ULLICOBULLETIN A PUBLICATION BROUGHT TO YOU BY ULLICO | LABOR’S COMPANY | VOL.4, ISSUE 1 | SPRING 2016 MESSAGE FROM THE CEO: Ullico Celebrates Connection North America’s to the Building Trades Building Trades For over 85 years and counting Unions and Ullico hen the North America’s Building Trades – A Historic Partnership Unions (NABTU) meets for its annual Legisla- tive Conference in April, Ullico will be there. n May 1, 1927, The Union As a labor-owned insurance and investment Labor Life Insurance Company W company, Ullico’s history with the building trades is long O opened for business, and as we and deep. In fact, nearly 75 percent of Ullico’s shareholders are approach our 89th Anniversary, and building trades unions. “The building trades have always the beginning of the North America’s been a big part of this organization,” says Ed Smith, Building Trades Unions (NABTU) president and CEO of Ullico. Legislative Conference, I am reminded of the historic partnership we have With the funding support of Ullico’s current board belong to enjoyed throughout the years. building trades unions, programs the building trades. “The leadership like Separate Account J (J for Jobs) of this company has been sup- I am proud to say that our relationship with have created thousands of union ported and well represented by the Building Trades unions has never been jobs around the country while the building trades,” says Ed Smith, better, and that NABTU President and Ullico seeking competitive returns for president and CEO, Ullico. “They’ve Secretary-Treasurer Sean McGarvey is one of their investment funds. always had a seat at the table.” our strongest proponents. Sean’s leadership on The leadership of the building Ullico has proudly been linked the value proposition of investing pension fund trades in the union workplace is with the building trades for more dollars into Economically Targeted Investments also reflected in Ullico’s history. than 85 years…and here’s to many dovetails with his message of the economic More than half the directors on more! ✪ impact of Ullico’s investment platforms. continued on page 2

Inside this Issue: 3 Ullico Invests in Hydroelectric Power Portfolio 4 J for Jobs Makes an Impact in 2015 5 Lending Activity 2015 6 J for Jobs Helps Families Own Homes 7 The Current Outlook for Fiduciaries 9 Employees Recognized for Outstanding Work 10 Welcome to Our New Clients

VOL. 4, ISSUE 1 | SPRING 2016 | 1 MESSAGE FROM THE CEO: continued from cover page

Putting Building Trades members and partnering Con- tractors to work by investing in our J for Jobs and Ullico Infrastructure Fund, is truly a decision that pays economic dividends for the funds and the union members they serve. The economic impact is amplified as it is coupled with the funds’ goal of stable, risk adjusted rate of return. These investments underscore the importance of utilizing every tool and taking every opportunity to leverage resources that grow the labor movement. Thanks to all of our investors for your continued strong participation in our investment platforms, and please keep it coming, because the more we have to invest, the more union jobs we create.

The Rest of the Story At Ullico, in addition to job creation and competitive returns on pension fund investments, we also provide solutions to the issues faced every day by unions and their respective trust funds — fiduciary and union liability insur- ance to protect union leaders and trustees, and stop loss coverage to protect the assets of health & welfare funds. New programs include private exchanges for health care, and union-friendly defined contribution platforms to meet today’s challenges, and core standards like life, property and casualty insurance that have stood the test of time. Our goal is to continue developing products that matter, and then back them up with a professional staff that is dedicated to getting the job done right the first time.

