APPENDIX A










 

 APPENDIX B

 







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 APPENDIX C

 


















 

 APPENDIX D 
CONFLICTS OF INTEREST 

Policy Statement of the 

National Railroad Retirement Investment Trust

Statement of policy 

The policy of the National Railroad Retirement Investment Trust (the "Trust") with respect to 

conflicts of interest requires that the Trustees and all employees (hereinafter "NRRIT personnel") 

avoid any conflict or appearance of conflict between their personal interests and the interest of 

the Trust in dealing with all entities or individuals doing or seeking to do business with the Trust. 

Underlying these standards is the fundamental proposition that all NRRIT personnel must 

discharge their duties solely in the interest of the Railroad Retirement Board and through it, the 

participants and beneficiaries of the programs funded under the Railroad Retirement Act of 1974, 

as amended. 

Personal finances 

NRRIT personnel shall not, without the consent of the Board of Trustees, hold or acquire a 

financial interest in any enterprise which to the knowledge of the individual has any business 

relationship with the Trust, or is seeking to establish such business relationship. A financial 

interest shall not include securities in a publicly traded company held directly or indirectly, 

provided that such interest is less than one percent (1%) of the outstanding shares of such 

company or debt of such company. 

Outside activities 

NRRIT personnel shall not hold any position with any other enterprise, the existence of which 

would conflict or might reasonably be supposed to conflict with the individual’s performance of 

his or her duties or responsibilities to the Trust without full and complete disclosure thereof to 

the Board of Trustees. 

NRRIT personnel shall not negotiate employment with any person or entity that is doing 

business or seeking to do business with the Trust without full and complete disclosure thereof to 

the Board of Trustees. 

Inside information 

NRRIT personnel shall maintain the confidentiality of all information related to deliberations and 

decisions, including but not limited to investment decisions, of the Trust and shall not use such 

information for personal profit or allow it to be used for personal profit of others. 

Gratuities 

NRRIT personnel, or members of their families, shall not accept gifts from any person, firm or 

corporation doing business or seeking to do business with the Trust, of such a nature or in such a 

circumstance that a reasonable person could infer that the acceptance of such gifts might unduly 

influence the individual in the performance of his or her duties. In deciding whether to accept 

any gift from such person, firm or corporation, NRRIT personnel, or members of their families 

should exercise proper judgment and as a general rule, should not accept any gift with a fair 

market value in excess of $100. 
2

 NRRIT personnel, or members of their families may accept entertainment- related services (e.g., 

food or beverages, invitations to attend a sporting event or participate in a sporting activity) 

where they are (a) reasonable in scope, (b) are associated with a bona fide business meeting or 

conference, and (c) are provided to others as a normal part of doing business in the industry or 

profession. 

Notwithstanding the terms of the preceding two paragraphs, NRRIT personnel, or members of 

their families shall not accept money or any other thing of value in connection with any 

investment made by or for the Trust, nor shall any such person have any pecuniary interest in 

such investment. 

Disclosure 

Whenever an NRRIT personnel becomes aware of a conflict of interest, or has any question as to 

any activity, interest, or relationship which could be construed as a conflict of interest, such 

individual shall promptly report the circumstances to the Board of Trustees. 

All NRRIT personnel shall annually sign a statement affirming that such person has: 

a. received a copy of this conflict of interest policy, 

b. read and understands this policy, and 

c. agreed to comply with its terms. 

 

 

As approved and adopted in amended form by the Board of Trustees on July 10, 2003. This 

Policy Statement was originally approved and adopted by the Board on July 19, 2002. 
 

 APPENDIX E
CONFIDENTIALITY

Policy Statement of the 

National Railroad Retirement Investment Trust

Statement of general policy 

The Board of Trustees (the “Board”) of the National Railroad Retirement Investment Trust (the 

“Trust”) recognizes the sensitivity of all deliberations related to investment decision making, 

particularly in a Trust of this size and unique statutory structure. As such, the Board has 

adopted a policy that requires that the Trustees, Trust Advisors, and all Trust employees 

(hereinafter "NRRIT personnel"), as well as any investment advisor, manager, or custodian 

retained by the Trust, maintain the confidentiality of all information related to investment 

deliberations and decisions and other operations of the Trust. 

The Trustees also recognize their statutory obligation to discharge their duties solely in the 

interest of the Railroad Retirement Board and through it, the participants and beneficiaries of the 

programs funded under the Railroad Retirement Act of 1974. As such, the Trust shall respond to 

any inquiry of the Railroad Retirement Board with respect to investment activities of the Trust, 

but shall do so in a manner so as to maintain the confidentiality of such information, under such 

terms and conditions as may be developed by Trust counsel and the General Counsel of the 

Railroad Retirement Board. Any request for confidential information from any other agency or 

instrumentality of the Federal Government shall be considered by the Trustees on a case-by-case 

basis and in consultation with the Railroad Retirement Board. 

