last 90 years, The Union Labor Company (Union Labor Life) has had the pleasure of doing business with many union clients. For some clients, this business relationship has lasted for over 50 years. In 2016, Union Labor Life began to recognize these funds’ longstanding loyalty by making office visits and presenting awards to these valued customers. Through 2017 and into 2018, Union Labor Life has continued recognizing our long-term customers, which included the following visits.

BAC LOCAL 4 of California Laborers 66 IBEW 176 60 YEARS WITH UNION LABOR LIFE 59 YEARS WITH UNION LABOR LIFE 61 YEARS WITH UNION LABOR LIFE

Left to Right: John Benavidez, Regional Sales Left to Right: Larry Paradise, Vice President of Sales, Left to Right: Larry Paradise, Vice President of Manager, Union Labor Life; Chad Boggio, Secretary/ Union Labor Life; Steve Flanagan, President/Business Sales, Union Labor Life; Steve Magruder, Business Treasurer, BAC Local 4; Pete Gerber, Management Manager, Laborers Local 66; Allen Marmor, Fund Manager, IBEW Local 176; Mike Clemmons, Committee/Field Representative, BAC Local 4; Dan Manager, Laborers Local 66. President, IBEW Local 176. Wolak, President, Union Labor Life. In 1959, the General Buildings Laborers Since 1957, Union Labor Life has provided BAC Local 4 in Southern California is Union Local 66 Welfare Fund (Laborers life and accidental death coverage to comprised of 2,200 members. In 2016, Tile Local 66) began to receive life, accidental International Brotherhood of Electrical & Terrazzo Local 18, which has received death, and short-term disability coverage Workers (IBEW) Local 176 located its group life coverage from Union Labor for its members through Union Labor Life. in Joliet, Ill. Members of IBEW Local Life for 60 years, since 1958, merged with Fifty-nine years later, members of Laborers 176 serve as electricians, wiremen, Local 4. BAC Local 4 covers the counties of Local 66 are still receiving this same construction workers, telecommunications Los Angeles, Orange, San Diego, Imperial, coverage. workers, and other positions in fields Riverside, San Bernardino, Inyo, Mono, related to electrical work. Local 176 Tulare, Kern, Ventura, San Luis Obispo, Members of Laborers Local 66 are currently covers over 1,700 lives. and Santa Barbara in Southern California. community-focused, based in the Long The local represents bricklayers, stone Island area. They represent highly trained, and marble masons, refractory specialists, skilled and dependable construction site restoration masons, pointers, caulkers, workers. cleaners, and, most recently, workers in tile, marble and terrazzo.

4 | ULLICO BULLETIN | SUMMER 2018 IBEW Members Family Inland Refrigeration Cincinnati Musicians’ Insurance Plan and Heating Fund Association 85 YEARS WITH UNION LABOR LIFE 53 YEARS WITH UNION LABOR LIFE 81 YEARS WITH UNION LABOR LIFE

Left to Right: Daniel Wolak, President, Union Left to Right: Bryan Smith, Business The Cincinnati Musicians’ Association Labor Life; Edward Smith, CEO, Ullico Inc.; Ken Manager/Union Trustee, UA Local 364; was incorporated in 1881 and underwent Cooper, IU Secretary-Treasurer, IBEW; Joe Hunt, Richard Sawhill, Employer Trustee, ARCA/ several name changes before going by Chairman of the Board, Ullico; Darrin Golden, MCA Southern California. its current name, starting in 1934. Just Senior Executive Assistant to the International a few years later, in 1937, Cincinnati Secretary-Treasurer, IBEW. The Inland Refrigeration and Heating Musicians sought term life coverage Fund is located in Los Angeles and is part from Union Labor Life. More than 80 In 1933, The International Brotherhood of the Southern California Pipe Trades years later, members of this local union of Electrical Workers (IBEW) Members Administrative Corporation. Since 1965, are still receiving these same benefits. Family Insurance Plan started to receive this fund has depended upon group life The Cincinnati Musicians’ Association group and dependent term life and and accidental death coverage from Union is part of the American Federation of accidental death coverage from Union Labor Life. Currently, Union Labor Life Musicians and has over 500 members Labor Life. Eighty-five years later, the provides this coverage for the Inland and their dependents covered by Union same coverage is still in effect for over Refrigeration and Heating Fund for Labor Life. The association seeks to 900 lives from the IBEW Members Family approximately 131 lives. connect musicians with resources such as Insurance Plan. Collectively, the IBEW teachers, students, and ensembles. represents approximately 750,000 active members and retirees who work in a wide variety of fields, including utilities, construction, telecommunications, broadcasting, manufacturing, railroads and government in the and Canada.

