2025-11-16T12:52:01-07:00 2024-12-31 990 2024-01-01 390201015 TRUSTED FRATERNAL LIFE TRUS 4142736266 1100 W WELLS ST MILWAUKEE WI 53233 Kari Diestelhorst Chief Financial Officer 4142786582 2025-11-16 1 2024 2025-03-06 01:10:19Z Kari R Diestelhorst 1100 W Wells St Milwaukee WI 53233 358039570 0 0507 X WWW.TRUSTEDFRATERNALLIFE.ORG X 1885 WI Trusted Fraternal Life, a fraternal benefit society, facilitates consolidation within the fraternal life insurance sector while preserving the unique identities and traditions of its member organizations. It provides financial strength, technology, and additional products to its family of brands, which include Catholic Financial Life, Woman's Life, and Degree of Honor. TFL's core purpose is to serve communities, provide financial security, and enhance the quality of life for its members and their families. 14 11 176 14316 0 0 1730 1720 84939256 77439406 71796129 72732227 5092036 12651409 161829151 162824762 1168381 1149097 122860095 120679778 10036385 14033717 0 0 0 17683977 22853149 151748838 158715741 10080313 4109021 1731339776 1905498742 1592976409 1743981043 138363367 161517699 Trusted Fraternal Life's mission is serving communities, providing financial security and enhancing quality of life. 0 0 156889912 162823042 Financial Security: The Society operates to provide its members long term financial security through the offering of individual life insurance and annuity products. Members are served by a network of Financial Advisors that provide financial planning, estate planning and other financial services. Each member has access to their financial products and information through their own Financial Service Advisors and/or Home Office Member Services Representative. 1825829 0 1720 Fraternal Benefits & Community Outreach: The Society exists to benefit its members and community in non-financial ways. This includes faith based education, fraternal social events and community outreach. The Society is committed to provide fraternal benefits including child cancer and orphan benefits, will preparation benefit and the coordination and support of community service. In addition to monetary contributions, over 109,775 hours of service were donated to support various Diocesan and community programs and events in 2024 valued at nearly $3.7 million. 0 0 0 158715741 0 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 41909 0 1 176 1 0 0 0 0 0 0 0 0 X 14 11 1 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 CA X Kari R Diestelhorst 4142786582 1100 W WELLS ST MILWAUKEE WI 53233 John T Borgen President and Chief Executive Officer 45 2 X 509886 0 48815 Christopher J Martin Vice President Compliance 45 0 X 410094 0 26846 Kari R Diestelhorst Chief Financial Officer 45 0 X 287809 0 48249 Michael C Eyrich Vice President Distribution 45 0 X X 263559 0 30680 Joseph K Kohut Director of Brokerage Operations 45 0 X 229920 0 45900 Michael J Attewell Chief Information Officer 45 0 X X 260874 0 10813 Rogelio Cabral Vice President Sales 45 0 X 215135 0 39738 Linda M Hanson Vice President Actuary 45 0 X 240685 0 10867 Janet J Carmody Director of Information Systems 45 2 X 229393 0 21603 Sara J Walker Vice President Investments 45 1 X 220910 0 24298 Amy L Bellows Vice President Transformation 45 0 X 193599 0 41531 Kristen L Mueller Secretary and Vice President Human Resources 45 0 X 210180 0 23612 Peter L Duellman Director of Actuarial and Analystics 45 0 X 205694 0 12486 Julie B Langolf Director of Office Administration 45 0 X 192783 0 22751 Jake G Maliszewski Director of Financial Planning & Analysis 45 0 X 158628 0 25570 William R O'Toole Former Chief Executive Officer 0 2 X X 55073 0 0 Allan G Lorge Director and Board Chair 4 0 X 50000 0 0 William R O'Toole Director 3 0 X 38000 0 0 Michael A Giffhorn Director 3 0 X 34000 0 0 Kari