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 APPENDIX A
As Amended on August 17, 2017 

BYLAWS

of

THE NATIONAL RAILROAD RETIREMENT 

INVESTMENT TRUST 

A Trust Established Pursuant to

The Railroad Retirement and Survivors' Improvement Act of 2001 

ARTICLE I 

Purposes

 The National Railroad Retirement Investment Trust (hereinafter, the “Trust”) is 

organized exclusively for the purposes set forth in Section 105 of The Railroad 

Retirement and Survivors' Improvement Act of 2001 (the "Act"): to manage and invest 

the assets of the Trust. Section 105(a) of the Act provides for the establishment of a 

Board of Trustees (the “Board”) to operate the Trust and authorizes the Board to make 

rules to govern its operations, employ professional staff, and contract with outside 

advisors to provide legal, accounting, investment advisory or other services necessary for 

the proper administration of the Trust. Subject to the provisions of the Act, applicable 

laws of the District of Columbia and these Bylaws, the Trust may conduct any or all 

lawful affairs necessary to manage and invest its assets.
ARTICLE II 

Trustees 

Section 1. Powers. Subject to the provisions of the Act, applicable laws 

of the District of Columbia and these Bylaws, the activities and affairs of the Trust shall 

be conducted and all powers shall be exercised by or under the direction of the Board. 

The Board may delegate the management of specific activities of the Trust to any 

person(s) or committees, provided that the activities and affairs of the Trust shall be 

managed and all powers shall be exercised under the direction of the Board. Without 

prejudice to the aforementioned general powers, but subject to the same limitations, it is 

hereby expressly declared that the Board shall have the following powers in addition to 

the other powers enumerated in these Bylaws: 

(a) To select and remove the officers, agents, independent contractors, 

employees and advisors of the Trust (including, but not limited to, legal counsel, 

independent advisers, investment managers, custodial institutions and public accountants, 

as prescribed by the Act), prescribe powers and duties for them and, where appropriate, 

fix their compensation. 

(b) To conduct the affairs and activities of the Trust and to make such 

rules and regulations as the Board may deem appropriate for the proper administration of 

the Trust. 

(c) To borrow money and incur indebtedness for the purposes of the 

Trust, and to cause to be executed and delivered therefor, in the Trust's name, promissory 

notes, bonds, debentures, deeds of trust, mortgages, pledges or other evidences of debt 

and securities therefor. 
3

(d) to acquire, by lease or by purchase, interests in real property in 

furtherance of the purposes of the Trust and to execute and deliver such agreements, 

indemnifications, undertakings, and other writings as may be required in connection 

therewith. 

Section 2. Number of Trustees, Selection and Term of Office. Seven 

(7) Trustees shall be selected, qualified and appointed to staggered terms, in accordance 

with the provisions of Section 105(a) of the Act. The six (6) Trustees who are selected 

by rail labor and management shall have the power to select the Independent Trustee. 

Terms of office shall commence on February 1 of each year. 

Section 3. Vacancies. Subject to the provisions of the Act, applicable 

laws of the District of Columbia and these Bylaws, any Trustee may resign, effective 

upon giving sixty days' written notice to the Board, or on such shorter notice as may be 

agreed between the Board and the resigning Trustee. Pursuant to Section 105(a) of the 

Act, a vacancy in the Board shall not affect the power of the Board and shall be filled in 

the same manner as the selection of the Trustee whose departure caused the vacancy.

Each Trustee so selected shall hold office until the expiration of the term of the replaced 

Trustee and until a successor has been appointed. 

A vacancy or vacancies in the Board shall be deemed to exist in case of 

the death, resignation, or removal of any Trustee. The Board may declare vacant the 

office of a Trustee who has been declared of unsound mind by a final order of court, or 

convicted of a felony, or been found by a final order or judgment of any court to have 

breached any fiduciary duty arising under the Act or under any other applicable law 

governing the Trust. 
4

Section 4. Compensation. The six (6) Trustees who are selected by rail 

labor and management shall have the power to fix the Independent Trustee’s 

compensation for services to the Trust. None of the six (6) Trustees who are selected by 

rail labor and management shall receive compensation from the Trust; provided, 

however, that any such Trustee who is not employed by either rail labor or management 

shall be entitled to receive reasonable compensation to be determined by the other 

Trustees. All Trustees shall be entitled to receive reimbursement for reasonable costs 

incurred in connection with their attendance at Board meetings and performance of other 

services to the Trust.