Louisiana Laborers 52 YEARS WITH UNION LABOR LIFE Left to Right: Brian Hale, COO, Ullico; Stephen E. Farner, Co-Chairman, Louisiana Laborers Health and Welfare Fund; Jason Brinkmeyer, National Account Executive, Union Labor Life.

In 1966, the Louisiana Laborers Health and Welfare Fund purchased life and accidental death coverage for its members from Union Labor Life. Over 50 years later, members of this fund are still depending on Union Labor Life for the same coverage. The Louisiana Laborers Health and Welfare Fund, located in Goodlettsville, Tenn., is a part of the Laborers’ International Union of North America (LiUNA), a progressive and fast- growing union of construction workers.

VOL. 6, ISSUE 1 | SUMMER 2018 | 5 J for Jobs Adds Projects in Chicago and New Jersey

The Union Labor Life Insurance Company’s Real Estate Investment Group (REIG) is off to another strong start this year. Through Separate Account J (J for Jobs), REIG has recently closed three deals to finance new commercial real estate projects in Chicago and New Jersey, amounting to $292.1 million in loans.

As a condition of Ullico’s participation in the loans, all construction will be built using union labor. Additional funding for the three projects is provided by other lenders.

THE LOANS INCLUDE: $150 Million $92.1 Million $50 Million For the development of Hudson Exchange B, a For the construction of Union West, a pair of For the construction of 110 N. Wacker, a 55-story 35-story, 432-unit residential rental building, 15-story brick-and-glass towers, comprising office building located in the Central Business with 9,000 square feet of ground-floor retail, 357 Class AA luxury apartments in Chicago’s District of Chicago. located in the Eastern part of Jersey City. burgeoning and affluent Fulton Market District.

“These investments were made with goal of not only benefiting union pension funds, but also putting union members and union contractors to work.”

“We’re proud of our reputation for conservative yet “These investments will not only benefit union flexible underwriting, deal structuring and execution,” pension funds, but also put union members and union said Herbert A. Kolben, senior vice president of Union contractors to work,” said Edward M. Smith, president Labor Life’s Real Estate Investment Group which and CEO of Ullico Inc. “As jobs are created, workers earn provides lending and loan servicing for commercial personal income and contributions to their fringe benefit real estate projects. “We’re constantly seeking prudent funds. In what amounts to a virtuous cycle, those funds investment opportunities that benefit investors and union can be reinvested back in projects that create jobs. As a labor, like these projects in Chicago and New Jersey.” result, communities grow stronger while workers’ futures are secured.” J for Jobs is dedicated to delivering attractive and competitive fixed-income performance to institutional investors over the long-term. Since its inception in 1977, J for Jobs has participated in the funding of more than 500 real estate projects nation-wide totaling in excess of $16 billion.

Separate Account J (“the Fund”) is offered through a group annuity contract issued by The Union Labor Life Insurance Company (“Union Labor Life”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Fund will only be offered to qualified institutional and accredited investors. Investments in commercial mortgage loans secured by illiquid real estate are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor’s units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments.