L Niedfeldt-Thomas Director 3 0 X 31000 0 0 Susan M Obermiller Director 3 0 X 26750 0 0 Jeffrey B Tilley Director 3 0 X 26750 0 0 Coral M Grout Director 3 0 X 25000 0 0 Sandra T Dempsey Director 3 X 24500 0 0 Joseph G Kopinski Director 3 0 X 24500 0 0 Lisa A Mick Director 3 0 X 23500 0 0 James B Hunsanger III Director 3 0 X 10750 0 0 4198972 0 433759 12 1 1 0 WELLINGTON MANAGEMENT CO LLP 280 Congress St Boston MA 02210 INVESTMENT MANAGEMENT 1080871 MTI CONNECT LLC 7254 N TEUTONIA AVE MILWAUKEE WI 53209 PRINT AND MAIL 377512 DEBEVOISE & PLIMPTON LLP 66 HUDSON BLVD NEW YORK NY 10001 LEGAL SERVICES 351526 RIAD HASAN 4201 FRONT RANGE LN AUSTIN TX 78732 CONSULTING 285750 SMARTFINANCIAL SOLUTIONS 652 GERANIUM AVENUE EAST ST PAUL MN 55106 FINANCIAL SERVICES 212339 12 X 0 1720 0 0 0 0 0 1720 Premium income 524113 75373751 75373751 0 0 Commissions and exp allowance on reinsurance 524113 2065655 2065655 0 0 0 0 0 0 77439406 82739654 82739654 0 0 0 0 0 0 0 0 0 0 2768160 0 2175784 0 592376 0 592376 592376 0 0 183031597 0 193039024 0 -10007427 0 -10007427 -10007427 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net allocated investment expense 524113 5873135 5873135 0 0 Miscellaneous income 524113 6185898 6185898 0 0 0 0 0 0 12059033 162824762 162823042 0 0 X 805169 805169 343928 343928 0 0 120679778 120679778 4127885 4127885 0 0 6001728 6001728 524 524 2729323 2729323 1174257 1174257 612892 612892 369490 369490 0 0 0 0 0 0 0 0 1837941 1837941 653723 653723 13943 13943 0 0 0 0 1120208 1120208 584038 584038 0 0 456740 456740 0 0 211833 211833 2405835 2405835 176359 176359 Commissions 4308874 4308874 0 0 Field representatives expenses 1144701 1144701 0 0 One time merger expenses 1538100 1538100 0 0 Fraternal expenses 219983 219983 0 0 7198489 7198489 158715741 158715741 0 0 -1914605 -2221295 10634097 16102149 25117232 16691115 5874923 8426117 1320288962 1424462817 348794984 407638399 27354675 28642981 20306740 22447574 1731339776 1905498742 7823353 8430910 1585153056 1735550133 1592976409 1743981043 X 0 0 138363367 161517699 0 0 138363367 161517699 1731339776 1905498742 X 4109021 3740214 0 0 0 15305097 X 0 1 X 1 0 0 0 X X 0 1892953 20000 182244 95958 0 8272 1990967 1758492 0 239617 94740 0 10418 1892951 2112714 0 -258675 88843 0 6704 1758492 2010779 0 197071 89471 0 5665 2112714 1928918 0 155322 58595 0 10866 2014779 0 1 0 0 1 1 0 0 0 0 10103301 5672060 4431241 0 12487625 8691544 3796081 0 2526306 2327511 198795 0 0 0 0 8426117 0 0 Private commercial loans 41586713 C Priovate placement bonds 347913157 C Private equity holding 713021 F Other 17425508 C 407638399 0 Policy and claim reserves 1706464204 Asset Valuation Reserve 19476257 Interest Maintenance Reserve 4444515 Advance premiums 2609324 Refunds payable 1724159 Deferred compensation 626803 Other miscellaneus liabilities 204871 1735550133 166959055 0 0 0 0 0 166959055 5873137 -10007430 -4134293 162824762 152842606 0 0 0 0 0 152842606 5873135 0 5873135 158715741 Schedule D, Part III, Line 1 a. The Society considers all works of art and historical exhibits to be non-admitted assets as defined by the guidance within the National Association of Insurance Commissioner's Accounting Practices and Procedures Manual. These assets are accordingly excluded from the Society's Balance Sheet. Schedule D, Part III, Line 4 a. The Society has an extensive collection of historical items. The items are displayed throughout the Society's home office buildings for viewing by associates, members and the general public. The Society maintains these items with utmost care to ensure they are available for future generations. Schedule D, Part V, Line 4 All endowment funds are held and administered by the Society's tax-exempt affiliate, Catholic Financial Life Foundation, for the sole use of the Foundation in accordance with its giving