Section 5. Place of Meetings. Meetings of the Board shall be held at any 

place, within or without the District of Columbia, which has been designated from time to 

time by the Board. In the absence of such designation, meetings shall be held at the 

principal office of the Trust. 

Section 6. Public Access to Board Meetings. The Board shall have the 

authority to determine the extent to which individuals other than Trustees may attend 

meetings or otherwise participate in the deliberations of the Board; provided, however, 

that no such individual employed by rail labor or management shall be entitled to receive 

reimbursement for such activities.

Section 7. Annual Meetings. The Board shall hold an annual meeting for 

the purpose of organization and the transaction of business. Annual meetings of the 

Board shall be held without call or notice on March 1 at 10:00 a.m. local time or on 

such other date as the Board may specify. 
5

Section 8. Regular Meetings. Regular meetings of the Board shall be 

held at least quarterly without call or notice on such dates as may be fixed by the Board. 

Section 9. Special Meetings. Special meetings of the Board for any 

purpose or purposes may be called at any time by the Chair of the Board or any three 

Trustees upon at least seven (7) business days’ notice to each Trustee or on such shorter 

notice as all Trustees may agree. 

Section 10. Quorum. Pursuant to Section 105(a) of the Act, five (5) 

Trustees constitute a quorum of the Board for the transaction of business. Investment 

guidelines must be adopted by a unanimous vote of the entire Board. Unless otherwise 

specified in the Act or these Bylaws, all other decisions of the Board shall be decided by 

a majority vote of the quorum present. Subject to the foregoing, every act or decision 

taken or made by a majority of the Trustees present at a meeting duly held at which a 

quorum is present shall be regarded as an act of the Board.

Section 11. Participation in Meetings Via Telephone or Video 

Conference. Trustees and others entitled to participate in Board meetings may 

participate in meetings of the Board via telephone or video conference.

Section 12. Adjournment. A majority of the Trustees present, whether 

or not a quorum is present, may adjourn any Board meeting to another time and place. 

Trustees who are absent from the adjourned meeting shall be given notice of the time and 

place at which such meeting will resume. 

Section 13. Action Without a Meeting. Any action required or 

permitted to be taken by the Board may be taken without a meeting if all Trustees consent 

in writing (including by facsimile) to such action. Such written consent shall have the 
6

same effect as a vote of the Board and shall be filed with the minutes of the proceedings 

of the Board.

Section 14. Rights of Inspection. Every Trustee shall have the right at 

any reasonable time to inspect and copy all books, records, and documents of every kind 

and to inspect the physical properties of the Trust. 

Section 15. Committees. The Board may appoint one or more 

committees, including, but not limited to, (i) an Administrative Committee and (ii) an 

Audit Committee, each consisting of two or more Trustees. Except as otherwise provided 

in these Bylaws or in the Act, the Board may delegate to such committees any of the 

authority of the Board, provided that no such Committee shall have the authority to: 

(a) Amend or repeal these Bylaws or any other organizational 

documents of the Trust or the Board; 

(b) Fill vacancies on the Board or in any committee; 

(c) Appoint other committees of the Board or the members thereof; 

(d) Approve any self-dealing (or “conflict of interest”) transaction; 

(e) Adopt an agreement of merger or consolidation; or 

(f) Sell, lease or exchange Trust property and assets.

The Board may appoint, in the same manner, alternate members of any 

committee who may replace any absent member at any meeting of the committee. The 

Board shall have the power to prescribe the manner in which proceedings of any such 

committee shall be conducted. In the absence of any such prescription, such committee 

shall have the power to prescribe the manner in which its proceedings shall be conducted.
7

Minutes shall be kept of each meeting of each committee, and such minutes shall be 

included as an appendix to the minutes of the next meeting of the Board 

ARTICLE III 

Officers 

Section 1. Officers. The officers of the Trust shall be a Chair, and such 

other officers as may be appointed by the Board. The Chair shall preside at all meetings 

of the Board and exercise and perform such other powers and duties as may be from time 

to time assigned by the Board. If the Chair cannot be present at a particular meeting, the 

Chair shall appoint another Trustee to preside at such meeting. 