Furthermore, the loan values determined could vary significantly from the prices at which the investments would sell because market prices can only be determined by negotiation between a willing buyer and seller. The ability of borrowers to repay loans issued by the Fund will typically depend upon the successful construction or operation of the related real estate project and the availability of financing. The repayment of loans issued for the construction of multifamily housing (i.e condominium loans) will generally depend on the borrower’s ability to sell the underlying housing units. There is no guarantee that Union Labor Life will attain its investment objectives. Potential investors in the Fund should carefully read the Fund Disclosure Memorandum for a description of the potential risks associated with investment in the Fund.

6 | ULLICO BULLETIN | SUMMER 2018 Due to its investor-driven focus and steadfast commitment to the labor movement, The Ullico Infrastructure Fund (UIF) has secured more than $1 billion in commitments in just five years.

This remarkable feat demonstrates the intense interest by investors in addressing the nation’s crumbling infrastructure. In its 2017 report card, The American Society of Civil Engineers rated U.S. infrastructure a D+, the same grade it gave in 2013. Investors recognize that UIF is doing its part to support investment in core sectors while also creating union jobs. UIF Raises $1 Billion in Five Years

They also recognize the expertise UIF brings in evaluating and managing infrastructure investments. The fund is characterized by thoughtful investments in pre-existing and new infrastructure projects across the country, with the goal of providing appropriate risk adjusted returns.

Since its inception in 2012, the fund has experienced strong growth and now has assets under management in excess of $900 million, spanning over 10 investments. UIF currently has investments in the water, waste water, electricity transmission, power generation, and transportation sectors and is exploring opportunities in all core sectors.

Recent investments include an indirect equity stake in a portfolio of four solar and wind power generation projects, with a further four projects anticipated to be added through 2020. The wind and solar farms are all contracted to sell power, capacity and renewable energy to investment-grade off-takers under long-term agreements. Once all eight projects are built out, the portfolio will have a generation capacity of 642 MWac.

UIF also recently acquired a minority stake in Student Transportation Services, a home-to-school student transportation provider, with a fleet of 13,700 vehicles in 23 states.

UIF is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (“Act”). UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.

VOL. 6, ISSUE 1 | SUMMER 2018 | 7 Kudos to Ullico from Life & Health Customers Ullico’s Life & Health insurance division recently conducted a survey. Here’s what some of our satisfied customers had to say:

“Whatever interaction I have “When I have called, with any of your associates, it is I receive quick always professional, courteous, informed answers. “Ullico is an and quickly answered.” People are very excellent company. helpful. Thank you.” Thank you for everything!” “Ullico has been extremely easy to deal “It has always been a pleasure with in all ways. working with my Eligibility “Keep up Thank you, Ullico!” representative. I always receive the excellent answers to my questions or have matters taken care of on a very customer service!” timely basis.”

“All correspondence was via email. The question “Ullico is an outstanding business was resolved very fast. partner and we appreciate all that “All contact has been Thank you.” they do and enjoy working with their whole team.” through email. Always prompt, accurate, and professional!” “I deal with many [stop loss] carriers, and Ullico by far is the best to deal with.” “Any time I have needed to “I correspond via reach out to my representative e-mail, not by phone. they have completely handled The service I’ve my needs and questions above received has always and beyond... thank you.” been exceptional!”

8 | ULLICO BULLETIN | SUMMER 2018 Paving the Way for the Next Generation Through its internship program, Ullico helps the next generation prepare for the workforce. Since 2007, the company has engaged nearly 100 college students during the summer months. “The program helps students obtain valuable corporate experience,” says Maita Murray, Human Resources Generalist at Ullico. “At the same time, it has a positive impact on our business units.”

