Ullico Bulletin

J for Jobs Continues to Put Workers First

Labor Day is a tribute to the contributions and achievements of organized workers. For more than 90 years, Ullico has supported those contributions as a leader in protecting the labor movement.

Through Separate Account J, the company's real estate investment vehicle (also known as J For Jobs), Ullico has continued its goal of providing solid returns to its investors while also giving organized labor the ability to earn fair wages and benefits through the financing of new construction projects that are 100 percent union built.

"J for Jobs has a long history of serving its institutional investors while partnering with developers who put union members to work," said Herb Kolben, senior vice president of Union Labor Life's Real Estate Investment Group, which provides lending and loan servicing for commercial real estate projects.

Since November 1, 1977:

SEPARATE ACCOUNT J: 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.

ECONOMIC IMPACT: Direct union impact figures provided by an 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. Construction Jobs and approximate Working Hours stated below reflect totals over the life of all projects. 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.



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