Section 2. Selection, Removal and Resignation. The officers of the 

Trust shall be appointed by, and shall serve at the pleasure of, the Board, and shall hold 

their respective offices until their resignation, removal, or other disqualification from 

service, or until their respective successors shall be appointed. 

Any officer may be removed, either with or without cause, by the Board at 

any time. Any officer may resign at any time by giving written notice to the Board, and

any such resignation shall take effect at the date of the receipt of such notice or at any 

later time specified therein. 

Section 3. Vacancies. A vacancy in any office because of death, 

resignation, removal or any other cause shall be filled in the manner prescribed in these 

Bylaws for regular appointment to such office. Such vacancies shall be filled as they 

occur. 

ARTICLE IV 

Other Provisions
8

Section 1. Principal Office. The principal office of the Trust shall be 

fixed and located at 2001 K Street, N.W., Washington, D.C., or such other address as the 

Board shall determine. The Board is granted full power and authority to change said 

principal office from one location to another. The Board may make such changes 

pursuant to this Section 1 without amending the Bylaws, provided that any such changes 

are documented in a Board resolution duly noted in the minutes of the meetings where 

such decisions are made.

Section 2. Books and Records. The Trust’s books and records, together 

with all of the documents and papers pertaining to the business of the Trust, shall be kept 

and maintained at the principal office of the Trust. The fiscal year of the Trust shall end 

on September 30, unless otherwise provided for by the Board, and the books and records 

of the Trust shall be kept on a fiscal year basis and shall reflect all the transactions of the 

Trust and be appropriate and adequate for the Trust’s business. 

Section 3. Representation of Ownership Interests. The Board or any 

duly authorized delegate of the Board may vote, represent, and exercise on behalf of the 

Trust all rights incident to any and all shares of any corporation, or other interest in any 

entity, held in the name of the Trust. The authority herein granted may be exercised 

either by any such officer in person or by proxy or power of attorney.

Section 4. Banking. The Chair, or any duly authorized delegate of the 

Board, may: (i) make deposits into operating accounts held in the Trust's name and 

endorse checks, drafts, or other instruments for such deposits; and (ii) sign or countersign 

checks, drafts, or other orders for the payment of money issued in the name of the Trust 

against any funds deposited into any such accounts. 
ARTICLE V 

Indemnification

The Trust shall indemnify, in the manner and to the fullest extent 

permitted by law (including, without limitation, the Act), any person (or the estate of any 

person) who was or is a party to, or is threatened to be made a party to, any threatened, 

pending or completed action, suit or proceeding, whether or not by or in the right of the 

Trust, and whether civil, criminal, administrative, investigative or otherwise, by reason of 

the fact that such person is or was a Trustee or an employee of either a rail carrier or a rail 

union who performed services for the Trust at the direction of one or more Trustees. To 

the fullest extent permitted by law, the indemnification provided herein shall include 

expenses (including attorneys' fees), judgments, fines and amounts paid in settlement; 

and, in the manner provided by law, any such attorneys' fees and expenses may be paid 

by the Trust in advance of the final disposition of such action, suit or proceeding upon 

receipt, in each case, of an undertaking by or on behalf of the Trustee to repay such 

amounts, together with interest thereon, if it is ultimately determined that such Trustee is 

not entitled to indemnification with respect thereto. 

ARTICLE VI 

Amendment, Construction and Definitions 

Section 1. Amendments. These Bylaws may be amended or repealed by 

a majority vote of a quorum of Trustees present at a duly held meeting or by a consent in 

writing of all Trustees. 

Section 2. Construction and Definitions. Unless the context otherwise 

requires, the general provisions, rules of construction and definitions contained in the Act 
10

and in any applicable laws of the District of Columbia not inconsistent with the Act shall 

govern the construction of these Bylaws. 
 

 APPENDIX B









 

 APPENDIX C


















 

 APPENDIX D 




 

 APPENDIX E



 

 APPENDIX F
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. 

