A PUBLICATION BROUGHT TO YOU BY | LABOR’S COMPANY | VOL.5, ISSUE 3 | WINTER 2017

MESSAGE FROM THE CEO: Happy 40th In the construction trades, what do you do when there is no work? The answer for Ullico, 40 years ago, was to create your own work. It started out as a way to earn sound, risk- adjusted returns on union pension dollars, with the significant benefit of putting union members and union contractors to work via labor language requiring a 100% union workforce. The program was launched in the 70s, when unemployment in the trades was running in the double digits.

This year, we are celebrating the 40th anniversary of Ullico’s flagship product, Separate Account J (J for Jobs). Since its inception, Separate Account J has closed over 500 loans, in excess of $16.5 billion. Continued on page 2

INSIDE THIS ISSUE: 1 Message from the CEO 3 Ullico Continues to Invest in Infrastructure 4 Union Labor Life Celebrates Longstanding Clients 6 Ullico Celebrates 40th Anniversary of J for Jobs 7 JATC Leaders and Instructors Affected by DOL Rules 8 2017 Scholarship Winners 9 Get to Know Ullico 10 Welcome to Our New Clients MESSAGE FROM THE CEO: Labor, with the express purpose to help provide financial security to working men and women and their families. It th acknowledged the growth in the Ullico family of companies Happy 40 to include products that serve to protect labor Continued from cover page organizations, unionized employers, institutional investors and union members, and provide the investment platforms We estimate that this activity created over 600 million that are helping to sustain the labor movement. The hours of work, and 300,000 jobs for union members. Many Resolution also highlighted that two-thirds of the directors thanks to all our investors and consultants who made this of Ullico are presidents or other senior officials of labor idea a reality, and to our portfolio management team who organizations affiliated with the AFL-CIO, and that we are make it all work so well. the only labor-owned insurance and investment company. We are so proud to be labor’s company. Looking back, Separate Account J was the groundbreaking idea that has paved the way for other investment products, The convention also provided a great opportunity for us such as, the Ullico Infrastructure Fund, all representing to showcase our product line during a Lunch and Learn great vehicles to leverage the vast economic power of the session we sponsored that was widely attended by delegates labor movement by investing in itself. Happy Anniversary, of the various unions represented at the convention. J for Jobs! Let’s have 40 more. Attending the convention, and seeing firsthand the energy The best part is, while we are celebrating Separate Account and commitment of the delegates in attendance, reminded J, our 90th anniversary, and all our legacy products that me once again of the incredible power of people coming have stood the test of time, our success is founded in our together for a common purpose. The labor movement is ability to consistently bring new products to market. alive and well, and we at Ullico are proud to be a part of it. Products like our cyber liability insurance, which has tripled its policy count over the last year, meet the changing Happy Holidays! insurance needs of the union marketplace. All our products must meet our continuing standard of protecting, growing, and solving problems in the union workplace.

I want to personally thank President James Boland of the Bricklayers and Allied Craft Workers, and a Ullico board member, for presenting Resolution 27 at the Edward M. Smith recently concluded AFL-CIO Convention in St. Louis. The President and CEO Resolution, celebrating Ullico’s 90th Anniversary, recalled Ullico Inc. its establishment in 1927 by the American Federation of

RISK MANAGEMENT FOR FIDUCIARIES DEFENSE PROTECTION FOR Policyholders of Ullico Casualty Group’s Fiduciary Liability UNION OFFICIALS program have two new loss control benefits: A labor union may not fund the defense of union • Unlimited access to fiduciary content, tools officers in section 501(b) actions except in and pre-claim advice through Ullico Resource Center. extraordinary circumstances. Learn more about • Complimentary copies of the International Foundation the need for Individual Labor Leader Endorsements of Employee Benefit Plan’s Trustee Handbook. to Union Liability Policies.

DISCOVER MORE: READ THE FREE WHITEPAPER: WWW.ULLICO.COM/CASUALTY/FIDUCIARY-LIABILITY-INSURANCE WWW.ULLICO.COM

2 | ULLICO BULLETIN | WINTER 2017 Photo taken Labor Day 2017 at current Infrastructure Fund deal, CPV Towantic

Springbok can be a great economic driver Ullico Continues to for the local community while creating good union jobs for our members.”

