Ullico Bulletin

Celebrating 40 Years of J for Jobs

This year, as Ullico celebrates the 90th anniversary since its founding, it will also mark the 40th anniversary of Separate Account J (J for Jobs), the investment vehicle that finances many of the company's loans.

During that time, Ullico has funded more than 545 real estate projects nationwide totaling over $16 billion in loans, which have been responsible for generating more than 304,000 full-time jobs and over 615 million working hours for union workers.

From the beginning, Ullico has remained steadfast to its original mission of originating and managing high-quality commercial first mortgages and achieving competitive rates of return while serving the needs of investors and organized labor. At the same time, it continues to deliver on its promise to provide superior execution services to customers in the real estate development community.


Note: Separate Accounts J 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, Inc. (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Accounts 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 by Union Labor Life 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 guaranteed 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.

This document and the information provided is confidential. Direct union impact figures provided by a 2014 economic impact study performed by Pinnacle Economics through input-output analysis utilizing IMPLAN modeling software. The study was performed using estimated project costs and union prevailing wage data from state departments of labor as provided by Ullico Investment Advisors, Inc. Jobs, Hours of Work and FTE figures reflect totals over the life of the project. All construction impacts are temporary in nature, and unfold as construction spending unfolds. This is an illustration of the projected economic impact of selected commercial real estate projects. All projections assume the completion of the relevant construction project which can depend on several factors including borrowers meeting all lending obligations. Projections are based on overall project costs which include the participation of Separate Account J. Separate Account J is offered through a group annuity contract issued by The Union Labor Life Insurance Company. The group annuity contracts are marketed and sold through Ullico Investment Company, Inc. (Member FINRA/SIPC) to qualified institutional investors. Separate Account J will only be sold to US pension and profit-sharing plans that meet the qualifications of Section 401 of the Internal Revenue Code of 1986 (IRC), annuity plans which meet the requirements for the deduction of the employers’ contribution under IRC section 402(a)(2), or subject to certain conditions, governmental plans as defined in the IRC Section 414(d). Investment in illiquid real estate and commercial mortgage loans are subject to additional risks including the potential inability of an investor to redeem units. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the Account.



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