NRRIT employees are prohibited from investing in securities offered in private placements and 

participating in any initial public offerings (IPOs) of equity securities. 

All employees are required to complete a financial disclosure form on an annual basis. This 

form requires the disclosure of personal investment holdings in any company with which the 

Trust conducts, or is likely to conduct business. The Chief Compliance Officer shall prepare and 

maintain a “watchlist” of securities that are subject to this annual disclosure requirement. 

Disclosure must be made for any watchlist securities owned by the employee, spouse and any 

dependent children that, in aggregate, fall into the following ranges: ($10,000 - $50,000; 

$50,000 - $100,000; Over $100,000).

Staff must also disclose all individual securities owned by the employee, spouse and dependent 

children whose market value exceeds $100,000, regardless of whether or not such securities are 

on the watchlist. The following security types are excluded from this disclosure requirement: 

Certificates of Deposit, Municipal Bonds, Treasury Bonds, Mutual Funds (including Money 

Market Funds) and Exchange Traded Funds. 

Prior to any investment recommendation, any investment staff who materially participated in the 

recommendation must disclose any investment holdings in the recommended manager, and, for 

private markets, any opportunity to invest in the recommended fund / strategy granted by the 

investment manager or general partner. 

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. 
2

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 and Material Non-public 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.

NRRIT personnel shall not trade on material non-public information. Material information 

generally is defined as information that a reasonable investor would likely consider important in 

making their investment decisions, or information that is reasonably certain to have a substantial 

effect on the price of a company’s securities, regardless of whether the information is related 

directly to the company’s business. Information is considered to be non-public until it has been 

effectively communicated to the marketplace. 

Gifts & 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 shall not accept any gifts in excess of $100 in estimated 

fair market value per year from any given investment manager / vendor. This $100 limit does not 

apply to gifts of de minimis value, such as promotional / branded items distributed at meetings or 

conferences. Also excluded from this limitation are gifts such as chocolates or fruit baskets that 

are typically received around the holidays and are shared with all NRRIT personnel.

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

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

where such entertainment is (a) reasonable in scope, (b) associated with a bona fide business 

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

industry or profession. Moreover, consistent with policies established by the SEC and FINRA 

for investment managers, business-related entertainment may be accepted by NRRIT personnel 

or members of their families only when a representative of the host accompanies such 

individuals to the event. If no representative of the host is present at the event, such services are 

regarded as gifts and subject to the gift policies above. Any business-related entertainment with 

an estimated fair market value in excess of $200 requires written pre-approval from the Chief 

Compliance Officer. In addition, business-related entertainment in excess of five events per 

calendar year from any one investment manager or vendor relationship is prohibited, regardless 

of the estimated fair market value of such entertainment. 

Excluded from the $200 pre-approval threshold are items of value offered to NRRIT staff 

members that are also offered to others in a group as a normal and customary part of doing 

business. Examples of such items include: meals or event tickets offered to a group as part of a 

conference or annual meeting, hotel rooms for LP advisory board members, and car service 

to/from the airport. 
3

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 a 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 February 24, 2017. This 

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

 APPENDIX G
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 H
NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST 

PROXY VOTING POLICY STATEMENT 

I. PURPOSE 

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

“Trust”) Proxy Voting Policy Statement 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 be delegated by the investment manager 

to an independent third party advisory firm, provided however that such advisory firm 

must exercise its judgment in a manner that it is consistent with this Proxy Voting 

Policy Statement and with the proxy voting policy of the investment manager. 

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 a quarterly 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. 

IV. RESPONSIBILITIES OF THE TRUST 

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

the following responsibilities: 
3 

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 Statement. 

 

B. Upon receipt of the documentation submitted quarterly 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 Statement 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. 

Revised and Approved by the Board on March 29, 2011 
 

 APPENDIX I 
National Railroad Retirement Investment Trust 

Audit Committee Charter 

It shall be the duty of the Audit Committee to: 

1. Retain an independent auditor pursuant to an engagement and fee letter approved by 

the Committee to perform the annual audit of the Trust, review the results of such 

audit and all other reports received from the auditor. In selecting an auditor the 

Committee shall take into consideration the auditing firm’s particular expertise with 

institutions that manage complex investment portfolios. 