METRO WASHINGTON, D.C. OFFICES CHICAGO OFFICE

(Front Row, L to R) Eleazar Lopez, Jewel Christian, Briana Harris, Ann Woll, Aman Jain and Mark Scovic Blaise Davis, Miles Butler (Back Row, L to R) Nathaniel Baker, Tashell Savory, Marita Coker, Timothy Linehan, Richard Oluwasanmi, James Greer-Gentis Not Pictured: Alexander Smith, Malissa Cozier and Adaeze Okere

UCG Tours the Labor Archives at University of Maryland Ullico Casualty Group employees recently toured a special exhibit at the University of Maryland that explored the labor movement’s contributions to social progress. The exhibit relied on documents, images, videos, and artifacts from the Labor History Collections within the Special Collections and University Archives at the University of Maryland Libraries.

VOL. 6, ISSUE 1 | SUMMER 2018 | 9 Thank You to Our New and Renewal Clients WE ARE PROUD TO WELCOME OUR NEWEST CLIENTS WHO JOINED AND RENEWED AT THE ULLICO FAMILY OF COMPANIES. WE THANK YOU SINCERELY FOR YOUR BUSINESS AND LOOK FORWARD TO A PROSPEROUS PARTNERSHIP.

AFL-CIO Staff Retirement Plan Brotherhood of Locomotive Engineers Construction Teamster Training & International Longshoremen’s Association International Association of Bridge, and Trainmen, LIRR General Committee Upgrading Fund of Southern California Container Royalty Fund for Supplemental Structural, Ornamental and Reinforcing ALA Lithographic Industry Pension Plan of Adjustment Vacation Benefits Iron Workers Birmingham Iron Workers Construction Teamsters Apprenticeship Training Program Trust ALA Local One Sickness and BSA-ILA Supplemental First Container Fund of Southern California Greater Boston Hotel Employees Local 26 Accident Fund Royalty Fund Benefit Fund International Association of Fire Fighters Construction Teamsters Contract (Master Policy) Alaska Laborers-Employers Building and Construction Trades Compliance Fund for Southern California Greater Minnesota Worker Center Retirement Fund* Department Local 147 Construction International Association of Machinists Workers Retirement Fund Construction Teamsters Security Fund for Greater Pennsylvania Carpenters’ Motor City Welfare Fund Alaska Operating Engineers Employers Southern California Medical Plan Training Trust Fund Building Trades United Pension Trust International Brotherhood of Electrical Milwaukee and Vicinity** Construction Teamsters Vacation Holiday Hartford Police Union Workers Local 1393 American Federation of Government Fund for Southern California Employees Local 527 Burbank Glendale Pasadena Airport Heat and Frost Insulators Local No 33 International Brotherhood of Electrical Police Officer Association Container Royalty Central Collection Fund Health Fund Workers Local 90 Benefit Fund American Federation of Labor-Congress of Industrial Organizations - Wisconsin Burdick Automotive aka Drivers Container Royalty Supplemental Cash HRSA-ILA Container Royalty Fund No. 1 International Brotherhood of Electrical State AFL-CIO Village Inc. Benefit Fund (South Carolina Area) Workers Local 910 Annuity Fund IATRIC Systems, Inc. Ansonia Police Union Lodge 913 Carpenters and Joiners Apprenticeship Derrickmen Welfare Fund Local 197 International Brotherhood of Electrical and Journeymen Training Trust Fund IATSE Local 285 Workers Local 910 Health & Welfare Fund Arizona Operating Engineers Joint DGA Producer Pension and Health Apprenticeship and Training Fund Carpenters and Joiners Defined Plans, Inc. IATSE Local 470 International Brotherhood of Electrical Contribution Plan Workers Local 910 Pension Fund Associated Fire Fighters of Illinois, Directors Guild of America-Producer IATSE Local 750 dba T&T Treasurers and International Association of Fire Fighters Carpenters and Joiners Welfare Fund Health Plan Ticketseller International Brotherhood of Electrical Local 2 Chicago, Associated Fire Fighters Workers Local No 90 Benefit Plan of IL PAC Fund Carpenters Industrial Council of Eastern Directors Guild of America-Producer IBEW Lima Area Electrical Joint PA Pension Fund Pension & Health Plans Staff 401(k) Plan Apprenticeship Training Committee International Brotherhood of Electrical Association of Construction Employees IBEW Local 300 Health And Welfare