New York State Common Retirement Fund, Albany, and ULLICO have agreed...

New York State Common Retirement Fund, Albany, and ULLICO have agreed to continue their co-investment program for commercial mortgages on properties to be built in New York by union-affiliated contractors and workers. Union Labor Life Insurance Co. and the $115 billion New York State system will each contribute an additional $300 million over the next three years to bring the program’s total to $1 billion. They have each contributed $400 million to the program, which started in 1995 and will continue until 2002. The system will fund its contribution from cash reserves. The program invests its funds through a separate "J for Jobs’’ account, designed to provide tax-exempt pension plans with a way to invest in a portfolio secured by income-producing properties.