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

ial claims in exchange for a payment from Union Labor Life in the amount of $20 million and the implementation of a new, simplified fee structure related to Union Labor Life's management of Separate Account J. Union Labor Life has not admitted that any of the compensation arrangements examined by the DOL were unlawful or that the company has acted in any way in violation of law.

The agreement will result in a one-time charge to earnings, but it does not impair ULLICO's ability to continue to grow and better serve its market. ULLICO's risk-adjusted capital and liquidity ratios remain at very high, secure levels.

"Since 2003, we have taken the necessary steps to ensure a strong financial foundation for ULLICO investors, including conducting conservative investment and reserving practices, establishing strong liquidity, and building very high capital levels," said ULLICO President and CEO Mark Singleton. "Today's announcement is a key part of ULLICO's turnaround, and we're anxious to close this investigation and focus on the future."

Most of the $20 million payment -- nearly $16.7 million -- will be distributed to Separate Account J investors. The remainder will go to taxes and required ERISA payments. ULLICO will use a reasonable allocation method to distribute the investors' portion of the settlement, taking into account each investor's investment in Separate Account J since January 1, 1999, the earliest point covered by the DOL investigation.

Union Labor Life created Separate Account J -- or J for Jobs -- 30 years ago to generate risk adjusted returns for its investors, to create jobs for organized workers and to be an additional source of liquidity for real estate developers. J for Jobs invests in high-quality secured mortgages on commercial and residential projects. Because all construction projects are built by unions that were affiliated with the Building and Construction Trade Department of the AFL-CIO as of January 1, 2001, J for Jobs c
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SOURCE ULLICO Inc.
Copyright©2007 PR Newswire.
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