Fund Workers Michigan Upper Peninsula and Northern California District Council Cedar Rapids Electrical Workers Health Directors Guild of America-Producer Pension Plan Pension Plan Basic Benefit Plan of Laborers Contract Interpretation and and Welfare Fund IBEW Local 400 Welfare Fund Application Trust Fund International Brotherhood of Teamsters Directors Guild of America-Producer Cedar Rapids IBEW Local 405 Health & IBEW Local 405 Deferred Savings Plan Local 456 Association of Orange County Deputy Welfare Fund Pension Plan Supplemental Benefit Plan Sheriffs International Brotherhood of Teamsters East Central IL Pipe Trades Health and IBEW Local No. 43 and Electrical Cement & Concrete Workers District Contractors Welfare Fund Local 917 Atlanta Plumbers & Steamfitters Health & Council Pension Fund** Welfare Plan Welfare Fund IBEW Local No. 99 Annuity Fund** International Longshoremen’s Association Cement Masons and Plasterers Health Electrical Contractors’ Association & Container Royalty Central Collection Fund Bakery Drivers and Salesmen Local 194 and Welfare Plan Local Union 134 IBEW Joint Pension Trust IBEW-NECA Southwestern Health and and Industry Pension Fund of Chicago** Benefit Fund International Longshoremen’s Association Cement Masons Local 600 Local 2036 Container Maintenance and Bakery, Confectionery, Tobacco Workers Employers & Operating Engineers Local IBT Consolidated Pension Fund Repair Mechanics and Grain Millers International Union Central Illinois Building and Construction 520 Pension Plan* Employees’ Pension Plan Trades Council ILA Local 1408 International Union of Bricklayers and Employers-ILA NC Ports Containerization Allied Craftworkers Bricklayers Union BCTGM International Union Bargaining Central Minnesota Area Sheet Metal Joint Vacation Plan ILA Local 970 Local No. 1 of Missouri Employees Unit Employee 401(K) Plan Apprenticeship and Training Fund Pension Plan Employers’ and Laborers’ Locals 100 & ILA West Gulf Maritime Association BCTGM International Union Salaried City of East Moline Firefighter’s 397 Supplemental Annuity Plan* Container Royalty Trust Fund #1 and #2 International Union of Bricklayers and Employee 401(k) Plan Pension Plan Forest Park Fire Pension Fund Allied Craftworkers Local 1 Connecticut Independent Railway Supervisors Health Fund Birmingham Iron Workers Training City of East Peoria Firefighters’ Association Lodge 1 Foundation for Fair Contracting Program Trust Pension Fund International Union of Operating Indiana Laborers Welfare Fund** Engineers JATC and Skill Improvement Boilermakers AFL-CIO Local S-185 City of Elgin Retiree Health Insurance Fraternal Order of Police Local 1016 Trust Fund Insulation Industry International International Union of Operating Boilermakers Local 92 Training Fund GBHE Money Purchase Pension Plan Apprentice and Training Fund Columbus Sheet Metal Workers Engineers Local 14-14B Welfare Fund Boise Fire and Police Trust Apprenticeship General Assembly Retirement System Insulators AFL-CIO Local Union 23 of Illinois International Union of Operating Engineers Local 150, IUOE Vacation Brick Mason’s Pension Trust Fund** Communications Workers of America Intermountain Ironworkers Pension Trust Savings & Retirement Trust General Building Laborers Union Local No Savings Plan Bricklayers and Allied Crafts Local 3 66 Welfare Fund Intermountain Ironworkers Tax International Union of Operating Apprentice Training Trust Compensation Accrual Fund of the Deferral Plan Uniformed Firefighters Association General Pension Plan of the International Engineers Local 369 Bricklayers and Allied Craftworkers Union of Operating Engineers International Association of Bridge, International Health Fund Construction Employers Association and International Union of Operating Structural, Ornamental and Reinforcing Engineers Local 571 Training Fund Northern California Districts Council of General Pension Plan of the International Iron Workers 401(K) Plan Bricklayers Local 8 of Illinois Laborers Contract Interpretation and Union of Operating Engineers Canada Apprenticeship International Union of Operating Application Trust Fund Georgia Stevedore Association Engineers Local 98 Training Fund