Confidential information 

All information relating to Trust business, including Trustee investment and business 

deliberations, internal staff deliberations, Board and Committee meeting book materials and 

meeting minutes, Trust investment plans, manuals and memoranda, internal investment analyses, 

meeting summaries or notes, and all other similar work papers should be treated as confidential 

by NRRIT personnel, unless (1) release of such information is required to carry out a direction 

from the Board, (2) is otherwise authorized by the Board or the Chief Investment Officer, or (3) 

is included in summary or aggregate form in annual reports that are required pursuant to the Act, 

or any other applicable Federal law. 

Continuing Obligation to Preserve Confidentiality 

All confidential information of the Trust is the sole and exclusive property of the Trust, and the 

obligation to preserve such confidentiality shall continue for former NRRIT personnel after their 

professional affiliation with the Trust ends. 

Annual Affirmation 

All NRRIT personnel annually shall sign a statement affirming that such person has: 
2

a. received a copy of this confidentiality policy, 

b. read and understands this policy, and 

c. agreed to comply with its terms. 

 

Approved by the Board of Trustees on January 27, 2005. 
 

 APPENDIX F
NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST 

PROXY VOTING POLICY 

I. PURPOSE 

 The purpose of the National Railroad Retirement Investment Trust’s (“NRRIT” or the 

“Trust”) Proxy Voting Policy is to provide investment managers and the Railroad Retirement 

Board (the “RRB”) with written documentation of the requirements for the voting of proxies for 

assets held in NRRIT’s accounts. 

 Section 15(j)(5)(A) of the Railroad Retirement Act of 1974 (the “Act”), as amended by 

NRRIT’s enabling legislation, the Railroad Retirement and Survivors’ Improvement Act of 

2001, sets forth the fiduciary duties of NRRIT’s Board of Trustees. Specifically, the Trustees are 

required to discharge their duties with respect to Trust assets, including the voting of proxies, 

“solely in the interest” of the RRB, and through it, the participants and beneficiaries of the 

programs funded through the Trust. Although the Trust is not subject to ERISA, the general 

prudence standard set forth in the Act is based upon the general fiduciary standards imposed by 

ERISA. 

II. RESPONSIBILITIES OF INVESTMENT MANAGERS 

 Independent investment managers retained by the Trust pursuant to Section 15(j)(4)(B) of 

the Act will be fiduciaries of the Trust, and as such they will be required to exercise the same 

duties of loyalty and care in managing Trust assets. Where the Trust delegates management 

authority with respect to specified Trust assets to an investment manager, such investment 

manager will have exclusive authority to vote all proxies related to the Trust securities under its 

control unless such authority is expressly limited in the investment manager’s contract with the 

Trust. Prudent investment management includes the voting of proxies consistent with the 

investment manager’s own proxy voting guidelines and solely in the interest of the participants 

and beneficiaries of the Railroad Retirement system. 

 Each investment manager retained by the Trust will agree to fulfill the following 

responsibilities: 

A. Each investment manager will be obligated to vote all proxies on securities held by 

such manager in the Trust’s portfolios.

B. Each investment manager will be expected to carefully examine all proxy issues. The

decision with respect to the proxy vote must be made on a case by case basis, 

prudently and solely in the interest of the participants and beneficiaries of the 

Railroad Retirement System. 

C. Each investment manager must adopt and implement written policies and procedures 

that are reasonably designed to ensure that proxies with respect to Trust assets will be 

voted in the best interest of the participants and beneficiaries of the Railroad 

Retirement System. The manager must provide to the Trust: (i) a copy of its proxy 
2 

voting guidelines, and (ii) a summary of its procedures for recording proxy votes and 

reporting them to the Trust. 

D. Decisions with respect to proxy voting may not be delegated by the investment 

manager to another party, except in cases where a clear conflict of interest exists. In 

such cases, the investment manager must provide prior written notice to the Trust's 

investment staff of both the conflict of interest and the party to whom voting authority 

will be delegated. 

E. Each investment manager must accurately record its proxy votes for each Trust 

security held and the basis for such votes. The votes may be tallied by general 

category. These records must be made available to the Trust upon its request. 

F. Each investment manager must provide to the Trust on an annual basis: 

1) Written certification that all proxies with respect to Trust securities have been 

voted solely in the interest of the participants and beneficiaries of the Railroad 

Retirement system; 

2) Written certification that neither the officers of the investment management firm 

nor their personnel have been unduly influenced by outside sources regarding the 

voting of any proxy; 

3) In cases where a conflict of interest has been identified, written certification that 

adequate measures were taken to ensure that such conflict did not affect any 

proxy vote and documentation explaining the nature of such conflict; and 

4) Adequate documentation to report all proxy votes with respect to Trust securities 

cast by the investment manager and, for all non-routine matters, the basis for such 

votes. 

III. COORDINATION WITH CUSTODIANS 

The investment manager will have the responsibility of ensuring that all proxies with 

respect to Trust securities are voted, and will coordinate as necessary with the custodians of the 

Trust's assets to see that this responsibility is carried out. 