guidelines. Schedule D, Part XI, Line 4b Realized loss 1 CATHOLIC FINANCIAL LIFE FOUNDATION INC 1100 W Wells St Milwaukee WI 53233 204780760 501(c)(3) 277817 Scholarships and educational initiatives ST FRANCIS DE SALES SEMINARY 3257 S Lake Dr St Francis WI 53235 390806358 501(c)(3) 20000 Support Catholic education ST VINCENT DE PAUL 58 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 11693 National partner ARCHDIOCESE OF MILWAUKEE 3501 S Lake Dr Milwaukee WI 53207 391231223 501(c)(3) 10000 Support Catholic education CAPUCHIN COMMUNITY SERVICES 1927 N Vel R Phillips Ave Milwaukee WI 53212 381525161 501(c)(3) 10000 General support and sponsorship UNITED WAY OF GREATER MILW & WAUK CO 225 W Vine St Milwaukee WI 53212 390806190 501(c)(3) 9400 General support UNITED COMMUNITY CENTER 1028 S 9th St Milwaukee WI 53204 391146191 501(c)(3) 6410 General support for hispanic initiatives ST JOSEPH CATHOLIC ACADEMY 2401 69th Street Kenosha WI 53143 391091323 501(c)(3) 5500 Support Catholic education UA RESISTANCE FOUNDATION 4136 United Parkway Schiller Park IL 60176 880920687 501(c)(3) 5892 Humanitarian relief 9 0 Direct Charitable Outreach: Trusted Fraternal Life's chapters and the home office donated funds in support of our local communities through direct donations. 0 971341 0 Cash The number of recipients cannot be determined. Match Fund Program: Through this program our chapters and members conduct fundraisers to benefit individuals, families, communities, religious and charitable organizations. Trusted Fraternal Life matches up to $1,000 for each fundraiser conducted by our local chapters. Our chapters work independently or partner with local organizations to conduct fundraising activities. A total of 806 fundraisers and 135 volunteer service projects were conducted in 2024. 0 398227 0 Cash The number of recipients cannot be determined. Impact Teams: Our Impact Team benefit puts the power of sponsoring a community service project conducted into the hands of individual members. The home office provides seed money of $150 to purchase supplies and five Impact Team t-shirts to members who sponsor an approved project. 0 25621 0 Cash The number of recipients cannot be determined. Educational Benefits: Grade school and seminarian scholarships. Members attending Catholic elementary schools, Catholic high schools, colleges or studying for the priesthood are eligible for applicable scholarships. 445 191700 0 Cash Spiritual Benefits: Trusted Fraternal Life values the spiritual growth of its members. To foster and recognize this growth, several spiritual benefits are granted to members. 1. Baptismal certificates, 2. Commemorative parayer book for celebrating the Sacrament of First Holy Communion, 3. Up to $100 fpr those who participate in a retreat for the Sacrament of Confirmation or for spiritual growth, 4. Commemorative plaque for celebrating Holy Matrimony and 5. Up to $100 towards the cost of attending a Catholic summer camp. 335 40614 0 Cash Financial Benefits: Estate planing, Prenatal Benefit, Newborn Protection, Child Protection Benefit, Orphan's Benefit, Childhood Cancer Benefit, Special Needs Benefit and Member Rewards Program. 4727 223947 0 Cash Schedule I, Part I, Line 2 Matching Funds grants are made to chapters for charitable fundraising programs which local chapters decide to support in accordance with the Matching Funds Program Policy. Elementary school tuition grants are made in accordance with a written corporate policy and are paid directly to the named educational institution or service provider. Member loyalty awards are based upon years of membership. All other contributions and grants are made by a Charitable Contributions Committee comprised of the Society's President and CEO, VP of Human Resources, VP of Marketing, and the Executive Assistant