10 | ULLICO BULLETIN | SUMMER 2018 International Union of Painters and Allied Los Angeles/ Orange Counties Building Operating Engineers Health and Welfare SEIU USWW and San Diego County Tri-State District Council of Plasterers & Trades, AFL-CIO, CLC (Master Policy) and Construction Trades Council Trust Fund of Colorado Employers Trust Fund Cement Masons, Operative Plasterers’ & Apprenticeship Readiness Fund Cement Masons’ International Association Iowa Laborers District Council Health and Operating Engineers Local 150 Service Contract Education and Training of the United States of America Welfare Trust Fund Major League Baseball Players Apprenticeship Fund Trust Fund Welfare Plan Twin City Carpenters and Joiners Iron Workers’ Locals 15 & 424 Extended Operating Engineers Local 324 Service Employees Local Union 560 Pension Fund Benefit Fund Man-U Service Contract Trust Fund Journeyman and Apprentice Training Fund Sheet Metal Workers Local 36 Welfare UA Local 190 Labor Management Ironworkers Intermountain Health and Martinez POA Fundraiser Account Operating Engineers Local 520 Joint Fund Fund Trust Welfare Trust Apprenticeship and Training Fund Martinez POA PAC Account Sheet Metal Workers Local 38 Workers UA Local 455 Ironworkers Local 6 Annuity Plan Painters District Council 2 Apprenticeship and Welfare Fund Martinez Police Officers Association & Journeyman Training Fund UAW Indiana Shared Union Liability Ironworkers Local 6 Medical & S.U.B. Sheet Metal Workers Local No 58 Program Pay Plan Michigan Regional Council of Carpenters Painters District Council 21 of Northeast Retirement Plan Employee Benefits Fund PA Annuity Plan UAW Local 14 Ironworkers Local 6 Pension Plan Sheet Metal Workers Local No 58 Welfare Mid-Atlantic Laborers Employers Painters District Council 21 of Northeast Fund Union Trowel Trades Benefit Fund of Ironworkers Local 6 Profit Sharing Plan Cooperation and Education Trust PA Health and Welfare Plan Central Pennsylvania Sheet Metal Workers Local Union No. 80 Ironworkers Vacation Fund of Utah Midwest Operating Engineers Pension Painting Industry Insurance Fund Insurance Trust Fund UNITE HERE Local 11 Trust Fund IUOE Local 30 Benefits Trust Fund Painting Industry Profit Sharing Sound Health & Wellness Trust UNITE HERE Local 26 401 (K) Plan Midwest Operating Engineers Retiree Annuity Plan IUOE Local 57 Apprenticeship and Skill Welfare Plan Southern California Dairy Industry UNITE HERE Workers and Hospitality Improvement Program Paul Strarzyk Memorial Fund Security Fund Employers Variable Defined Benefit Midwest Operating Engineers Retirement Pension Trust Laborers Funds Administrative Office of Enhancement Fund Pension Plan for the Uniformed Southern California Local 831 Employer Northern California, Inc. Employees of the City of Rock Hill Health Fund UNITE-HERE Health Fund Midwest Operating Engineers Laborers Health and Welfare Trust Fund Welfare Fund Pittsburgh Fire Fighters Local 1 Retiree Southern California Local 831 Employer Local 290 for Northern California Medical Trust Pension Fund Apprenticeship & Journeymen Training Midwest Operating Engineers Welfare Trust Fund Laborers Industry Stabilization Trust Fund Fund 401(k) Trust Pittsburgh Fire Fighters Local 1 Retiree Southern California Operating and Medical Trust Maintenance Engineers Apprenticeship United Association of Journeymen and Laborers International Union of North Midwest Region Laborers’ Health & and Training Trust Fund Apprentices of the Plumbing and Pipe America Local No 872 Safety Fund Plumbers