“Through this investment, Ullico Invest in Infrastructure demonstrates its commitment to projects that provide clean, low-cost energy across The Ullico Infrastructure Fund (UIF) was Not long ago, UIF announced the closing America,” said Smith. “This investment established not only to generate competitive of an $85 million equity investment in a will help to fulfill future energy needs while returns but also to assist in the investment, portfolio of two wind and nine solar farms creating jobs for skilled workers.” maintenance and refurbishment of the throughout the . The wind nation’s infrastructure. Since 2012, it and solar farms are all contracted to sell NOTE: has made good on that promise, with 8 power, capacity and renewable energy to UIF is managed by Ullico Investment investments totaling $500 million. investment-grade offtakers under long- Advisors, Inc. (UIA) and is sold through Ullico term agreements. Investment Company, LLC. (Member FINRA/ “This year, the American Society of Civil SIPC), both subsidiaries of Ullico Inc. UIA is Engineers rated U.S. infrastructure a D+, One of the largest projects in the portfolio, a registered investment adviser with the SEC the same grade it gave in 2013. Clearly, the Springbok 1 and 2 solar farm in Kern under the Investment Advisers Act of 1940, there’s a need for deliberate investment County, California, created 600 direct as amended (“Act”). UIF will only be sold to in infrastructure,” says Edward M. Smith, union construction jobs and created “accredited investors” as that term is defined President and CEO of Ullico Inc. “Ullico significant union construction jobs which in Regulation D of the Securities Act of 1933. Infrastructure Fund (UIF) is doing its part benefited the local community. The Investment in infrastructure is speculative, to invest in core sectors while also creating unemployment rate in Kern County was not suitable for all investors, and should union jobs.” above 10% at the time, nearly double that of be undertaken only by experienced and the statewide rate. Jim Elrod, the business sophisticated investors who are willing to bear manager for the International Brotherhood the high risks of such an investment, which of Electrical Workers (IBEW) Local 428, include, but are not limited to, lack of liquidity, was committed to adding local hires to the restrictions on transferring ownership to pool of electricians dispatched for both the Fund, absence of information regarding projects and achieved an outstanding result. valuation and pricing, and high fees and “Nearly 200 of the 250 IBEW workers on expenses. Potential investors in the Fund the projects were hired locally from Kern should carefully read the Confidential Private County and many of the new hires have Placement Memorandum for a description of since been invited to join our apprentice the potential risks associated with investment program. We believe projects like in the Fund.

VOL. 5, ISSUE 3 | WINTER 2017 | 3 Union Labor Life Celebrates Longstanding Clients

The Union Labor Company “Union Labor Life” is celebrating 90 years of insuring union members. Many of today’s policyholders have had their coverage with Union Labor Life for decades. Some have been insured for more than 50 years. To recognize and celebrate the long-standing loyalty of these unions and funds, members of the management team of Union Labor Life have been presenting awards to long-term clients. The following are seven of these long-term customers whom we met with earlier in 2017.

ATU International BAC International Detroit Bakers 57 YEARS WITH UNION LABOR LIFE 68 YEARS WITH UNION LABOR LIFE 65 YEARS WITH UNION LABOR LIFE

Left to Right: Daniel Wolak, President, Union Labor Left to Right: Daniel Wolak, President, Union Left to Right: Bill Kristalyn, Sales Manager, Life; Oscar Owens, Secretary-Treasurer, ATU; Brian Labor Life; Jim Boland, International President, Union Labor Life; Claudia Norman, Benefits Doherty, Regional Sales Manager, Union Labor Life. BAC; Edward Smith, CEO, Ullico Inc. Administrator, BCTGM Local 326.

In 1960, the Amalgamated Transit The International Union of Bricklayers Local 326 of the Bakery, Confectionery, Union (ATU) approached Union and Allied Craftworkers (BAC) was Tobacco Workers and Grain Millers’ Labor Life to request a unique type of founded in 1865, and today represents International Union (BCTGM) purchased insurance coverage for its members. The a wide array of skilled trowel trades life and accidental death coverage for their international union’s concern was for the craftworkers across the United States and members through the Union Labor Life in risk of their bus drivers being attacked Canada. Since 1949, the staff of BAC’s 1953. Almost 65 years later, Local 326 still and killed on the job. In response to International Union have depended has this coverage through Union Labor Life. this request, Union Labor Life offered a on life, accidental death, and coverage The BCTGM represents manufacturing, felonious attack accidental death insurance through Union Labor Life. Members production workers, maintenance policy that would pay $100,000 for death of the BAC are bricklayers, terrazzo and sanitation workers in the bakery, resulting from being attacked on the job. and mosaic workers, pointers, cleaners confectionery, tobacco and grain milling That policy is still covering ATU’s bus and caulkers. The BAC is the oldest industries in the United States and Canada. drivers today, as elected by each city. continuous union in North America and The union’s goal is to bring economic continues to fight to improve its members’ justice to the workplace and social justice to quality of life through various channels. workers throughout North America.