Should the investment manager not receive proxy solicitation materials on a timely basis 

from the custodian, which could prevent normal handling of the materials and timely voting from 

taking place, the investment manager may designate the custodian as its agent to vote the proxy 

in question. Under these circumstances, the investment manager will not be relieved of its 

fiduciary responsibility for the voting of proxies; therefore, the investment manager must provide 

the custodian with specific voting instructions. 
3 

IV. RESPONSIBILITIES OF THE TRUST 

Consistent with its fiduciary duties as they relate to the voting of proxies, the Trust assumes 

the following responsibilities: 

A. As part of its due diligence review of prospective investment managers and its 

ongoing oversight of current managers, the Trust's investment staff will review each 

investment manager’s policies and procedures with respect to proxy voting to ensure 

that they are in compliance with this Proxy Voting Policy. 

 

B. Upon receipt of the documentation submitted annually by the investment managers, 

the Trust's investment staff will review and report to the Board of Trustees regarding 

each investment manager's proxy voting record with respect to Trust securities. 

C. The Board of Trustees shall annually review the report of the Trust's investment staff 

with respect to proxy voting of Trust securities. 

D. The Trust reserves the right to modify or rescind the proxy voting authority delegated

to an investment manager at any time. 

V. DOCUMENTATION 

This Proxy Voting Policy will be (i) attached to the Trust’s Investment Guidelines, and 

(ii) incorporated by reference into each investment management agreement entered into by the 

Trust. 

Approved April 29, 2003 
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 APPENDIX G






 

 APPENDIX H
UNITED STATES OF AMERICA 

RAILROAD RETIREMENT BOARD 


844 NORTH RUSH STREET 


CHICAGO, ILLINOIS 60611-2092 


OCT 21 2010 

BOARD MEMBERS: 

MICHAEL S. SCHWARTZ, CHAIRMAN 

V.M. SPEAKMAN, JR., LABOR MEMBER 


JEROME F. KEVER, MANAGEMENT MEMBER 


The Honorable Timothy F. Geithner 

Secretary ofthe Treasury 

Washington, D.C. 20220 

Dear Mr. Secretary: 

In accordance with Section 23(b) of the Railroad Retirement Act of 1974, we certify the 

Account Benefits Ratio for fiscal year 2010 to be 5.27. 

Chapter 22, Subchapter E, Section 3241 ofthe Internal Revenue Code of 1986, as added 

by Title II, Section 204, of the Railroad Retirement and Survivors' Improvement Act of 

2001, requires that the Secretary of the Treasury determine the Average Account Benefits 

Ratio for the 10 most recent fiscal years, and publish a notice in the Federal Register, no 

later than December 1 of each calendar year, stating the rates oftax which are applicable 

for the following calendar year for rail employers, employee representatives, and 

employees. For your information, we estimate the lO-year Average Account Benefits 

Ratio, rounded to the next highest multiple of 0.1, to be 6.7. 

Sincerely, 

YrJ? L _.. i_A .... f~. V.M~~r c1\. 
73166 Federal Register / Vol. 75, No. 228 / Monday, November 29, 2010 / Notices 

or statements to support the tax-free 

sales. In addition, 27 CFR part 53 

requires a specific statement from the 

ultimate vendor to support claims for 

certain tax refunds or credits. Although 

the regulations require firearms and 

ammunition excise taxpayers to design 

and reproduce these certificates or 

statements as specified in the 

regulations, in order to promote 

uniformity among excise taxpayers and 

compliance with regulations, these 

certificates and statements are needed. 

Current Actions: We are submitting 

this information collection request for 

extension purposes only. The 

information collection, estimated 

number of respondents, and estimated 

total annual burden hours remain 

unchanged. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit; individuals or households; State 

or Local Governments. 

Estimated Number of Respondents: 

7,000. 

Estimated Total Annual Burden 

Hours: 52,500. 

Dated: November 19, 2010. 

Gerald Isenberg, 

Director, Regulations and Rulings Division. 

[FR Doc. 2010–29863 Filed 11–26–10; 8:45 am] 

BILLING CODE 4810–31–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Art Advisory Panel—Closed Meeting 

AGENCY: Internal Revenue Service, 

Treasury. 

ACTION: Notice of Closed Meeting of Art 

Advisory Panel for Decorative Art. 

SUMMARY: A closed meeting of the Art 

Advisory Panel will be held in 

Washington, DC. 

DATES: The meeting will be held 

December 8, 2010. 

ADDRESSES: The closed meeting of the 

Art Advisory Panel for Decorative Art 

will be held on December 8, 2010, in the 

Appeals Media Center beginning at 9:30 

a.m., Franklin Court Building, 1099 14th 

Street, NW., Washington, DC 20005. 

FOR FURTHER INFORMATION CONTACT: 

Joseph E. Bothwell, C:AP:PV:ART, 1099 

14th Street, NW., Washington, DC 

20005. Telephone (202) 435–5611 (not a 

toll free number). 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given pursuant to section 

10(a)(2) of the Federal Advisory 

Committee Act, 5 U.S.C. App., that a 

closed meeting of the Art Advisory 

Panel for Decorative Art will be held on 

December 8, 2010, beginning at 9:30 

a.m., in room 4112, Appeals Large 

Conference Room, Franklin Court 

Building, 1099 14th Street, NW., 

Washington, DC 20005. 