The Road Ahead While the 2016 election has bombarded us with drama, hyperbole and spectacle, we know that our marketplace llico completed a $20 million financing for will be affected no matter what the outcome. This is why the Eagle Creek Renewable Energy Hydro- now, more than ever, we will not be distracted from our electric power portfolio. Eagle Creek mission of meeting the financial needs of those we serve, U and being a company that organized labor is proud to own currently owns and operates 47 hydroelectric facilities — yesterday, today and tomorrow. On behalf of Ullico and in Illinois, Michigan, Minnesota, New York, New all its employees, thanks for your continued support, and Jersey, New Hampshire, Wisconsin, Maine and is I promise you that we will continue to work as hard as you constructing two new facilities in Vermont. do, to grow this company and the labor movement. ✪ Eagle Creek’s hydroelectric plants provide clean, renew- able energy to residents and businesses in the Midwest, Northeast and New England regions. The majority of the portfolio’s energy output is sold to credit-worthy entities through long-term power purchase agreements. Ullico is investing as a mezzanine lender. Eagle Creek intends to use the proceeds of Ullico’s investment to continue to acquire hydroelectric assets throughout the United States. Edward M. Smith “This is a creatively structured transaction that provides President and CEO Ullico with a foothold into the highly desirable hydroelec- Ullico Inc. tric generation sector while offering Eagle Creek a competi- tive capital solution to grow its portfolio of hydro projects,”

2 | ULLICO BULLETIN | SPRING 2016 Ullico Invests in Hydroelectric Power Portfolio Eagle Creek project is Ullico’s latest infrastructure investment

Through this investment, Ullico’s investment ensures that Eagle The Ullico Infrastructure Fund and Creek will continue to employ union- the units issued will not be registered Ullico is broadening its ized labor in its major maintenance and under the Securities Act of 1933, as “infrastructure investment construction activities. Eagle Creek is amended, the Investment Company currently constructing two new plants in Act of 1940, as amended, or under state footprint to several new Vermont using unionized contractors. securities laws. Investment in infra- states and regions that have “Through this investment, Ullico structure is speculative, not suitable for is broadening its infrastructure invest- all investors, and should be undertaken long been important to the ment footprint to several new states and only by experienced and sophisticated labor movement. regions that have long been important investors who are willing to bear the to the labor movement,” said Edward M. high risks of such an investment, which Edward M. Smith Smith, president and CEO of Ullico Inc. include, but are not limited to, lack of President and CEO of Ullico Inc. “Ullico is proud to be teaming up with liquidity, restrictions on transferring ” Eagle Creek to expand its portfolio.” ownership to the Fund, absence of said Rohit Syal, head of acquisitions for Ullico Inc., through its infrastruc- information regarding valuation and Ullico’s infrastructure investments. ture business, currently has invest- pricing, and high fees and expenses. “As zero-fuel cost base load power ments in the utility and energy sectors Potential investors in the Fund should generation, hydro represents a core, and is exploring opportunities in all carefully read the Confidential Private low risk infrastructure asset, and the core sectors including transportation Placement Memorandum for a descrip- Eagle Creek financing is a compelling and social infrastructure. tion of the potential risks associated investment for the Ullico infrastructure Ballard Spahr represented Ullico as with investment in the Fund. ✪ portfolio,” said Jeff Murphy, portfolio Lender’s Counsel, and Chadbourne & manager for Ullico’s infrastructure Parke represented Eagle Creek in the investments. transaction.

VOL. 4, ISSUE 1 | SPRING 2016 | 3 J for Jobs Makes an Impact in 2015 Ullico’s real estate fund has another noteworthy year