to the President. X X X 1 1 X X X X 1 1 0 John T Borgen President and Chief Executive Officer 343983 0 94940 0 12248 0 77015 0 30515 0 558701 0 0 0 Kari R Diestelhorst Chief Financial Officer 191520 0 44900 0 270 0 68853 0 30515 0 336058 0 0 0 Amy L Bellows Vice President Transformation 146708 0 5000 0 180 0 53088 0 30154 0 235130 0 0 0 Rogelio Cabral Vice President Sales 107827 0 0 0 71056 0 45505 0 30484 0 254872 0 0 0 Michael C Eyrich Vice President Distribution 144194 0 28800 0 66938 0 26162 0 28146 0 294240 0 0 0 Linda M Hanson Vice President Actuary 180577 0 35500 0 1314 0 32706 0 1456 0 251553 0 0 0 Christopher J Martin Vice President Compliance 253222 0 5000 0 137876 0 24997 0 15845 0 436940 0 0 0 Kristen L Mueller Secretary and Vice President Human Resources 148432 0 29000 0 270 0 44562 0 11528 0 233792 0 0 0 Michael J Attewell Chief Information Officer 212013 0 35600 0 1674 0 21517 0 883 0 271687 0 0 0 Sara J Walker Vice President Investments 161285 0 24600 0 1188 0 46058 0 12077 0 245208 0 0 0 Joseph K Kohut Director of Brokerage Operations 72821 0 0 0 118336 0 53416 0 31247 0 275820 0 0 0 Peter L Duellman Director of Actuarial and Analystics 166457 0 25527 0 1062 0 23740 0 1394 0 218180 0 0 0 Jake G Maliszewski Director of Financial Planning & Analysis 113931 0 19228 0 144 0 29982 0 20913 0 184198 0 0 0 Janet J Carmody Director of Information Systems 132016 0 2500 0 71960 0 29157 0 15362 0 250995 0 0 0 Julie B Langolf Director of Office Administration 106514 0 2500 0 60264 0 31567 0 14690 0 215535 0 0 0 Schedule J, Part I, Line 1a i. The Society directly pays for social and health club dues for selected officers as those facilities are used for the Society's business purposes. Spouses travel costs are paid directly by the Society in those instances where spouses attendance is considered a normal business practice for the specific event. Schedule J, Part I, Line 3 Annually, all officer positions are compared to market averages for like positions utilizing insurance market data for similar insurance companies to determine compensation that is reasonable. All top officer salaries are reviewed with the Governance and Human Capital Committee. The Governance and Human Capital Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Governance and Human Capital Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Governance and Human Capital Committee and Board of Directors are recorded in their respective meetings minutes. Schedule J, Part I, Line 4 A severance payment was made to Michael Eyrich in the amount of $65,415 at the time of his termination. Payment from a supplemental deferred compensation plan was made to William O'Toole in the amount of $55,073. Form 990, Part I, Line 1 Effective March 4, 2024, Catholic Financial Life changed its name to Trusted Fraternal Life. The name change was approved by the State of Wisconsin, Office of the Commissioner of Insurance. On September 1, 2024, Trusted Fraternal Life (39-0201015) completed a merger with Woman's Life Insurance Society (38-1185570), another fraternal benefit society. In accordance with statutory merger accounting practices, the Society's financial statements reflect the combined results of the previously separate organizations for 2024. The Merger Agreement and Internal Revenue Service correspondence verifying the Society's name change are attached. Form 990, Part VI, Section A, Line 2 The majority of the officers and directors of Catholic Financial Life Foundation are also officers or employees of Trusted Fraternal Life. Form 990, Part VI, Section A, Line 4 Effective March 4, 2024, the Society changed its name from Catholic Financial Life to Trusted Fraternal Life. The name change was approved by the State of Wisconsin Office of the Commissioner of Insurance. Form 990, Part VI, Section