The agenda will consist of the review 

and evaluation of the acceptability of 

fair market value appraisals of works of 

art involved in Federal income, estate, 

or gift tax returns. This will involve the 

discussion of material in individual tax 

returns made confidential by the 

provisions of 26 U.S.C. 6103. 

A determination as required by 

section 10(d) of the Federal Advisory 

Committee Act has been made that this 

meeting is concerned with matters listed 

in section 552b(c)(3), (4), (6), and (7), 

and that the meeting will not be open 

to the public. 

Diane S. Ryan, 

Chief, Appeals. 

[FR Doc. 2010–30049 Filed 11–24–10; 11:15 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Publication of the Tier 2 Tax Rates 

AGENCY: Internal Revenue Service, 

Treasury. 

ACTION: Notice. 

SUMMARY: Publication of the tier 2 tax 

rates for calendar year 2011 as required 

by section 3241(d) of the Internal 

Revenue Code (26 U.S.C. section 3241). 

Tier 2 taxes on railroad employees, 

employers, and employee 

representatives are one source of 

funding for benefits under the Railroad 

Retirement Act. 

DATES: The tier 2 tax rates for calendar 

year 2011 apply to compensation paid 

in calendar year 2011. 

FOR FURTHER INFORMATION CONTACT: 

Kathleen Edmondson, 

CC:TEGE:EOEG:ET1, Internal Revenue 

Service, 1111 Constitution Avenue, 

NW., Washington, DC 20224, Telephone 

Number (202) 622–0047 (not a toll-free 

number). 

TIER 2 TAX RATES: The tier 2 tax 

rate for 2011 under section 3201(b) on 

employees is 3.9 percent of 

compensation. The tier 2 tax rate for 

2011 under section 3221(b) on 

employers is 12.1 percent of 

compensation. The tier 2 tax rate for 

2011 under section 3211(b) on employee 

representatives is 12.1 percent of 

compensation. 

Dated: November 17, 2010. 

Nancy Marks, 

Division Counsel/Associate Chief Counsel 

(Tax Exempt and Government Entities). 

[FR Doc. 2010–29887 Filed 11–26–10; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF VETERANS 

AFFAIRS 

[OMB Control No. 2900–0060] 

Agency Information Collection (Claim 

for One Sum Payment (Government 

Life Insurance)) Activities under OMB 

Review 

AGENCY: Veterans Benefits 

Administration, Department of Veterans 

Affairs. 

ACTION: Notice. 

SUMMARY: In compliance with the 

Paperwork Reduction Act (PRA) of 1995 

(44 U.S.C. 3501–3521), this notice 

announces that the Veterans Benefits 

Administration (VBA), Department of 

Veterans Affairs, will submit the 

collection of information abstracted 

below to the Office of Management and 

Budget (OMB) for review and comment. 

The PRA submission describes the 

nature of the information collection and 

its expected cost and burden; it includes 

the actual data collection instrument. 

DATES: Comments must be submitted on 

or before December 29, 2010. 

ADDRESSES: Submit written comments 

on the collection of information through 

http://www.Regulations.gov; or to VA’s 

OMB Desk Officer, OMB Human 

Resources and Housing Branch, New 

Executive Office Building, Room 10235, 

Washington, DC 20503 (202) 395–7316. 

Please refer to ‘‘OMB Control No. 2900– 

0060’’ in any correspondence. 

FOR FURTHER INFORMATION CONTACT: 

Denise McLamb, Enterprise Records 

Service (005R1B), Department of 

Veterans Affairs, 810 Vermont Avenue, 

NW., Washington, DC 20420, (202) 461– 

7485, fax (202) 273–0443 or e-mail 

denise.mclamb@mail.va.gov. Please 

refer to ‘‘OMB Control No. 2900–0060.’’ 

SUPPLEMENTARY INFORMATION: 

Titles: 

a. Claim for One Sum Payment 

(Government Life Insurance), VA Form 

29–4125. 

b. Claim for Monthly Payments 

(National Service Life Insurance), VA 

Form 29–4125a. 

c. Claim for Monthly Payments 

(United States Government Life 

Insurance, (USGLI)), VA Form 

29–4125k. 

OMB Control Number: 2900–0060. 

mstockstill on DSKH9S0YB1PROD with NOTICES

 

 APPENDIX I 

through it, the participants and beneficiaries of the programs funded under the 

Railroad Retirement Act. Enclosed for your reference is a copy of the Acceptance 

by Trustee by which Mr. Vincent formally accepted his appointment to the Board. 

Also enclosed is Mr. Vincent's biographical information. 

3. Mr. Walter A. Barrows, Secretary-Treasurer, Brotherhood of Railroad Signalmen, 

has been appointed to serve a new term on the Board pursuant to Section 

15(j)(3)(A)(ii)(I) of the Railroad Retirement Act of 1974 (the "Act") as amended 

by Public Law 107-90, the Railroad Retirement and Survivors' Improvement Act 

of 2001. Mr. Barrows' new term commences on February 1, 2010 and will expire 

on January 31, 2013. In accepting his appointment, Mr. Barrows has agreed to 

discharge his duties with respect to the assets of the Trust solely in the interests of 

the Railroad Retirement Board and, through it, the participants and beneficiaries 

of the programs funded under the Railroad Retirement Act. Enclosed for your 

reference is a copy of the Acceptance by Trustee by which Mr. Barrows formally 

accepted his appointment to the Board. 