4 | ULLICO BULLETIN | WINTER 2017 IATSE 52 IATSE 751 OPEIU 88 YEARS WITH UNION LABOR LIFE 73 YEARS WITH UNION LABOR LIFE 52 YEARS WITH UNION LABOR LIFE

Left to Right: John Ford, President, IATSE Local Left to Right: Daniel Wolak, President, Union Left to Right: Daniel Wolak, President, Union Labor 52; Larry Paradise, Vice-President of Sales, Union Labor Life; Lawrence Paone, President, IATSE Life; Richard Lannigan, International President, Labor Life; Brian Doherty, Regional Sales Manager, Local 751. OPEIU; Seth Goldstein, Senior Business Representative, Union Labor Life. OPEIU Local 153; George Bueno, Benefits and Pension Director, OPEIU Local 153; Brian Doherty, Regional Two years after the Treasurers & Ticket Sales Manager, Union Labor Life; Michael Goodwin, In the spring of 1924, a new organization Sellers Union was organized in 1939, the Business Manager, OPEIU Local 153. came together – Studio Mechanics Local International Alliance of Theatrical Stage 52, the first Motion Picture Local in the Employees and Moving Picture Machine In 1958, OPEIU Local 153 in New York world. In 1929, Local 52 purchased group Operators of the United States and Canada City purchased group life insurance for life insurance from Union Labor Life and (IATSE) granted a charter, officially its staff working in the union office. Seven today has been a client for almost 90 years. designating the Union as IATSE Local years later, the international union of the Local 52 is the founding union of The 751. In 1944, the union began to offer OPEIU purchased group life insurance International Alliance of Theatrical Stage life insurance coverage to its members and disability insurance coverage on its Employees, Moving Picture Technicians, through a group life insurance policy from staff from Union Labor Life. Those policies Artists and Allied Crafts of the United Union Labor Life. Local 751 represents are still in force today. The union has its States, Its Territories and Canada (IATSE). qualified and professional box office roots in Indianapolis and was chartered IATSE members work in all forms of live personnel within the jurisdiction of New in 1945. Amongst those who signed the theater, motion picture and television York City. The 500 men and women of the international union’s 1945 charter were production, trade shows and exhibitions, Treasurers & Ticket Sellers Union work in Matthew Woll, the first president of television broadcasting and concerts, as the Box Offices of over 60 venues. From Union Labor Life, as well as William C. well as the equipment and construction its inception, the union has worked closely Doherty, Sr., grandfather of Brian Doherty, shops that support these areas. Members with venue owners and producers, and has who works as a sales manager for Union represent a wide range of behind-the- taken pride in the personalized customer Labor Life today. Over time, OPEIU has scenes workers in this field. service its members provide to live theater, grown into one of the largest unions of the concert and sporting event patrons. AFL-CIO. The union today represents 42 employees of Union Labor Life who are members of the OPEIU.

UA 91 73 YEARS WITH UNION LABOR LIFE Left to Right: John Benavidez, Regional Sales Manager, Union Labor Life; Jason Brinkmeyer, Regional Sales Manager, Union Labor Life; Daniel Wolak, President, Union Labor Life; Bo Franklin, Business Manager, UA Local 91; Darrell Taylor, Vice President, UA Local 91; Joe Latham, President, UA Local 91; Jeff Harrison, Financial Secretary and Business Agent, UA Local 91; Garry Frost, Business Agent, UA Local 91.

The of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada (UA) began in 1889. UA’s Local 91 has counted on Union Labor Life for group life insurance coverage continuously since 1944. Local 91 is a multi-craft union whose members engage in the fabrication, installation, and servicing of piping systems. It is the oldest union in Birmingham, AL.