2. Hold periodic meetings with the auditor to discuss any and all matters brought to 

the attention of the Committee by the auditor. Require that the auditor not 

undertake any non-audit consulting assignment for the Trust without the prior 

approval of the Audit Committee. 

3. Require that the auditor promptly disclose the results of any examination or 

inspection made by the Public Company Accounting Oversight Board, the 

Securities and Exchange Commission, and any other governmental or other 

regulatory body related to independence, audit quality, or any other significant 

matters. 

4. Review annual financial certification prepared by CIO and Chief Financial and 

Operating Officer affirming the completeness and accuracy of the Trust’s statement 

of financial position and the integrity of the Trust’s internal control structure and 

procedures for financial reporting. 

5. Review and provide a recommendation to the Board with respect to draft Annual 

Management Report prepared for transmittal to Congress as required by The 

Railroad Retirement Act of 1974 (the “Act”). 

6. Manage the Trust’s program of periodic performance reviews, including 

coordination and consultation with the Railroad Retirement Board with respect to 

such reviews.

7. Oversee the Trust’s compliance program, including its conflicts-of-interest and 

confidentiality policies, to ensure that the Trustees, its employees and agents 

comply with duties and responsibilities specified in the Trust’s Compliance Manual, 

the Railroad Retirement Act, and fiduciary responsibilities arising under the Act or 

other applicable law. 

8. Establish and maintain a secure process for receiving, retaining and handling named 

or anonymous complaints or “whistleblower” submissions related to action of any 
2

Trustee, Trust employee or Trust agent that might constitute fraud or result in an 

inaccurate or incomplete recording of the Trust’s financial or accounting 

information. 

9. Oversee the Trust’s federal and District of Columbia tax filings including the 

annual filing of its Form 990 information return and any required Form 990T 

income tax return that might be applicable with respect to a fiscal year. 

10. Oversee the staff’s compliance with the Trust’s obligations under its 

Memorandum of Understanding (MOU) with the federal government entities that 

are parties to the MOU and assess the appropriateness of any proposed changes in 

those obligations that might arise from time-to-time. 

11. Undertake an annual self-assessment to ensure that the Committee is meeting the 

responsibilities set forth in this Resolution. This self-assessment shall include as an 

appendix a report prepared by the Chief Financial and Operating Officer on the 

operation of all material internal accounting and audit systems 

As revised and approved by the Board on February 24, 2017 
 

 APPENDIX J
National Railroad Retirement Investment Trust 

Administrative Committee Charter 

It shall be the duty of the Administrative Committee to: 

1. In General: Establish and oversee all matters related to the administrative functioning of 

NRRIT, including the development of its annual budget and policies to govern staff 

compensation, employee benefits, receipt of gifts, and travel reimbursement. 

2. Annual Budget: Review the annual budget prepared by the Chief Executive Officer/Chief 

Investment Officer (CEO/CIO) and the Senior Operating Officer (SOO) prior to its 

submission to the Board for review at the first Board meeting of each fiscal year. 

3. Base Compensation and Annual Bonus: Make recommendations to the Board regarding the 

criteria to be used annually to set base compensation and annual bonuses, taking into 

consideration the need to recruit and retain qualified investment professionals in a 

competitive environment, but also recognizing the unique public-private nature of NRRIT.

4. Deferred Compensation Plan: Periodically review the Trust's deferred compensation plan for 

senior staff and make recommendations to the Board regarding prospective changes as may 

be appropriate, taking into consideration the need to recruit and retain qualified investment 

professionals in a competitive environment, but also recognizing the unique public-private 

nature of NRRIT.

5. Employee Benefits: Make recommendations to the Board regarding the creation and 

operation of cost effective plans to provide such employee benefits as may be determined 

by the Committee to be necessary and appropriate, and using outside consultants to the 

extent necessary, review the adequacy and appropriateness of such plans on a periodic 

basis. These may include health insurance; life insurance; disability insurance; annual, 

medical or other types of paid or unpaid leave; severance; defined contribution plans; etc.

6. Tax Filing: Oversee the preparation and filing of those sections of the Trust’s annual Form 

990 information return that relate to compensation matters. 