n 2015, The Union Labor loans from Ullico in 2015 ing Economically Targeted J for Jobs continues Life Insurance Company’s will create over 7,500 jobs, Investments (ETIs). ETIs are to serve as a vehicle for Separate Account J (J for 15 million working hours products that seek financial I building strong communities Jobs) continued to build on and $900 million of personal returns while generating “ its strong momentum, as it income (including benefits) important economic or while seeking competitive closed 20 loans and invested for union workers. Further- social benefits. Like many returns for investors, approximately $1.3 billion. more, these loans will also popular ETIs, Union Labor Herbert A. Kolben, In the past four years, J for generate revenue for local, Life’s Separate Account J Senior Vice President of Union Labor Jobs has closed 70 loans for state and federal govern- creates economic benefits in Life’s Real Estate Investment Group. approximately $3 billion. ments in the form of sales addition to its investment ” “J for Jobs continues to taxes, income taxes, real returns. serve as a vehicle for build- estate taxes and so on. The bulletin clarified that (Union Labor Life) and sold ing strong communities Creating jobs while seek- ETIs can be treated the same through Ullico Investment while seeking competitive ing competitive returns has as other prudent investments, Company, Inc. (member returns for investors,” said been part of J for Jobs since provided the levels of risk and FINRA/SIPC), both subsid- Herbert A. Kolben, senior its inception. Overall, the return are equivalent. This iaries of Ullico Inc., and is vice president of Union program is estimated to have important guidance allows offered to properly qualified Labor Life’s Real Estate created over 297,000 con- investors to choose plans, institutional and accredited Investment Group. “Going struction jobs and almost like J for Jobs, that also have a investors only. forward, we’ll keep searching 600 million labor hours. By beneficial social impact. Investment in illiquid for quality projects that cre- financing construction of On a another front, risk real estate and commercial ate good union jobs.” hotels and grocery stores, for retention rules for banks mortgage loans are subject instance, J for Jobs has also and Commercial Mortgage to additional risks including New Construction, New Jobs created tens of thousands of Backed Securities (CMBS) the potential inability of an Of the 20 loans closed in full-time jobs for hotel and lenders should decrease the investor to redeem units. 2015, 12 were construction service workers. competition for the financ- In addition, fluctuations in loans for over $1 billion. Not ing of projects, says Kolben, interest rates and market only do these investments More Opportunities creating even more opportu- volatility may limit available seek a competitive return for A changing regula- nities for Ullico to invest in financing for real estate in- investors, they also create tory landscape signals even quality projects that create vestments thereby adversely jobs with measurable eco- more opportunities for J good union jobs. affecting the value of the nomic impacts. for Jobs. For instance, the Separate Account J is underlying investments, the It’s estimated that new Department of Labor issued managed by The Union La- investment return and the construction financed with a bulletin last year regard- bor Life Insurance Company liquidity of the Account. ✪

4 | ULLICO BULLETIN | SPRING 2016 Project Name Loan Type Property Type City State ending 11 Bond Street Permanent Retail New York NY 167 W. Erie Street Construction MF Rental Chicago IL 1634 Pine Street Construction MF Rental San Francisco CA Activity 212 Meramec Construction MF Rental Clayton MO 2975 Westchester Avenue Permanent Office Purchase NY COE OAN IN 2015 347 Chestnut Street Construction MF Rental Chicago IL 3rd & Harrison Construction Office Seattle WA 4th & Columbia Land Land Seattle WA 500 Walnut Street Construction MF For Sale Philadelphia PA 6-26 New Street Construction MF Rental Boston MA Chesterfield MOB Permanent Office Chesterfield MO East Market Construction MF Rental Philadelphia PA Ka Makana Ali’i Construction Mixed Use Kapolei HI Madison 30 31 LLC Land Land New York NY North Pointe Permanent MF Rental Hanover MA Playa Vista 1 & 2 Construction Office Los Angeles CA The Bob Hope Center Land Land Burbank CA The Oakman Construction MF for Sale Jersey City NJ Waiea & Anaha Condominiums Construction MF for Sale Honolulu HI Industrial WMI Milwaukee Permanent Milwaukee WI OAN TPE Multi-Tenant IST OIT 2015 IN MIION I 015

OTHER LOANS (LAND) 140M PERMANENT LOANS 99.6M CONSTRUCTION 1.3 LOANS 1,055M

JOB CREATION illion FROM OCTOBER 2012 - DECEMBER 31, 2015 ESTIMATED 38.1Million WORK HOURS

ESTIMATED FOR LABOR FROM OCTOBER 2012 - DECEMBER 31, 2015 Full-time19,144 jobs created FROM OCTOBER 2012 - DECEMBER 31, 2015