VOL. 5, ISSUE 3 | WINTER 2017 | 5 At the same time it seeks to deliver Real Estate Investment Group, which Ullico attractive and competitive fixed-income provides lending and loan servicing for performance to institutional investors, commercial real estate projects. J for Jobs promotes union members, Celebrates union leaders, and signatory employers J for Jobs Embraces Defined by requiring that the construction Contribution Plans projects it finances use 100 percent After 40 years, J for Jobs continues to th union labor. evolve. Recently, Ullico began offering 40 a fund that allows individual union Discussions with local tradesmen in members to invest in the J for Jobs provided the impetus for program. Anniversary J for Jobs, and those same union leaders became the first investors. Since then, Launched earlier this year, the Ullico of J for Jobs many unions have come on board, and J J for Jobs Collective Investment for Jobs has made a significant historical Fund (CIF) was created by the Hand and economic impact. Composite Employee Benefit Trust and This year, as Ullico Inc. celebrates the sponsored by Hand Benefits & Trust 90th anniversary since its founding, • J for Jobs has funded more than 545 Company. With the addition of CIF, it also marks the 40th anniversary real estate projects nationwide totaling Ullico now offers solutions to unions of Separate Account J (J for Jobs), over $16 billion in loans. with defined benefits and defined the investment vehicle that finances contributions plans. commercial real estate properties on a • J for Jobs loans are responsible for national basis. generating more than 304,000 full-time “This combination of innovation jobs and over 615 million working and stability, invention and focus, When it began in 1977, J for Jobs was hours for union workers. continues to drive J for Jobs as it looks the first of its kind. With many of their forward to the next 40 years,” members out of work during the 1970s “We’ve been successful for so long by said Edward M. Smith, President recession, unions sought innovative remaining steadfast to our original and CEO of Ullico. ways to grow their funds and stimulate mission, which is to serve the needs job creation. Out of this need, J for Jobs of investors, organized labor and was born as a real estate investment customers in the real estate development vehicle that originates and manages community,” said Herb Kolben, Senior high-quality commercial first mortgages. Vice President of Union Labor Life’s

Note: Separate Account J is offered through a group annuity loans) will generally depend on the borrower’s ability to contract issued by The Union Labor Life Insurance Company sell the underlying housing units. There is no guarantee (Union Labor Life) and is sold through Ullico Investment that Union Labor Life will attain its investment objectives. Company, Inc. (Member FINRA/SIPC), both subsidiaries Potential investors in the Fund should carefully read the Fund of Ullico Inc. The Account will only be offered to qualified Disclosure Memorandum for a description of the potential institutional and accredited investors. Investment in illiquid risks associated with investment in the Fund. real estate and commercial mortgage loans is subject to additional risks including the potential inability of an investor The CIF is not a mutual fund. Its shares are not deposits to redeem units. The investment return and principal value of Hand Benefits & Trust Company, a BPAS company, or of the Fund will fluctuate so that an investor’s units, when Ullico Investment Advisors, and are not insured by the redeemed, may be worth more or less than original cost. In Federal Deposit Insurance Corporation or any other agency. addition, fluctuations in interest rates and market volatility The CIF is a security which has not been registered under may limit available financing for real estate investments the Securities Act of 1933 and is exempt from investment held by the Fund, thereby adversely affecting the value of company registration under the Investment Act of 1940. The the underlying investments, the investment return and the Ullico J for Jobs Collective Investment Fund is new and does liquidity of the investments. Furthermore, the loan values not have actual performance data to report. Diversification determined by Union Labor Life could vary significantly from may not protect against market risk. There are risks involved the prices at which the investments would sell because market with investing, including possible loss of principal. Before prices can only be determined by negotiation between a willing investing in any investment portfolio, the client and the buyer and seller. The ability of borrowers to repay loans financial professional should carefully consider client issued by the Fund will typically depend upon the successful investment objectives, time horizon, risk tolerance, and fees. construction or operation of the related real estate project and This collective investment fund is available for investment by the availability of financing. The repayment of loans issued eligible qualified retirement plan trusts only. for the construction of multifamily housing (i.e. condominium