and Pipefitters Local 344 Health Fitting Industry of the United States and and Welfare Trust Fund Southern Nevada Culinary and Bartenders Canada Local 502 Laborers Local Union 1392 Montana Operating Engineers- Pension Plan* Construction & Mining Industry Health and Plumbers and Pipefitters Local 430 Health Laborers Pacific Southwest Region United Association of Journeymen and Security Trust and Welfare Fund Southern New England Carpenters Annuity Apprentices of the Plumbing and Pipe Trust Fitting Industry of the United States and Laborers Pension Trust Fund for Northern MSSA-ILA Supplemental Plan Plumbers and Pipefitters Local 99 California Canada Sprinkler Fitters and Apprentices Pension Plan Southwest Laborers’ Health and Welfare Local 704 defined Contribution Pension Napa City Firefighters Association Plan Laborers Pension Trust Fund for Northern Plumbers and Pipefitters Local Union 562 Fund Plan California Annuity Plan National Allied Workers Union Local 831 St Louis Graphic Arts Joint Health & United Association of Plumbers and Insurance Trust Plumbers and Pipefitters Local Union No Welfare Fund Laborers Training and Retraining Trust 99 401K Fund Pipefitters Local 160 Health and Welfare Fund for Northern California National Elevator Industry Health St. Louis - Kansas City Carpenters Plan Benefit Plan Plumbers’ Pension Fund, Local 130, Regional Council Laborers Vacation Holiday Trust Fund for U.A.** United Automobile, Aerospace and Northern California National Plastering Industry’s Joint Stage Employees Local 140, IATSE Agricultural Implement Workers of Apprenticeship Fund PMTA / ILA - Containerization Fund America International Union UAW Local Laborers’ District Council Building and Steamship Trade Association of Baltimore, 3400 Construction Health and Welfare Fund New England Electrical Workers Public Employees Benefit Trust California Inc. International Longshoremen’s Benefits Fund United Scenic Artists Local 829 Laborers’ International Union of North Association, AFL-CIO Container Royalty Retired Firefighters Security Benefit Fund Fund Apprenticeship Program Trust Fund America Local 133 New Jersey Building Laborers Statewide of the Uniformed Firefighters Association Health Fund Stone Setters Annuity Fund Local 84 United Union of Roofers Waterproofers Laborers’ International Union of North Retired Plan for Certain Employees of the and Allied Workers 401(K) Retirement America Local 477 New Orleans Employers – International Laborers Funds Administrative Office of Stone Setters Apprenticeship & Training Plan Longshoremen’s Association, AFL-CIO Northern California, Inc. Fund Local 84 Laborers’ International Union of North Royalty Escrow Account United Union of Roofers, Waterproofers America Local 773 Rhode Island Laborers’ Annuity Fund* Stone Setters Pension Fund Local 84 & Allied Workers Local Union No. 154 New York State Teamsters Council Health Pension & Welfare Fund Laborers’ International Union of North and Hospital Fund Rhode Island Laborers’ Pension Fund* Stone Setters Vacation Fund Local 84 America Local Union 159 United Union of Roofers, Waterproofers Northeastern Illinois Federation of Labor, Rocklin Police Officers Association Tampa Maritime Association - and Allied Workers Laborers’ Mid-Atlantic Regional AFL-CIO International Longshoremen’s Association Organizing Coalition Roofers and Waterproofers Research and Container Royalty Plan United Union of Roofers, Waterproofers Northern California General Teamsters Education Joint Trust Fund and Allied Workers