VOL. 4, ISSUE 1 | SPRING 2016 | 5 J for Jobs Helps Families Own Homes Ullico helped make affordable housing in San Francisco a reality

We’re proud to be part an Francisco is a vibrant city “It’s serves a group in the city’s social – so much so that there isn’t structure that is fundamentally under- of a project that helps families S enough housing for all the served in housing.” own“ homes while supporting the people who want to live there. As a re- The building features a full glass sult, prices have skyrocketed and many curtain wall, double height lobby, economy with union jobs.” service workers cannot afford to live onsite parking, indoor bike storage, Edward M. Smith where they work. over 5,000 square feet of retail, and President and CEO of Ullico Inc. As part of the city’s push to expand two landscaped roof terraces totaling ” affordable housing, developer Tish- 12,500 square feet for residents’ exclu- when she learned about 1400 Mission man Speyer finished construction last sive use. and was able to purchase a unit. year on a 190-unit, 15-floor housing To purchase a unit, applicants must Ullico’s Real Estate Investment project at 1400 Mission in the Mid- be first-time buyers whose income is at Group (REIG) participated in the Market District, in partnership with 90 percent of the area median income. financing of this project with a $46 mil- the Tenderloin Neighborhood Devel- For many who purchased a unit, own- lion loan through its Separate Account opment Corporation. Surrounding ing a home was a life-changing event. J (J for Jobs). As a condition of the the development is some of the most “We’ve had people speak in the press loan, construction was built with union expensive housing in the city. “It’s really and public about how thrilled they are,” labor. “1400 Mission is a great project a project that adds another facet to an says Shannon. One couple and their in a great union city,” said Edward M. area of San Francisco that has become son moved from a studio apartment, Smith, president and CEO of Ullico very driven by tech in terms of growth, where they had been living for the past Inc. “We’re proud to be part of a project and that has driven housing and rent 17 years. Another purchaser, a speech- that helps families own homes while prices,” says Carl Shannon, senior and-language teacher in the city’s supporting the economy with union managing director at Tishman Speyer. school district, was about to move away jobs.” ✪

6 | ULLICO BULLETIN | SPRING 2016 The Current Outlook for Fiduciaries By Tina Fletcher, Vice President, Ullico Casualty Group, Inc.

rustees and other fiduciaries of multiemployer funds face significant personal liability in their daily duties due to responsibilities as imposed by the Employee Retirement Income Security T Act (ERISA). As a trustee, you need a fiduciary liability policy to protect yourself from losses. But no two policies are the same! Tina Fletcher, Vice President of Ullico Casualty Group, Inc., reviews basic considerations when choosing a fiduciary liability policy and examines trends in claims that may affect the coverage you choose now and in the future.

Understanding Your Policy Since all policies are not the same, it tions provide additional details as to what Fiduciary liability policies typically is important to understand what your is covered and who is covered. reimburse a benefit fund or other claim- policy covers. Some key areas in your 3. Exclusions: limitations in coverage. ant for losses caused by violations of the policy that you should understand, at a 4. Conditions that impact how your claims trustees’ fiduciary responsibility under minimum are: are handled: choice of counsel, duty to de- ERISA, non-fiduciary duties such as settlor 1. Insuring Agreement: This is the key fend, and when claims need to be reported. responsibilities (e.g. making changes to the paragraph that explains the scope of An insurance broker that specializes in plan document), administrative duties (e.g. coverage. fiduciary liability will be able to help you paying benefits), and some fines and penal- 2. Definitions of Claim, Loss or Damages, determine coverages and limits that are ties that are insurable by law. Wrongful Act, and Insured: These defini- appropriate for your plan or fund.