6 | ULLICO BULLETIN | WINTER 2017 alerts is in violation of the subscription JATC Leaders and Instructors agreement. The news source fines the JATC for each time she forwarded the email, which triggers a copyright Affected by DOL Rules infringement claim. By Laverne J. Wingfield, AVP, Claims These types of claims are typically not covered under a fiduciary policy as the The Department of Labor (DOL) made D&O policies typically cover errors or provisions of that policy do not extend regulations this year that affect JATCs. omissions, or breaches of duty, committed to harassment, discrimination, failure to In short, apprentice programs are more or alleged to have been committed by educate, or personal injury. at risk than ever before as claims may the entity or any insured person in the arise more frequently if the DOL or discharge of his or her duties. The scope of LEARN MORE individual apprentices feel a JATC is not coverage includes employment practices, Suits against JATCs, including being inclusive in its program. Training such as third-party discrimination, and discrimination, selection of students, directors need to make sure they have personal injury coverage. wrongful dismissal and educator’s an insurance policy that extends to liability, can create a crippling financial negligence arising out of such allegations. Charges brought by DOL, Equal burden for JATCs simply trying to Employment Opportunity Commission, prepare and train apprentices and Remember that Equal Employment NLRB and similar bodies can be journeymen to perform quality work. Opportunity regulations prohibit considered claims. An important discrimination based on race, color, endorsement on this policy is educator’s Do not take a chance. Find out more at: religion, national origin, and sex. The liability, which covers the risk that WWW.ULLICO.COM/CASUALTY. updated rules also prohibit discrimination JATCs face when their graduates use the based on disability, age, sexual education they acquired in the workforce. orientation, and genetic information. Common claims many carriers see are Laverne Wingfield The first step is to familiarize yourself discrimination claims brought by students, AVP, Claims with the new rules and the timeline for including potential candidates who are Ullico Casualty Group LLC. their implementation: denied acceptance into the program. Laverne Wingfield is a seasoned insurance claims • www.doleta.gov/oa/eeo/pdf/ CLAIMS EXAMPLES professional with more than two decades of Implementation_Timeline.pdf To give you an idea of the claims that might experience managing and adjusting a wide range arise, here are some hypothetical examples: • www.doleta.gov/oa/eeo of exposures. Since joining Ullico in 2004, Ms. Wingfield has worked on all aspects of claims • www.doleta.gov/oa/eeo/pdf/FAQs.pdf • A JATC does not accept a female adjudication and risk management for both the applicant into its program, and she files Fiduciary and Union Liability lines. THE BENEFITS OF A D&O POLICY a lawsuit claiming that her gender is the Because JATCs are schools, training reason for the declination. Ms. Wingfield is a member of the Professional committees and leaders have to worry Liability Underwriting Society and holds Adjuster about personal injury and discrimination • Graduates of a JATC make mistakes licenses in more than 30 states. She graduated claims. Directors & Officers insurance during a construction job, which delays from the University of Maryland, College Park with policies (D&O) provide coverage to protect the project. The general contractor a Bachelor of Arts in Hearing and Speech Sciences against common operational exposures. experiences the loss of subsequent and earned a Master of Arts in Legal and Ethical business opportunities from the project Studies from the University of Baltimore. A D&O policy protects the JATC and its developer. As a result, the contractor files committees. It also protects individual a lawsuit against the JATC, alleging that it insureds, which includes past, present failed to properly educate its graduates. and future directors, trustees, officers, employees, board members and committee • The administrative assistant at a JATC members. The policy can be extended to receives news alert emails and forwards individuals designated by and serving the them to all the JATC’s instructors every entity, such as contracted employees. morning, not realizing that sharing the

Photo courtesy of the International Union of Operating Engineers VOL. 5, ISSUE 3 | WINTER 2017 | 7 2017 Scholarship Winners Ullico Inc. announced the winners of the Daniel E. O’Sullivan Memorial Scholarship Award and Ullico Scholarship Award for children, 23 years old or younger, of current full-time Ullico Inc. employees. Eligible dependents include high school seniors or high school graduates who plan to enroll or are already enrolled in a full-time course of undergraduate study at an accredited two-or four-year college, university or vocational–technical school. Meet this year’s winners:

ALLISON MILES RICHARD OLUWASANMI Parent: Kimberly Martilla Miles Parent: Richard Oluwasanmi University: University of University: University of Maryland Maryland Year in college: Junior Year : Freshman Major: Psychology Major: Criminology and Criminal Justice (Minor: Allison aspires to receive an Business) advanced degree in psychology and eventually have her own Richard looks forward to practice. She enjoys bowling, reading and animals. She working in a law firm someday. As a high school student, served as president of the Humane Society club while he was involved in mock trial. He enjoys lacrosse, soccer, in high school and also completed 27 college credits basketball, reading and playing video games. while still a high-school senior, allowing her to obtain an associates degree during her first full-time year of college.

RACHAEL OLUWASANMI ASHLEY STEPT Parent: Richard Oluwasanmi Parent: Stan Stept University: University of University: Stevenson Maryland University Year in college: Junior Year in college: Senior Major: Public Health Science Major: Early Childhood Education Rachael plans to work in pediatrics. Her interests Since she was five years old, include lacrosse, singing and Ashley has wanted to become volunteering. She also has a special interest in medical a teacher. She says her mission is “to make a difference in research. She worked in a lab developing relationships children’s lives by becoming the best teacher in the world.” between parents and adolescents. She’s well on her way, having worked in or volunteered with 10 schools or preschools in the last five years.

8 | ULLICO BULLETIN | WINTER 2017 Get to Know Ullico Ullico employees work every day on behalf of the labor movement. They’re eager to support and protect union members and their families. Our team is made of dedicated, hardworking individuals whose accomplishment shine inside and outside the office. Get to know some of the personalities behind the good work that goes on for you.