7. Compensation Comparability: Make recommendations to the Board regarding appropriate 

peer bench marks to assess NRRIT compensation practices for comparable positions of 

responsibility, employ outside consultants as necessary, and use independent survey data to 

review annually the compensation and benefit practices of peer pension and investment 

entities to assess the appropriateness of NRRIT compensation practices and peer 

benchmarks. 
2

8. Training, Advancement and Succession: Coordinate with the CEO/CIO with respect to the 

development of appropriate education and training opportunities for staff, and review staff 

advancement and succession planning periodically with the CEO/CIO. 

9. Trustee Expenses: Establish a policy to govern Trustee expense reimbursement and require 

the Committee Chair to review all reimbursement requests submitted pursuant to this 

policy.

10. Gift and Travel Policies: Establish and monitor policies to govern staff receipt of gifts and 

travel reimbursements that are consistent with the NRRIT Conflict of Interest Policy 

Statement. 

11. Retention of Legal Counsel: Recommend to the Board for approval the retention of legal 

counsel as necessary to (i) advise the Board on all matters relating to the Board’s 

responsibilities, (ii) oversee investment matters approved by the Board, and (iii) provide 

counsel on such other matters as may be deemed necessary by the Board. 

12. Legal Compliance: Review processes recommended by counsel to ensure that all 

compensation and benefit programs (including any deferred compensation program 

structured to meet Internal Revenue Service rules) are structured to be compliant with 

federal and other applicable laws.

13. Administrative Operations: Oversee NRRIT administrative operations and review annually 

a report prepared by the SOO on the operation and cost of systems to manage payroll, 

employee benefits, occupancy costs, insurance, information technology, and commercial 

banking services (other than those of the Trust custodian).

14. Self Assessment: Undertake an annual self assessment to ensure that the Committee is 

meeting the responsibilities set forth in this Resolution. This self assessment shall include 

as an appendix the annual operations report prepared by the SOO referenced in the 

preceding paragraph. 

As approved by the Board on May 22, 2013 

4839-3009-4869, v. 3 
 

 APPENDIX K




 

 APPENDIX L

59448 Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices 

victims, national consumer protection 

organizations, national travel 

organizations, labor organizations 

representing flight attendants and pilots, 

State and local law enforcement 

agencies, airports, and air carriers. As a 

subcommittee, the Task Force will 

report its recommendations to the 

ACPAC for deliberation and not provide 

its recommendations directly to the 

Department. The Task Force’s report of 

its findings and recommendations to the 

ACPAC will be released to the public. 

ACPAC Administrative Matters; 

Upcoming Meeting; and Topics 

The first meeting of the reestablished 

ACPAC will take place at the 

Department’s headquarters in 

Washington, DC on January 16, 2019. 

During the first meeting, the Department 

will announce the members of the Task 

Force and there will be a discussion of 

the duties of the Task Force members. 

In addition, two other topics—the 

transparency of airline ancillary service 

fees and involuntary changes to 

itineraries—will be discussed. The Joint 

Explanatory Statement of the 2018 

Consolidated Appropriations Act 

requests that the Department work in 

collaboration with industry, consumers 

and other stakeholders to establish 

guidelines on transparency of airline 

ancillary fees. In addition, the 2018 

FAA Act mandates that the Department 

review and make recommendations 

with regard to air carriers’ handling of 

involuntary changes to passengers’ 

travel itineraries, and that the 

Department may consult with the 

Committee for this purpose. 

Accordingly, the Committee will 

discuss these issues during the meeting. 

The Department’s Office of Aviation 

Enforcement and Proceedings, within 

the Office of the General Counsel, will 

provide appropriate funding, logistics, 

administrative, and technical support 

for the Committee. The Department’s 

subject matter experts will also provide 

support to the Committee. 

Viewing Documents 

You may view any documents 

mentioned in this preamble as being 

available in the docket at http://

www.regulations.gov. After entering the 

docket number, click the link to ‘‘Open 

Docket Folder’’ and choose the 

document to review. If you do not have 

access to the internet, you may view the 

docket online by visiting the Docket 

Management Facility in Room W12–140 

on the ground floor of the DOT West 

Building, 1200 New Jersey Avenue SE, 

Washington, DC 20590, between 9 a.m. 

and 5 p.m., E.T., Monday through 

Friday, except Federal holidays. 