Trends in Fiduciary Liability trustees were not successful in collecting the amounts owed 1. First Party Coverages to the plan or fund from the participant or their estate if a These coverages are payments made by the insurer before a suit has not been brought against the plan of fund. Wrongful Act or Claim even exists. ➢ Voluntary Compliance: Regulatory correction programs ➢ Pre-Claim Coverage: provides expenses related to investi- that allow Plans or Funds to correct inadvertent non- gations, including interviews, by governmental agencies. The compliance through Employee Plans Compliance Resolu- coverage has many names such as Investigatory Expense, tion System (EPCRS) with the IRS. The Employee Benefits Gap Coverage and Interview Coverage. Security Administration (EBSA) of the DOL administers the Review the coverage to make sure it does not limit the types voluntary fiduciary correction program and delinquent filer of governmental agencies investigating your fund. Typically, voluntary compliance program. The carrier will typically you will always find the coverage extends to investigations pay the penalties along with interest to the appropriate par- brought by the Department of Labor (DOL). Other agencies ties before damages are brought against the Plan or Fund. that can investigate your funds include but are not limited to Health and Human Services (HHS), Pension Benefit Guar- Coverage Limits Available antee Corp (PBGC), Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC). Most carriers are providing either full limits Pre-Claim/Investigatory Example: The DOL sends a letter to a health and welfare or a sub-limit ranging from $50,000 to Expense Coverage (H&W) fund, requesting documents to determine if the fund $250,000 for smaller plans or funds. is compliant with ERISA. The DOL has also asked to interview specific fiduciaries of the plan. While the DOL has not imposed a charge yet, and therefore there is no claim, the costs associated Some carriers are offering sub-limits ranging from $25,000 to $100,000 to replenish the with the investigation could be covered by pre-claim coverage. Benefit plan or fund if an attempt has been made to Now say the fund received a letter stating that the Trust- Overpayments ees of the H&W fund breached their fiduciary duties. That collect from the participant and a claim has letter triggers a covered claim. not been brought against the plan or fund. ➢ Benefit Overpayment: Under ERISA, fiduciaries are responsible to make the plan or fund whole if there has been a miscalculation in benefits and a participant or their estate Most carriers offer sub-limits ranging from has been overpaid. Typically, trustees will withhold future Voluntary $50,000 to $250,000; make sure your carrier benefit payments or sue the fund or their estate to recover Compliance extends coverage under this program for these amounts owed to the plan or fund. Some carriers are reasonable expenses and interest. now offering a sub-limit to replenish the plan or fund if the