VOLUNTEER AND COMMUNITY OUTREACH

Ullico employees volunteered to help the Union Sportsmen’s “As part of the union family, our commitment to the community Alliance (USA) replace a dilapidated fishing pier at Jones Point extends outside the office walls,” says Tracy Coker, Vice Park in Alexandria, Va., a site that provides fishing and boating President of Human Resources for Ullico. access to the Potomac River.

Volunteers from the Local Iron Workers, IBEW and other trades joined Ullico employees and USA volunteers to help remove debris, deconstruct the current structure and install a new one. The project had special significance for USA, as it marked their 100th conservation project. USA is a nonprofit organization that unites unions through the preservation of North America’s outdoor heritages. Its vision is to have the union community volunteer time and unique trade skills to expand and improve public access to the outdoors, conserve and maintain critical Left to Right: Elloween Johnson, Underwriting Tech Assistant, Ullico Casualty Group, Tina Fletcher, President, Ullico Casualty Group, Nakeeah Stanfield, Underwriter, wildlife habitats, restore our nation’s parks and provide Ullico Casualty Group, Jenn Simmons, Sr. Executive Assistant to CEO, Ullico, Brian mentoring programs to introduce youth to the outdoors. Hale, SVP & COO, Ullico, Cori Houlihan, Manager, Corporate Marketing & Events, Jeannette Nolen, Executive Assistant, Ullico Investment Advisors.

INSPIRATION + ACCOMPLISHMENT

In October, Stephanie Whalen, Iwo Jima Memorial. Having our helped Whalen achieve her goal. Vice President of Group men and women in uniform “Training was not easy. Making Operations at Union Labor Life, encouraging you that last 2/10 time for longer runs during the ran the 42nd Marine Corps of the mile to the finish was week and even longer runs on Marathon in Washington, D.C. incredible.” the weekend was hard with an “The first part of the race was a already full schedule at work little hilly, and I had to be careful This was the first marathon and home,” she says. “But it was not to go out too fast or too hard for Whalen, who had been a the drive to achieve the goal of in order to save my energy for high school and college athlete. finishing a marathon, and the the later miles,” she says. “Once I “Running was never something support of friends and loved ones passed the five-mile mark, I was I particular enjoyed. In an effort that kept me going on days I just feeling good and relaxed and the to stay physically fit I got into didn’t want to continue.” jitters were gone.” She still had running in 2008 with a 5K. Then 21.2 miles to go. a friend started to challenge me She also learned a valuable to take on longer distances,” she takeaway that applies to life and “By mile 20 I was exhausted but says. “I found my love of running business. “A marathon is no small knew the end was in sight and had grown deeper and felt I feat. I was told by another runner I had come too far to give up or was ready to set a new goal – to to ‘respect the distance,’” she says. get down on myself,” she says. “As complete a marathon.” “That is such a true statement.” I came close to the finish, I was filled with emotions as Marines A combination of discipline, lined the hill to the finish at the desire and personal support

VOL. 5, ISSUE 3 | WINTER 2017 | 9 Welcome to Our New Clients We are proud to welcome our newest clients who joined the Ullico Family of Companies.