Roofers and Laborers’ National Health and Security Fund Tarantino-Starzyk Scholarship Fund Waterproofers Local 37 IT Apprenticeship Welfare Fund Roofers Local 149 Mid-Michigan Joint & Journeyman Trainig Fund Northern New Jersey Teamsters Apprenticeship Fund Teamsters Death Benefit Trust Fund Lansing Firefighters’ Pension Fund Benefit Plan Welfare Fund of the I.U.O.E. Local 15, 15A, Roofers Local 149 Pension Trust Fund; Teamsters Local 332 15C, 15D and 15H, AFL-CIO Laundry, Dry Cleaning Workers, and Allied Norwalk Police Union Local 1727 Roofers Local 149 Security Benefit Trust Industries Health Fund Teamsters Local 445 Welfare Fund Wharf Dockbuilders & Piledrivers Local NYSA-ILA Container Royalty Fund Union 179 Local 1, ILA, AFL-CIO Roofers Local 149 Vacation and Holiday Teamsters Local 631 Security Fund for NYSA-ILA Fringe Benefit Escrow Fund Fund Southern Nevada ______Local 10 of the Philadelphia Joint Board, and the Textile NYSA-ILA GAI Fund & Plan Roofers Local Union 149 Southeastern Teamsters Local 922 - Employers Client list represents both new and Maintenance Industry of Philadelphia & Michigan Roofing Contractors Association Health Trust renewal customers of Ullico Inc. and its Vicinity Welfare & Security Fund NYSA-ILA Long Term Disability Benefit Joint Apprenticeship Committee Plan family of companies for the period of Insurance Teamsters Local Union No 315 December 1, 2017 - May 31, 2018 Local 147 Construction Workers Roofers Union Local #30 Health and Welfare Fund NYSA-ILA Medical & Clinical Services Fund Welfare Fund Teamsters Local Union No 327 * A client of Separate Account J is defined Retirement Trust as a client who has submitted signed Local 153 Health Fund Roofers’ Union Local No 33 Pension Trust Teamsters Local Union No 630 paperwork and made a deposit into the NYSA-ILA Money Purchase Pension Fund Fund* Account. Local 298 Fund-1 Liberty Health & Plan Teamsters Retiree Trust & Welfare Fund Sacramento Area Electrical Workers JATC ** A client of Ullico Infrastructure Fund NYSA-ILA Pension Trust Fund & Plan Technical Engineering Division, U.A. Local Local 99 UA of Plumbers and Pipefitters 130 Pension Fund** is defined as a client who has submitted San Francisco Electrical Workers signed paperwork and whose commitment Apprenticeship Training NYSA-ILA Scholarship Fund Retirement Savings Plan Therm, Inc. has been formally accepted. Local Union No 90 IBEW Annuity Plan NYSA-ILA Vacation & Holiday Fund & Plan San Mateo Hotel Employees & Restaurant Employees Welfare Fund Town of Indian River Shores Public Safety Loretto Health & Rehabilitation Center NYSA-ILA Welfare Fund and Plan Officers’ and Firefighters’ Pension Plan Security Benefit Fund of the Uniformed Los Angeles Airport Peace Officers Ohio Carpenters’ Welfare Fund Firefighters Association Town of Orange Park Police Officers Association Pension Fund OPCMIA International Training Fund

VOL. 6, ISSUE 1 | SUMMER 2018 | 11 indicias_7.pdf 1 10/26/11 1:54 PM

1625 Eye Street, NW Washington, DC 20006 www.ullico.com C

M

Y

Change in Address? CM

Email: [email protected] MY

or Call: 202.354.8044 CY

CMY To share your photos, email [email protected] K

Stay Tuned!

Every September, Ullico celebrates Life Insurance Awareness Month, a national campaign promoting this important form of protection. We invite you to follow us on Facebook, Twitter, and LinkedIn for:

Tips, Stories, and Statistics

illustrating the power of life insurance to provide stability and security for union members and their families.

#ULLICOFORLIFE