We look forward to continued cooperation with you in maintaining the strength of 

the railroad retirement system for the benefit of rail workers and their families, rail 

retirees, and the rail industry as a whole. 

Sincerely, 

Joel Parker 

Chair 

Enclosures 








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 APPENDIX J
NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST

BOARD OF TRUSTEES

FEBRUARY 1, 2010 TO JANUARY 31, 2011 

BIOGRAPHICAL INFORMATION

CHAIR: Joel Parker is Special Assistant to the President and International Vice 

President of the Transportation Communications International Union (TCU)/IAM. He 

was elected to the International Vice President position in 1991, and reelected in 1995, 

1999, 2004 and 2009. The Transportation Communications International Union is one 

of the oldest, largest, and most diversified unions in the transportation industry, tracing 

its representation of railroad workers back to 1899. Today, the union represents 

46,000 active railroad workers and 13,000 retirees who are covered by the railroad 

retirement program. In 2005, TCU merged with the International Association of 

Machinists, which has approximately 700,000 active and retired members. Mr. Parker, 

who has 37 years of experience within the railroad industry, has been active in union 

leadership for 33 years. At the TCU, Mr. Parker has primary responsibility for collective 

bargaining, arbitration and pension issues. In addition, Mr. Parker serves as Trustee of 

the Los Angeles County MTA pension plan with over $600 million in assets, the Los 

Angeles County TCU Health and Welfare Plan, and the TCU 401(k) Plan. Mr. Parker 

was one of the primary negotiators in the labor-management agreement signed in 

January 2000 that led to the passage of the Railroad Retirement and Survivors’ 

Improvement Act of 2001. Mr. Parker has served on the Board since February 1, 2002. 

Walter A. Barrows is International Secretary-Treasurer of the Brotherhood of Railroad 

Signalmen (BRS). He was elected to this position in 1999 and reelected in 2002, 2006 

and 2010. He started his railroad career in 1974 with the Norfolk & Western Railroad 

and later served the BRS as the General Chairman and General Secretary-Treasurer for 

the Norfolk Southern General Committee. Prior to being elected as International 
2 

Secretary-Treasurer, he served as a Trustee on BRS' Grand Board of Trustees. He 

attended Kent State University and the George Meany Center for Labor Studies 

(National Labor College). He currently serves as Trustee of the BRS 401(k) plan. As 

BRS' International Secretary-Treasurer, he has primary responsibility for BRS finances 

and oversees all BRS investments. Mr. Barrows has served on the Board since February 

1, 2004. 

George J. Francisco, Jr. is President of the National Conference of Firemen & Oilers, 

SEIU (NCFO), as well as Vice President of Local 32BJ, SEIU, representing more than 

120,000 members. During his more than 30 years with NCFO, he has served as the 

President and Chief Financial Officer of System Council 2 and Conference Vice 

President, before becoming Conference Secretary-Treasurer in 1996. As NCFO 

President since January 1998, he has extensive experience serving as a trustee of a 

number of union pensions, 401(k) and health and welfare funds, including the Affiliates’ 

Officers and Employees Pension and the Supplemental Retirement Savings (401(k)) 

plans of the 1.5 million-member SEIU, as well as the Firemen and Oilers National 

Pension and Welfare Plan. Mr. Francisco holds a BS degree from the University of 

Dubuque. Mr. Francisco has served on the Board since February 1, 2002. 

Bernie Gutschewski served as Vice President for Taxes for Union Pacific Corporation 

until his retirement on May 31, 2010. An attorney and certified public accountant, he 

worked for more than 35 years in senior financial positions, first in public accounting 

and later at Union Pacific Railroad and Union Pacific Corporation. In his most recent 

position, he led a department of more than 40 professionals that managed the federal 

tax, state tax, ERISA, railroad retirement and other related responsibilities of one of 

America’s largest public corporations. He oversaw work on the structuring and 

compliance of the Corporation’s obligations under railroad retirement and, for its private 

plans, under ERISA. Union Pacific Corporation, the nation’s largest railroad, is also the 

largest contributor of funding to the railroad retirement system. In addition, 

Mr. Gutschewski was a member of the Union Pacific Corporation Pension Investment 
3 

Committee that had responsibility for private pension plan assets of almost $2 billion 

under internal management. Mr. Gutschewski was one of the primary negotiators in 

the labor-management agreement signed in January 2000 that led to the passage of 

the Railroad Retirement and Survivors’ Improvement Act of 2001. Mr. Gutschewski also 

served a one-year term on NRRIT’s founding Board from February 1, 2002 to 

January 31, 2003, served a three-year term from February 1, 2004 through January 31, 

2007, and served a third term on the Board from February 1, 2008 until his retirement 

from the Board on May 31, 2010. 