VOL. 4, ISSUE 1 | SPRING 2016 | 7 2. Regulatory Agency Investigations 3. Healthcare Information Privacy and Security Rules Investigations are leading to penalties, fines and taxes The HHS Office for Civil Rights is expected to begin a from the DOL, IRS and HHS. permanent random audit program to ensure compliance with healthcare information privacy and security rules. The DOL will be making sure plans and funds are compliant with Regulation Description Limits Available these rules and the IRS can impose significance penalties. ➢ May impose penalty of $250 per return not to exceed $3 million for the calendar year under IRS section 6055 or 6056. Find a carrier that ➢ May impose penalty of $100 per statement not to exceed Excise tax on prohibited provides full limits $1.5 million for failure to provide a correct individual state- IRS 4975 transactions when an employer and does not sub- ment to full-time employees under IRS section 6055 or 6056. and 4976 does not pay contributions or limit this important The best solution is to look for a carrier that will provide elective deferrals timely coverage full limits of liability and not limit coverage for these penal- ties and taxes. 4. Other Important Coverages to Consider Most carriers offer 502 (c) Trustees have a duty to ➢ Cyber Insurance: Trust funds have access and ownership sub-limits ranging Reporting respond to requests for infor- of the personal information, such as social security numbers from $50,000 to Violations mation in a timely fashion. and home addresses, of their participants. If this data is lost, $250,000 most states mandate that the entity must respond in a timely manner by notifying potentially affected individuals, regula- Find a carrier that tors, and the press. Protects individually identifi- provides full limits HIPAA/ Consider a cyber liability policy to cover breach notifica- able health information that a and does not sub- HITECH tions, system damage, regulatory actions, and lawsuits due to fund creates or receives limit this important breach of security. coverage Some fiduciary carriers can offer some limited cover- age as part of their forms but they are not experts in this Amended ERISA by incorporating complex risk, which eliminates the most important part of ACA coverage mandates for a standalone cyber policy — the risk management and team health plans (section 715); of experts that walk you through the process of sending noti- Health plan participants can Find a carrier that fications, recreating damaged data and providing forensic PPACA sue under sections 502(a) provides full limits solutions when needed. /Obam- (1)(B) (benefits) and section and does not sub- ➢ Wrongful Employment Practices: If you are a large plan or acare 502(a)(3) (equitable relief); limit this important fund or a training fund, it is likely that you will have employees. The DOL has stated they coverage Harassment and discrimination claims may be brought intend to focus on ACA by employees, students or miscellaneous third parties. It requirements in its health is important to make sure you have coverage in place that plan audit process. protects the plan or fund, the trustees and instructors of the training fund. Example: A large H&W fund administers its own plan by Find a carrier that providing benefits to its participants and employs five individ- definitively provides uals to process claims. One of the employees is out on Family Surcharges can be awarded 502 (a) (3) full limit coverage Medical Leave Act (FMLA) multiple times but is now back to under this section of ERISA; Equitable since some carriers work with a note from the doctor that he is able to perform all similar to punitive damages Relief have claimed that tasks as assigned. The employee continuously shows up to work and can be costly damages does not late. The fund terminates the employee for multiple days of include surcharges tardiness. The individual sues and claims it is because he had health issues that the fund terminated him. This would trigger the discrimination coverage.

8 | ULLICO BULLETIN | SPRING 2016 ➢ Failure to Educate: Failure to educate claims are typically When determining the right coverage for your needs, brought by past, present or potential apprentices, journey- always work with your broker. Here are some questions men or students against training funds. The most common that will get the conversation going: claims include a form of discrimination by the student. Example: A training fund provides a drug test and determines that a female is ineligible to continue the train- • Do I have the coverages I need to protect fund assets and me? ing program. The female claims that the fund treated her • What policy exclusions should I be concerned about? unfairly because she is a woman and she will not be able to keep her job without the training. This charge triggers both a • Will my carrier force me to settle (hammer clause)? discrimination claim and failure to educate. • Does my policy sub-limit important coverages? The fiduciary liability policy was not designed to • Does my fund have adequate limits? include coverage for harassment, discrimination or failure to educate claims. Some carriers may add these coverages • If we get a claim, can we pick the defense attorney? to your fiduciary liability policy for an additional cost. De- • Does my fund need cyber liability insurance? If we have it pending on the number of employees or students, you may already, does my policy include risk management services? want to consider purchasing a separate policy that specifi- cally fits your needs with your broker. ✪

Employees Recognized for Outstanding Work

llico recently honored several To receive a STAR award, employees This program recognizes employees with STAR (Spe- must be nominated by a manager or a employees who have really gone U cial Thanks and Recognition) fellow employee. The recipient receives Awards at the second annual STAR a commemorative star and personal gift “above-and-beyond for Ullico and Awards luncheon with CEO Ed Smith of their choice valued at $595. Recent its clients, on February 10. The awards are part of STAR awardees include: Left to Right, a company-wide program that rec- Claudia Rollins, Pamela Nichelson, Tracy Coker ognizes exceptional contributions by Thomasina Jones, Ricky Franklin, Ed Vice President of Human Resources individual employees. Smith, Gautam (Jeet) Pahuja, Dee Dee for Ullico. ” The STAR Award program recog- Liddell, Michael Agostini. nizes those employees (below the Assis- tant Vice President level) who fall into one or more of the following categories: • Completed a challenging task with quality and in a timely basis • Provided superior customer service • Recommended a change that could result in significant cost savings for the company, • Exhibited behavior which demon- strates outstanding teamwork. “This program recognizes employ- ees who have really gone above-and- beyond for Ullico and its clients,” said Tracy Coker, vice president of human resources for Ullico.