Allied Workers Local 112 Money Purchase Pension Plan IATSE Entertainment and Exhibition Industries Training Trust National Union of Fast Food Workers Fund American Federation of Government Employees Local 2998 North American Building Trades Union IATSE Local 480 American Federation of State, County and Municipal North Syracuse Central School District Employees Local 714 IBEW Local No. 43 and Electrical Contractors Welfare Fund Northern California Teamsters Apprentice Training and Asbestos Workers Local Union 112 Apprenticeship Trust Fund Idaho National Laboratory Site Stabilization Executive Education Trust Fund Committee BAC Local Union 15 Apprenticeship and Training Fund OPCMIA International Training Fund ILA Local 333 CalFire Local 2881 Operating Engineers Local 324 , Defined Illinois Teamsters Joint Council No 25 and Employers Contribution, Health Care, Retiree Benefit Plan, Vacation & California Employers Healthcare Alliance Trust Apprenticeship Training Fund Holiday,& Journeymen Apprentice Training Funds of Michigan California Professional Firefighters Insulation Industry International Apprentice and Training Operative Plasterers and Cement Masons Local 577 CBT Transportation Group Employee Benefit Plan Fund Painters and Allied Trades District Council No. 81 Health and Cement Masons' Local Union No. 780 Pension Plan ** Insulators Local 112 Pension Trust Fund Welfare Fund Park Ridge Police Pension Fund Chicago Federation of Musicians Local 10-208 Inter-Local Pension Fund of the Graphic Communication City of Aurora Firefighters Pension Fund International Unions Pavers and Road Builders District Council Pension Fund** City of Aurora Firefighters Pension Fund International Association of Fire Fighters Plumbers and Pipefitters Local 502 Educational & Training Trust Fund City of Miramar Firefighters Retirement Plan International Association of Fire Fighters (Master Policy) Plumbers and Steamfitters Local 440 Health and Welfare International Brotherhood of Teamsters Local Union 332 City of South Pasadena Firefighters Retirement System Plan International Union of Elevator Constructors Local 4 Communications Workers AFL-CIO Local Union 9509 Police Benevolent Association Local 59 International Union of Elevator Constructors Local 71 Communications Workers of America Local 1033 Policemen's Annuity and Benefit Fund of Chicago** Iron Workers District Council Philadelphia & Vicinity Pension Deferred Compensation Plan Prospect Heights Fire Protection District Firefighters Pension Plan* Edwardsville Firefighters Pension Fund Fund IUOE Local 112 NDE Training Fund Elevator Constructors Union Local No.1 Education and Public Employees Federation Public Employees Benefits Fund Apprentice Training Fund Laborers International Union of North America, Local No. 310 Redwood Empire Electrical Workers Health and Welfare Trust Flint Area Sheet Metal Workers Local 7 Zone 4 Health Care Laborers Local #265 Roofers Local 70 Insurance Trust Fund Fund Laborers Local Union 157 Roofers Union Local 70 Apprentice Fund Flint Area Sheet Metal Workers Local 7-4 Pension Fund* Laborers' Metropolitan Detroit Health Care Fund Roofers Union Local 70 Insurance Trust Fund Fraternal Order of Police Arizona Labor Council Local 1010 Laborers Employers Cooperation and Education Roofers Union Local 70 Pension Fund Fraternal Order of Police, New Jersey Labor Council, Inc. Trust Roofers Union Local 70 Vacation Benefit Trust Plan Gainesville Electrical Joint Apprenticeship and Training Loretto Health & Rehabilitation Center Committee San Diego Transit IBEW Local 465 Security Fund Health and Marin Association of Public Employees Welfare Plan Georgia Stevedore Association International Longshoremen's Marin County Employees' Retirement Association Association Local Container Royalty Fund for Supplemental Sheet Metal Workers Local 38 Workers and Welfare Fund Vacation Benefits Massachusetts Laborers' Annuity Fund* Southern Minnesota Sheet Metal Workers Local # 10 JATC Georgia Stevedore Association International Longshoremen's Metropolitan D.C. Paving Industry Employees Health and Southern Minnesota Sheet Metal Workers Local # 10 JATC Association Pension Plan Welfare Fund Teamsters Local Union No 830 Georgia Stevedore Association International Longshoremen's Mid Atlantic Regional Council of Carpenters Pension Plan Association Welfare Plan Teamsters Security Fund for Southern Nevada Local 14 Minnesota Pipe Trades Association Graphic Communications Conference of the International Theatrical Wardrobe Union 768 Minnesota Teamsters Construction Division Health & Welfare Brotherhood of Teamsters National Pension Fund Fund Transit Local 1309 Security Fund Health and Welfare Plan GSA-ILA Managers Fund Monroe County Road Commission Retiree Health Care Plan UFCW Local 1776 and Participating Employers Health and Welfare Fund Hoisting and Portable Engineers Local 4 Apprentice Training Naperville Firefighters Pension Plan Program Fund UFCW Local 1776 Participating Employers Pension Fund National Allied Workers Union Local 831 Savings and IATSE and MPMO Local Union 252 Pension Plan Retirement Plan UNITE-HERE Health Fund

10 | ULLICO BULLETIN | WINTER 2017 Welcome to Our New Clients We thank you sincerely for your business and look forward to a prosperous partnership.