James A. Hixon is Executive Vice President Law and Corporate Relations of Norfolk 

Southern Corporation. Prior to assuming this position, he was Executive Vice President 

Finance and Public Affairs of the Corporation. Mr. Hixon is an attorney with a master of 

laws degree in taxation. His undergraduate major was in business administration and 

finance. He has 31 years of professional experience, first in the private practice of law, 

and for the past 26 years, in senior finance and administration positions at Norfolk 

Southern. In addition to his structuring and compliance responsibilities for railroad 

retirement at Norfolk Southern and his role with respect to the Corporation's private 

pension plan assets of $1.8 billion, Mr. Hixon was one of four members of the Conrail 

Pension Fund Investment Committee from 1998 to 2006, with fiduciary responsibility for 

Pension Trust assets of $575 million. Further, he served as Board Member of the Board 

of Visitors of Old Dominion University from July 2002 to June 2010, and served as 

Rector from September 2004 to September 2006. Mr. Hixon was one of the primary 

negotiators of the labor-management agreement signed in January 2000 that led to the 

passage of the Railroad Retirement and Survivors’ Improvement Act of 2001. Mr. Hixon 

served a two-year term on NRRIT’s founding Board from February 1, 2002 to 

January 31, 2004, served a three-year term from February 1, 2005 through January 31, 

2008, and is currently serving a three year term which commenced on February 1, 

2009.
4 

Mary S. Jones is Vice President and Treasurer of Union Pacific Corporation. In her 

position, Ms. Jones is responsible for corporate finance, investor relations, banking and 

cash management, and oversight of the company’s benefit plan investments. Ms. Jones 

joined Union Pacific Corporation in New York in 1980 as a Strategic Planning Associate. 

In 1982, she transferred to Union Pacific Resources in Denver, where she held various 

positions in financial management and analysis. She returned to Union Pacific 

Corporation in 1988, joining the controller’s department as Manager – Planning and 

Analysis, for trucking transportation. She became Assistant Vice President, Investor 

Relations in 1994, and was actively involved in the restructuring of the holding 

company. In 1998 she was promoted to Vice President – Investor Relations, the 

position she held before her promotion to Vice President and Treasurer. She is a 

graduate of both Columbia University and Carleton College and holds a master's degree 

in Finance and Marketing. Ms. Jones has served on the Board since June 1, 2010. 

John W. MacMurray was selected on May 15, 2002 as the independent member of 

the Board of Trustees of the National Railroad Retirement Investment Trust. He is a 

retired Vice President of Pension and Benefit Investments for RJR Nabisco, where he 

served from 1989-1998. In this capacity, he was responsible for all aspects of pension 

fund and savings plan investments for RJR Nabisco, with assets totaling more than $6 

billion. Mr. MacMurray has 34 years experience in managing large pools of investment 

assets and, prior to his positions with RJR Nabisco, served in a similar capacity for the 

Bell Atlantic Corporation and several of its predecessor corporations. He has a degree 

in finance, and subsequently earned the CFA designation. In addition, Mr. MacMurray 

has served on several investment committees of not-for-profit institutions. In the 

1990s, he served on the Board of Pensions of the Presbyterian Church USA. In the 

2000s Mr. MacMurray served on the endowment committee of Lehigh University and 

chaired the endowment committee of his church. In addition to his corporate 

investment management work, Mr. MacMurray has been a Director and Chairman of 

SEPTA, the Philadelphia regional transit system. Mr. MacMurray has served on the 

Board since May 15, 2002. 
5 

Alec Vincent is Assistant Vice President Finance and Treasurer of Burlington Northern 

Santa Fe, LLC. He oversees the Company’s employment benefit plan investment, 

corporate finance, and cash management functions, including oversight of $3.6 billion in 

employee retirement funds. Mr. Vincent has 20 years of experience in rail industry 

financial management positions. His areas of expertise include the execution of capital 

markets transactions, the structuring of commercial banking facilities, corporate liquidity 

management, interest rate derivative hedging, structured finance, and developing cash 

management solutions. Mr. Vincent also manages the Company’s relationships with the 

credit rating agencies and commercial lenders. He is a graduate of both the University 

of Kansas and Washburn University and holds a Master's in Business Administration. 

Mr. Vincent has served on the Board since February 1, 2010. 
6 

NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST

BIOGRAPHICAL INFORMATION

INVESTMENT STAFF AS OF SEPTEMBER 30, 2010

Senior Staff

 Catherine A. Lynch was named the Chief Executive Officer/Chief Investment Officer 

on January 29, 2008. From February 1, 2003 to that date, Ms. Lynch served as the 

Trust’s Senior Investment Officer. She joined the Trust from the George Washington 

University, where she was responsible for the University’s approximately $650 million 

endowment, increasing its policy allocation to alternative investments from 5% to 30%; 

she also handled a total of approximately $560 million in debt issuance for the 

University. Before joining GWU, she served as Assistant Treasurer of the Episcopal 

Church of America from 1995 through 1999, brought in as part of a new financial 

management team to overhaul financial operations and oversee approximately $325 

million in endowment and charitable trust funds. She earned the CFA designation in 

1986, and holds an undergraduate degree in philosophy from Yale University. 