VOL. 4, ISSUE 1 | SPRING 2016 | 9 Welcome to Our New Clients We are proud to welcome our newest clients who joined the Ullico Family of Companies.

New Clients (from November 30 2015 - April 1, 2016) City of Dania Beach Retirement Plan For IBEW Local No 246 Pension Fund; Steubenville General Employees Electrical Welfare Fund AFSCME Bristol Police Union Local 754 Contractors Laborers Training Fund IBEW Local Union 545 AGC-IUOE Local 701 Pension Fund* East Central Wisconsin Sheet Metal Journey- IBEW Local Union 683 Health And Welfare Plan American Federation of Government Employees man and Apprentice Training Trust Fund Local 556 IBEW Local Union No. 357 Pension Trust Fund Edison Pension Trust** Plan A** Associated Construction Contractors of New El Segundo Firefighters Association Local Jersey Illinois Laborers Legislative Committee 3682 Atomic Projects & Production Workers Metal Indiana Kentucky Ohio Regional Council of Electrical Joint Apprenticeship and Training Trades Council Carpenters Pension Fund Trust Fund Braidwood Police Pension Fund Indiana State Council of Plasterers and Ce- Eleven Counties Cement Masons Vacation ment Masons Health and Welfare Fund Bricklayers and Allied Craftworkers Local 2 Savings Plan Albany NY Health Benefit Fund Intermountain UFCW and Food Industry Health Employees Pension Plan of Local 734 IB of T Fund Broward County Plumbers & Pipefitters Joint Florida West Coast Operation Engineer Ap- Apprenticeship Training Trust International Alliance of Theatrical Stage prenticeship Trust Fund Employees Studio Mechanics Local 489 Building Trades Welfare Benefits Fund Greater Kansas City Laborers Pension Fund** International Longshoremen’s Association California Employers Healthcare Alliance Trust Local 824 Green Bay Area Electrical Workers Apprentice- Cedar Rapids Electrical Apprenticeship Train- ship Training Trust Fund International Union of Operating Engineers ing and Educational Trust Local 99-99A Joint Apprenticeship Committee Green Bay Electrical Workers Pension Plan Trust Fund Cement Masons Joint Apprenticeship Trust IAM Representative Association International Union of Painters and Allied Cement Masons Southern California Health Trades IATSE 492 and Welfare Fund International Union of Painters and Allied Cement Masons Southern California Individual IATSE Local 729 Motion Picture Set Painters & Trades District Council No. 35 Pension Fund Retirement Account Defined Contribution Sign Writers, Inc. International Union, United Automobile, IATSE Local 74 Cement Masons Southern California Pension Aerospace and Agricultural Implement Workers Trust IBEW Local 246 Retirement Plan of America; Staff Retirement Income Pension Plan; Staff Cash Balance Pension Plan; Staff Central Labor Council of Contra Costa County, IBEW Local 246 Vacation Fund Severance 401K Plan; Blake Lake Pension Plan AFL-CIO OPEIU Pension Plan; OPEIU 401K Plan; IBEW Local 99 JATC Staff Legal Services; OPEIU Legal Services; Centro de Trabajadores Unidos en la Lucha IBEW Local No 236 Annuity Fund Supplemental Unemployment Benefit Plan; All Insurance Welfare Plans Citrus, Cannery, Food Processing & Allied IBEW Local No 236 Health and Benefit Fund Workers Drivers Warehousemen & Helpers Local 173 IBEW Local No 236 Pension Fund IUOE Local 369 Training Fund

10 | ULLICO BULLETIN | SPRING 2016 Welcome to Our New Clients We are proud to welcome our newest clients We thank you sincerely for your business and who joined the Ullico Family of Companies. look forward to a prosperous partnership.