United Association of Journeymen and Apprentices of the Sheet Metal Workers Local 22 Welfare Fund United Association of Journeyman Local No. 83 Plumbing and Pipe Fitting Industry of the United States and Sheet Metal Workers Local 263 Health and Welfare Fund United Association of Journeymen and Apprentices of the Canada Local 447 Plumbing and Pipe Fitting Industry of the United States and Sheet Metal Workers Local 268 Welfare Plan United Association of Journeymen and Apprentices of the Canada Local 230 Plumbing and Pipe Fitting Industry of the United States and Sheet Metal Workers Local Union No 9 Pension Plan United Association of Journeymen and Apprentices of the Canada Local 447 Shopmen’s Local Union No. 508 Health and Welfare Fund Plumbing and Pipe Fitting Industry of the United States and United Food & Commercial Workers Local 1546 Pension Plan Canada Local Union 58 SMART General Committee No. 001-SM United Food & Commerical Workers Local 1546 Health & United Food and Commercial Workers International Union Welfare Fund SMART General Committee No. 002-SM Washington Wholesalers Health & Welfare Fund Southeast Florida ILA-Employers Pension and Welfare Fund United Union of Roofers, Waterproofers and Allied Workers Utah Carpenters and Cement Masons Pension Plan and Trust Allied Workers Local 112 Pension Plan Specialties & Paper Products Local 527 Health & Welfare Village of Bartlett Police Pension Fund Fund United Union of Roofers, Waterproofers and Allied Workers, Village of Broadview Firefighters Pension Fund Roofers Union Local 70 Vacation Benefit Trust Plan State Employees Retirement System of Illinois Village of Lisle Police Pension Fund Ventura County Professional Firefighters Association Benefit Steelworkers Pension Trust WA-ID Construction Teamsters Employers Apprenticeship and Trust Suburban Teamsters of Northern Illinois Welfare Fund Training Trust Fund Virginia Beach Police Benevolent Association Teamsters Local 371 Warehouse Employees Local 730 Pension Trust Fund Washington Association of Fish Hatchery Professionals Teamsters Local 61 Warehouse Employees Union Local 730 Health and Welfare Washington State Nurses Association Teamsters Local 727 Legal and Educational Assistance Fund Trust Fund West Virginia Sheet Metal Workers Joint Apprenticeship Teamsters Local Union 186 Warehouse Employees Union Local No. 730 & Contributing Training Fund Companies’ Prepaid Legal Service Fund Teamsters Local Union 337 Western Insulation Contractors Association of Northern Washington State Plumbing and Pipefitting Industry Pension California Teamsters Local Union 480 Plan* Western Teamsters Welfare Trust Teamsters Local Union 612 West Michigan Electrical Joint Apprenticeship and Training Committee Western Washington Laborers-Employers Pension Trust* Teamsters Local Union 878 Western Alliance Trust Fund Western Washington Laborers-Employers Pension Trust* Teamsters Miscellaneous Security Fund Western States Boilermakers Industry Fund Plumbers Local Union No. 5 U.A. Teamsters, Chauffeurs, Warehousemen and Helpers Local Union 631 Client list represents both new and renewal customers of Registered Nurses Professional Association Ullico Inc. and its family of A115:A117 for the period of The Cleveland Glass and Glazing Industry Defined August 1, 2017 - November 30, 2017 Rocky Mountain UFCW Unions & Employers Health Contribution Pension fund Benefit Plan * A client of Separate Account J is defined as a client who The NewsGuild-CWA Adjustable Pension Plan Roofers and Waterproofers Local No. 44 Pension Fund** has submitted signed paperwork and made a deposit into The Newspaper Guild International Pension Plan the Account. Roofers Local 195 Union Theatrical Wardrobe Union 769 ** A client of Ullico Infrastructure Fund is defined as a Roofers Union Local 70 Apprentice Fund client who has submitted signed paperwork and whose Tile Industry Health and Welfare Fund commitment has been formally accepted. Roofers Union Local 70 Insurance Trust Fund Tile Industry Retirement Saving Trust Fund Roofers Union Local 70 Pension Fund Trumbull Police Union Local 1745 Roofers Union Local 70 Vacation Benefit Trust Plan U.A. Local 159 Defined Benefit Plan** Salt Lake Valley Law Enforcement Association of the U.A. Plumbers Local Union No. 68 Group Protection Plan International Union of Police Associations UA Locals number 375 and 367 Supplemental Trust San Diego County Teamsters Employers Insurance Trust UA Plumbers & Steamfitters Local 91 San Joaquin and Calaveras Counties Electrical Training and Educational Trust and Joint Apprenticeship Committee UAW Local 3520

San Joaquin Valley Electrical Construction Industry Labor UFCW - Northern California Employers Joint Pension Trust Management Cooperation Trust Fund** UFCW Local 888 Sheet Metal Air Rail and Transportation Workers Local Union 137 Apprentice Training Fund UFCW Retirement and Savings Plan

VOL. 5, ISSUE 3 | WINTER 2017 | 11 indicias_7.pdf 1 10/26/11 1:54 PM

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