Successfully managing one’s money can be a challenge. Fortunately, the pages of Organized Labor feature a number of partners each and every month who can help make those complicated and difficult financial decisions easier. In this issue, we highlight resources available to folks in the building trades, and take a look at how some of those pension dollars are spent effectively.
OE Federal Credit Union
Union employees working at OE Federal, represented by OPEIU Local 3
Number of members belonging to OE Federal
If you are a member of a union, it’s to your advantage to be a member of OE Federal Credit Union.
Started in 1964, OE Federal was created exclusively to serve union members and their families. Fifty years later that mission has not changed. OE Federal understands unions, because we are union. In fact, all 170 employees are represented by OPEIU Local 3 in San Francisco. We understand the challenges of the construction industry and the multiple jobs or multiple employers you may have in one season. We understand how hard you work and the long hours you invest each day. It’s why we develop loan programs that are flexible and built specifically for you. It’s also why we offer over 60,000 surcharge-free ATMs and use the latest technologies so you can access your accounts 24 hours a day, 7 days a week, 365 days a year.
As a not-for-profit, member-owned cooperative, OE Federal makes decisions based on the best interest of its members. Profits are returned to members in the form of higher dividends on deposits, lower interest rates on loans, and other valuable benefits created exclusively for union members. This past year, OE Federal returned approximately $200,000 to members in the form of Loyalty Dividends, $50,000 to Local Union charities under our Visa Rebate program, and $325,000 to members with auto financing rebates. Unlike banks, we don’t pay excessive CEO salaries, nor assess high fees and service charges to satisfy shareholders. What we do is work hard for you, our union brothers and sisters. Join the other 75,000 members of OE Federal today, and enjoy the benefits of the largest union credit union in the U.S.
Washington Capital Management
Did You Know?
Washington Capital Management has committed union pension fund assets for six current construction projects in San Francisco.
Washington Capital Management, Inc. (WCM) was founded in Seattle, Washington in 1977. We began managing pension trust assets for Taft-Hartley clients in 1978. Starting in 1989, WCM began investing Taft-Hartley assets in real estate through our private commercial mortgages strategy. We added to our real estate capabilities with the launch of our real estate equity strategy in 1996. These strategies have been a source of pension fund returns for our Taft-Hartley clients with the incidental benefit of generating union work through our construction projects.
As our firm has grown, so has our exposure to markets outside of the Pacific Northwest. Currently, we have committed union pension fund assets for six construction projects in San Francisco, all are currently under construction.
Though our 37-year history of working with Taft-Hartley pension trusts, we believe we are sensitive to the needs of our clients. Our primary objective is to help provide for a secure retirement for our clients’ membership. To this end, we seek to meet or exceed our investment benchmarks while minimizing risk to their pension assets. We also realize it is important to keep current members working, WCM strives to achieve both.
AFL-CIO Housing Investment Trust By the Numbers
Recent San Francisco Highlights
Rincon Green at 333 Harrison
- HIT Investment: $70 million
- Total Project Cost: $105 million
- Units: 326
- Construction Jobs Created: 716
101 Polk St.
- HIT Investment: $58 million
- Total Project Cost: $82.8 million
- Units: 162
- Construction Jobs Created: 450
In October 2014 Organized Labor talked to Emily Johnstone, Director of the West Coast Office for the AFL-CIO Housing Investment Trust. Her organization takes union pension dollars and invests them in union construction projects. It’s a financial give and take that makes a lot of sense; a cyclical idea that keeps workers throughout the building trades on the job.
Here’s a look at their impressive numbers and some of the projects they were instrumental in seeing come to fruition in San Francisco:
- Total units built across the U.S.: 113,000
- Total jobs created: 77,950
- Net assets: $5.08 billion