IUOE National Training Fund NASI Apprentice & Training Fund & Sprinkler Teamsters and Employers Welfare Trust of Illinois Fitters Local 550 IUPAT Local 201 Teamsters Local 14 Security Fund for Southern Naugatuck Police Union Nevada Joint Apprenticeship & Training Trust Fund dba Newport Rhode Island Fraternal Order of Police Teamsters Local 210 Affiliated Health and Mechanical Trades Institute Lodge 8 Insurance Fund Joint Employment Office of 401K Profit Sharing Plan Trust Northeast Nurses Association Teamsters Local 346 Health Fund Journeyman/Apprentice Scholarship Fund Northern California Pipe Trades Pension Trust* Teamsters Local Union 572

Kansas City Cement Masons Pension Fund* Nurses and Local 813 IBT Retirement Fund Teamsters Security Fund for Southern Nevada - Hotel and Casino Workers Laborers International Union of North America Plumbers & Pipefitters Local 7 Welfare Fund Training Education and Technology Fund of Local Union 22 Plumbers & Steamfitters Local 42 Health & Local No 1 IATSE Laborers Local 17 Pension Fund** Welfare Trust Fund Transport Workers Union of America Local 512 Plumbers and Pipefitters Local 421 Health and Laborers Local 785 Health & Welfare Fund UA Plumbers Steamfitters & Service Welfare Fund Mechanics Local 50 LIUNA National Guard Council Local 1776 Plumbers and Pipefitters Local Union 719 UAW Local 2335 Local 201 Stage Employees Pension Fund Plumbers and Pipefitters Local Union 719 UAW Local 2382 Local 32 NECA Pension Plan Welfare Fund UAW Local 3048 Local 32 NECA Profit Sharing Annuity Plan Plumbers and Steamfitters Local 267 Joint Apprenticeship and Training Committee UFCW Regional Pension Fund Local 803 Health and Welfare Fund Plumbers Local 112 Health & Welfare Fund United Food & Commercial Workers Local #711 Local 810 IBT Professional Registered Nurse Unit of Local and Retail Food Employers Benefit Fund Local Union #7 of the International Associa- 2213 UAW Utility Workers Union of America Local 601 tion of Bridge, Structural & Ornamental Iron Rockland County Patrolmen’s Benevolent As- Warrenville Police Pension Fund Workers sociation, Inc. Western Conference of Operating Engineers of Local Union 338 Retirement Fund Roofers Local 195 Health and Accident Fund the International Union of Operating Engineers Local Union 903 IBEW JATC Santa Rosa Police Management Association * A client of Separate Account J is defined as Michigan Carpenters Health Care Fund SBPEA Teamsters Local 1932 a client who has submitted signed paperwork and made a deposit into the Account. Minnesota Government Engineers Council Seattle Police Management Association Montana Electrical Joint Apprenticeship ** A client of Ullico Infrastructure Fund is Southbury Police Association Training Council defined as a client who has submitted signed Southern California Plastering Institute paperwork and who’s commitment has been Mosaic & Terrazzo Welfare Fund Apprenticeship Trust formally accepted.

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SOLUTIONS FOR THE UNION WORKPLACE INSURANCE | INVESTMENTS 1625 Eye Street, NW Washington, DC 20006 www.ullico.com C Change in Address? M Email: [email protected] Y or Call: 202.354.8044 CM

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Did you know there’s enough concrete in Hoover Dam to build a two-lane road from Seattle to Miami? More importantly, it was one of the earliest construction projects to feature a project labor agreement (PLA) to establish working conditions and terms of employment.

Sources: www.liuna.org/project-labor-agreements; www. usbr.gov/lc/hooverdam/educate/kidfacts.html