Dated: November 8, 2018. 

Steven G. Bradbury, 

General Counsel. 

[FR Doc. 2018–25508 Filed 11–21–18; 8:45 am] 

BILLING CODE 4910–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Notice of OFAC Sanctions Action 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing the names 

of one or more persons that have been 

placed on OFAC’s Specially Designated 

Nationals and Blocked Persons List 

based on OFAC’s determination that one 

or more applicable legal criteria were 

satisfied. All property and interests in 

property subject to U.S. jurisdiction of 

this person are blocked, and U.S. 

persons are generally prohibited from 

engaging in transactions with them. 

DATES: See SUPPLEMENTARY INFORMATION

section. 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Associate Director for Global 

Targeting, tel.: 202–622–2420; Assistant 

Director for Sanctions Compliance & 

Evaluation, tel.: 202–622–2490; 

Assistant Director for Licensing, tel.: 

202–622–2480; Assistant Director for 

Regulatory Affairs, tel. 202–622–4855; 

or the Department of the Treasury’s 

Office of the General Counsel: Office of 

the Chief Counsel (Foreign Assets 

Control), tel.: 202–622–2410. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The Specially Designated Nationals 

and Blocked Persons List and additional 

information concerning OFAC sanctions 

programs are available on OFAC’s 

website (www.treasury.gov/ofac). 

Notice of OFAC Action(s) 

On November 19, 2018, OFAC 

determined that the property and 

interests in property subject to U.S. 

jurisdiction of the following person is 

blocked under the relevant sanctions 

authority listed below. 

Individual 

1. BADI, Salah (a.k.a. BADI, Omal 

Salem Salah; a.k.a. BADI, Saladin; a.k.a. 

BADI, Salah Edine Omar; a.k.a. BADI, 

Salahdin; a.k.a. BADI, Salah-Eddin; 

a.k.a. BADI, Salahidin), Tripoli, Libya; 

DOB 23 May 1957; POB Misrata, Libya; 

nationality Libya; Gender Male 

(individual) [LIBYA3]. 

Designated pursuant to Section 1(a)(v) 

of Executive Order 13726 of April 19, 

2016, ‘‘Blocking Property and 

Suspending Entry Into the United States 

of Persons Contributing to the Situation 

in Libya’’ (E.O. 13726) for being a leader 

of an entity that has, or whose members 

have, engaged in actions or policies that 

threaten the peace, security, or stability 

of Libya, including through the supply 

of arms or related materiel. 

Dated: November 19, 2018. 

Andrea M. Gacki, 

Director, Office of Foreign Assets Control. 

[FR Doc. 2018–25489 Filed 11–21–18; 8:45 am] 

BILLING CODE 4810–AL–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Publication of the Tier 2 Tax Rates 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice. 

SUMMARY: Publication of the tier 2 tax 

rates for calendar year 2019 as required 

by section 3241(d) of the Internal 

Revenue Code. 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 2019 apply to compensation paid 

in calendar year 2019. 

FOR FURTHER INFORMATION CONTACT: 

Kathleen Edmondson, 

CC:TEGE:EOEG:ET1, Internal Revenue 

Service, 1111 Constitution Avenue NW, 

Washington, DC 20224, Telephone 

Number (202) 317–6798 (not a toll-free 

number). 

Tier 2 Tax Rates: The tier 2 tax rate 

for 2019 under section 3201(b) on 

employees is 4.9 percent of 

compensation. The tier 2 tax rate for 

2019 under section 3221(b) on 

employers is 13.1 percent of 

compensation. The tier 2 tax rate for 

2019 under section 3211(b) on employee 

representatives is 13.1 percent of 

compensation. 

Dated: November 14, 2018. 

Victoria A. Judson, 

Associate Chief Counsel (Tax Exempt and 

Government Entities). 

[FR Doc. 2018–25459 Filed 11–21–18; 8:45 am] 

BILLING CODE 4830–01–P 


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 APPENDIX M
 		




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