A, Line 6 Trusted Fraternal Life is a fraternal benefit society operated under a mutual form owned by its members who own financial products. Form 990, Part VI, Section A, Line 7a Members elect the Board of Directors using the direct vote method. Each eligible member receives one vote. Form 990, Part VI, Section A, Line 7b In the case of a merger with another fraternal with assets greater than the Society, the Society's delegates are required to vote on and approve the merger as previously approved by the Society's Board of Directors. Form 990, Part VI, Section B, Line 11b The Form 990 is reviewed by the Chief Financial Officer and Controller for accuracy and completeness. The return is then reviewed by the Accounting, Finance and Investment Committee (AFI) of the Board of Directors before filing. All Directors are provided with access to the final copy before it is filed. Form 990, Part VI, Section B, Line 12c Annually all officers and directors are provided a copy of the Society's Code of Ethics (which includes conflict of interest policies) and they are required to certify they have read the Code, have no conflicts of interests, and have not violated the Code. The Secretary reviews all signed certified copies. The Board of Directors also completes an annual self-evaluation process. Form 990, Part VI, Section B, Line 15 Annually, all officer positions are compared to market averages for like positions utilizing insurance industry market data for similar insurance companies to determine compensation that is reasonable. All top officer salaries are reviewed with the Governance and Human Capital Committee. The Governance and Human Capital Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Governance and Human Capital Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Governance and Human Capital Committee and Board of Directors are recorded in their respective meetings minutes. Form 990, Part VI, Section C, Line 19 Governing documents are available on the Society's website. Financial statements of the Society are available upon request. All members are provided with a summary annual financial statement in the Society's membership magazine. Approved bylaw changes are also reported to all members in the membership magazine. Form 990, Part VIII, Line 1a All revenues are regarded as being from activities substantially related to the organization's exempt purpose and are therefore included in column B as related or exempt function revenue. Form 990, Part IX, Line 1 All expenses are regarded as being from activities substantially related to the organization's exempt purpose and therefore, included in column B, Program service expenses of the Statement of Functional Expenses. Form 990, Part XI, Line 9 Change in non-admitted assets, change in Asset Valuation Reserve, change in surplus due to reinsurance, change in reserve due to change in valuation basis and other. Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 Religious and educational grants WI 501(c)(3) 9 N/A 0 St Jean-Baptiste Educational Foundation PO Box 275 Woonsocket RI 02895 237377080 Educational scholarships RI 501(c)(3) 9 N/A 0 Catholic Knights Financial Services Inc 1100 W Wells St Milwaukee WI 53233 391796482 Holding company WI N/A C 1 0 Catholic Brokerage Service Corp 1100 W Wells St Milwaukee WI 53233 391807368 Supplemental brokerage services WI N/A C 0 0 Conventus Now LLC 1100 W Wells St Milwaukee WI 53233 842447914 Technology solutions DE N/A C -9734250 35321 0.5 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 1 Conventus Now LLC b 4300000 Catholic Financial Life Foundation Inc b 277817 Trusted Fraternal Life filed Form 8868, Extension of Time to File an Exempt Organization Return by the original filing due date of May 15, 2025 and was granted an extension until November 15th, 2025.