 Grace A. Ressler has served the Trust as its Senior Operating Officer since October 1, 

2002. Ms. Ressler has more than 30 years of treasury and investment management 

experience, including 13 years at Amtrak, where she served as Senior Director of 

Treasury Operations. In this capacity, Ms. Ressler was responsible for corporate 

treasury operations, including investment of corporate funds and oversight of the 

Amtrak defined benefit plan. Prior to joining Amtrak, Ms. Ressler was the Vice 

President and Treasurer of the J. C. Penney Financial Corporation, where she managed 

the direct-issue commercial paper program for the company. Ms. Ressler holds the 

Certified Treasury Professional (CTP) designation; she obtained an undergraduate 

degree from West Chester University and an MBA from the Baruch College of the City 

University of New York. 

 
7 

David J. Locke On January 29, 2008, Mr. Locke was named Senior Managing Director 

– Investments. He joined the Trust on August 4, 2003 as Director of Private Equity, 

and was named Managing Director of Global Private Markets on October 1, 2006. Mr. 

Locke has more than 25 years of experience in financial analysis, including thirteen 

years of experience in private equity investments. Prior to joining the Trust, Mr. Locke 

was a Principal with Prudential Investment Management, where he was responsible for 

Prudential’s private equity fund-of-funds investment team, handling the identification, 

selection and monitoring of fund investments. Previously, Mr. Locke was the Senior 

Investment Officer for Alternative Assets at the Los Angeles County Employees 

Retirement Association (LACERA) from 1993 until 2000; in that capacity he was 

responsible for LACERA’s private equity investment program. Mr. Locke holds a BS 

degree in finance from California State University and an MBA with honors from the 

University of Southern California. 

Neil E. Kotras has served as the Trust’s Senior Accounting Officer since April 25, 2006. 

Prior to joining the Trust, Mr. Kotras worked at T. Rowe Price Associates, where he was 

responsible for financial reporting and accounting policy for all T. Rowe Price mutual 

fund products. Previously, he worked with PricewaterhouseCoopers where he managed 

several large financial services audit engagements. Neil received an undergraduate 

degree in accounting from Loyola College in Maryland in 1997 and an MBA in finance 

from the Robert H. Smith School of Business at the University of Maryland in 2007. Neil 

is a Certified Public Accountant. 

Other Staff Members (in alphabetical order)

Annita Biondo On October 1, 2007, the Trust hired Annita Biondo to serve as a 

Financial Analyst – Operations and Accounting. Prior to joining the Trust, Ms. Biondo 

worked as a Tax Associate at RSM McGladrey. Previously, she worked at General 

Motors and other corporations in finance and human resources. Ms. Biondo received a 
8 

BA degree from Indiana University of Pennsylvania and an MBA degree from 

Marymount University. 

William J. Carr, III On May 3, 2010, Mr. Carr joined the Trust as Director of US 

Equity. Prior to joining the Trust, Mr. Carr was Senior Investment Analyst at the District 

of Columbia Retirement Board for over eight years where he covered multiple asset 

classes and advised the Board on numerous issues, including asset allocation and 

manager selection. Previously, Mr. Carr was Vice President and Portfolio Manager for 

an emerging markets private equity fund manager for over five years. Mr. Carr served 

as a Peace Corps Volunteer in Poland as an economic advisor from 1994 to 1996. Mr. 

Carr’s other prior work experience includes corporate attorney for Miller, Nash, Wiener, 

Hager, & Carlsen, and auditor for Touche Ross. Mr. Carr earned the CFA designation in 

2001. Mr. Carr holds a BBA degree in accounting from Millsaps College and a JD 

degree from the University of Virginia School of Law. 

Rebecca Codori On June 1, 2010, Rebecca Codori joined the Trust as Administrative 

Assistant. Ms. Codori previously worked for the Federal Communications Commission as 

a government contractor serving as Manager and Information Specialist of licensing for 

eight years. 

Courtney Couper On March 16, 2010, Ms. Couper joined the Trust as an Investment 

Analyst, focused on Private Markets. Prior to joining the Trust, she was a Senior 

Associate in the Investment Consulting Group at Cambridge Associates, working with 

endowments and foundations on asset allocation and manager selection. Ms. Couper 

received a BA in economics from Johns Hopkins University in 2005 and is a CFA 

charterholder. 

Liz Fisher On December 3, 2007, Liz Fisher joined the Trust as Senior Investment 

Analyst – Real Assets. Prior to joining the Trust, Ms. Fisher was a Senior Investment 

Analyst with the State Retirement and Pension System of Maryland, where she was 
9 

responsible for oversight of the System’s fixed income and real estate managers. In 

addition, from 1993 to 2005, she worked for Legg Mason Wood Walker, Inc., with the 

majority of her tenure as a credit analyst and strategist in the Fixed Income Capital 

Markets group. Ms. Fisher is a CFA charterholder and earned a BS degree in business 

at the University of Maryland. 

Cynthia Gibbs joined the Trust on May 1, 2008 as Office Manager. Prior to joining the 

Trust, Ms. Gibbs worked for more than twenty years in the health care industry in south 

Florida and Ohio, most recently as Coordinator of Leadership Development and Career 

Resources for a large healthcare provider in northeast Ohio. Ms. Gibbs earned a BA in 

communications from Florida Atlantic University. 

