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ULLICO Inc. and U.S. Department of Labor Agree to Resolve 5 Year Old ERISA Investigation
Date:11/16/2007

Agreement Ends Dispute Regarding Fee Disclosures for Separate Account J

WASHINGTON, Nov. 16 /PRNewswire/ -- Today, ULLICO Inc. announced an agreement resolving a Department of Labor investigation, launched in 2002, regarding technical requirements of the Employee Retirement Income Security Act of 1974 (ERISA).

The Department of Labor (DOL) investigation, which began as an inquiry into ULLICO's pension plan, ultimately focused on whether the compensation arrangements for Separate Account J created under former management satisfied ERISA's disclosure requirements. The DOL did not allege that Union Labor Life collected unreasonable or excessive fees, but complained that even reasonable fees can violate ERISA if they are not adequately disclosed to investors. ULLICO's new management has cooperated fully with the DOL.

"This settlement is about a good faith disagreement over whether legitimate, reasonable and customary fees were sufficiently disclosed. We think they were; the Department disagreed," said President and CEO Mark Singleton. "To resolve this issue, we both agreed to a settlement that involved no finding of any wrongdoing. We cannot stress strongly enough that no investor was overcharged or harmed in any way."

The company has agreed to the settlement to avoid lengthy, expensive litigation, and to eliminate any ambiguity about whether the company's reasonable compensation arrangements were adequately and consistently disclosed under ERISA.

"Today's announcement allows us to move forward by agreeing to disagree, so that we can remain focused on what matters most -- the financial and retirement security of the millions of working men and women across the country," said ULLICO Chairman Joe Hunt. "We are committed to transparency and the strictest standards of regulatory compliance and corporate governance. Today's announcement is consistent with that commitment."

Pursuant to the agreement, the DOL is releasing to all potent
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SOURCE ULLICO Inc.
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