Taekyung Han On November 1, 2006, Taekyung Han joined the Trust as Investment 

Analyst for Program Measurement and Analysis. Mr. Han currently serves as Senior 

Investment Analyst focused on the Trust’s marketable securities investment managers. 

Prior to joining the Trust, Mr. Han worked in the Capital Markets Group at Cambridge 

Associates. Mr. Han holds a BA degree in economics from Vassar College. 

Greg Johnsen On April 16, 2010, Greg Johnsen joined the Trust to serve as the 

Director of Risk Management. Previously he worked in Georgia Pacific’s pension 

investment group in Atlanta, GA. Prior investment management experiences include 

positions as the chief investment officer of an independent investment manager, and as 

the deputy fund manager and head of external US equity manager research for a 

middle-eastern sovereign wealth fund. Mr. Johnsen has taught investment management 

theory in an MBA program since 2003 and also served as an officer in the United States 

Marine Corps with a combat command tour. He is a graduate of St. John’s University 

(MN), and a Chartered Financial Analyst. 

Barry Kaplan On April 2, 2007, Mr. Kaplan joined the Trust as a Senior Investment 

Analyst, focused on Private Markets. Prior to joining the Trust, he worked for Nuveen 
10 

Investments, where he was involved in the development and execution of product 

strategies in support of their closed-end fund business. Additionally, Mr. Kaplan worked 

as an Associate for Duff & Phelps, performing business and asset valuations. Preceding 

this role, he completed the Financial Leadership Program at AT&T, working in various 

business units including business development and mergers and acquisitions. He 

received an undergraduate degree from the University of Maryland in 1999 and an MBA 

from the Kellogg School of Management at Northwestern University in 2005. Mr. 

Kaplan is a CFA charterholder. 

Andrew Kim On October 1, 2007, the Trust hired Andrew Kim to serve as Investment 

Analyst for Public Markets. Prior to joining the Trust, Mr. Kim worked in the Capital 

Markets group at Cambridge Associates. Previously, he worked at Citigroup Asset 

Management within the fixed income department. Mr. Kim holds a BS in industrial 

engineering and operations research with a concentration in economics from the School 

of Engineering and Applied Sciences at Columbia University. Mr. Kim is a CFA 

charterholder. 

Maureen McCarthy joined the Trust as Administrative Advisor on January 10, 2005, 

and on October 1, 2006 she was named as Senior Administrative Advisor. Prior to 

joining the Trust, Ms. McCarthy worked at the ICMA Retirement Corporation, where she 

managed the pricing, trading and portfolio accounting functions. Ms. McCarthy earned a 

BS degree from Regis University. 

Kevin McCormack joined the Trust on December 10, 2007, and serves as the Director 

of Non-US Equity. Mr. McCormack has over 20 years of investment management 

experience. Prior to joining the Trust, he was Vice President for Connors & Company, 

an investment consulting firm. Previously, Mr. McCormack was Director of Global 

Equity for the DuPont Trust and worked for BellSouth Corp. for ten years as Associate 

Director of Trust Asset Management. Before joining BellSouth, he was at the Southern 
11 

Company as Manager of Trust Finance and Investments. Mr. McCormack holds a BS 

degree with a concentration in finance from the University of Albany and an MBA 

degree from Emory University. Mr. McCormack is a CFA charterholder. 

Michael A. Reeves joined the Trust on September 1, 2004 as Senior Investment 

Advisor of Private Equity. On October 1, 2006, Mr. Reeves was named Director of 

Private Markets. Mr. Reeves joined the Trust from FleetBoston Financial Company 

where he was an Associate overseeing the bank’s private equity investments. 

Previously, he had worked with the State Street Corporation and other entities in the 

analysis and monitoring of private equity investments. Mr. Reeves earned a BS degree 

in finance from Western New England College and an MBA from the University of San 

Francisco. 

Clayton Viehweg On February 2, 2005, the Trust hired Clayton Viehweg to serve as 

Senior Investment Advisor for Fixed Income. On October 1, 2006, Mr. Viehweg was 

named Director - Global Fixed Income, which includes responsibility for the Trust’s 

commodity portfolio. Prior to joining the Trust, Mr. Viehweg worked at The World Bank 

in its Pension and Investments Department and at MedStar Health, where he was 

responsible for the investment management of its endowment, pension, and insurance 

captive portfolios. Mr. Viehweg received a BA in economics from the University of 

Maryland and an MBA in finance from Indiana University. 

Caixia Ziegler joined the Trust on July 1, 2004 as Senior Investment Advisor for US 

Equity, and on October 1, 2006 she was named Director of Global Real Assets. Prior to 

joining the Trust, Ms. Ziegler spent six years at United Technologies Corporation, where 

she was most recently Manager of Portfolio Investments, overseeing public and private 

equity investments for the company’s pension and savings plans. Ms. Ziegler earned 

her CFA designation in 2002. She received a BBA degree in international business and 

finance from Xiamen University in China, and an MBA in finance from Wake Forest 

University. 
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