The Trust and the RRB are separate entities. The RRB remains a Federal agency and continues to have full responsibility for administering the railroad retirement system, including eligibility determinations and the calculation of benefi ciary payments. The 

Trust has no powers or authority over the administration of railroad retirement benefi ts. Although the RRB does not have authority with respect to day-to-day activities of the Trust, the RRB may bring legal action to enforce any provision of the Act in the event it should ever become necessary.

U.S. Railroad Retirement Board

844 North Rush Street

Chicago, IL 60611-1275

RRB.gov

Form IB-7 (July 2023)

Under the Act, the fi nancial statements of the Trust are required to be audited annually by an independent public accountant. In addition, the Trust must submit an annual management report to Congress on its operations, including a statement of fi -

nancial position, statement of cash fl ows, a statement on internal accounting and administrative control systems, the independent auditor’s report, and any other information necessary to inform Congress about the operations and fi nancial condition of the Trust. These reports, as well as 

quarterly updates on Trust activities, are posted on the RRB’s website (RRB.gov).

ADDITIONAL INFORMATION

ABOUT THE TRUST FACTS 

In

R

INVESTMENT PERFORMANCE

After experiencing substantial growth during the fi rst six years of the Trust’s operations, 

railroad retirement system assets, like the assets of most pension funds, declined as a result of the general economic downturn beginning in 2008. As of December 31, 2022, railroad retirement system assets stood at $26.1 billion compared to $20.7 billion at the Trust’s inception. In addition, since its inception the Trust has transferred an additional $32.1 billion in earnings to the Treasury for making benefi t payments to participants in 

the railroad retirement system.

RELATIONSHIP BETWEEN THE

RRB AND THE TRUST
The Trust’s Board is comprised of seven Trustees, three of whom 

unions and three by railroad companies. The seventh Trustee is aby the other six Trustees. The Trustees’ terms are for three years an2023, the members of the Board are as follows:

HISTORY AND PURPOSE OF THE THE BOARD OF TRUSTEESNATIONAL RAILROAD RETIREMENTINVESTMENT TRUST 

In December 2001, Congress passed the Railroad Retirement and Survivors’ Improvement Act (“the Act”), creating the National Railroad Retirement Investment Trust (“the Trust”). The Trust is a tax-exempt entity independent from the Federal government whose sole purpose is to manage and invest railroad retirement system assets.Under the Act, the Trust is authorized to invest the assets transferred from the Railroad Retirement Account in a diversi

fi ed investment portfolio in the same manner as those 

of private sector retirement plans, including stocks, bonds, and other investments. Previously, investments were limited to U.S. government securities. Earnings from the Trust’s investments help fund bene

fi t payments. To 

carry out its mandate, the Trust’s Board of Trustees is authorized to adopt rules to govern its operations, employ professional sta

ff , 

and contract with outside advisors to provide legal, accounting, investment advisory or other services necessary for the proper administration of the Trust.As provided by the Act, the Trust began its work in February 2002. Initially, the Trust focused on building a management team and establishing procedures and guidelines for the investment of railroad retirement system assets. In September 2002, the Treasury began transferring railroad retirement system assets available for investment to the Trust. The majority of these transfers were completed by March 2003.

Trustees selected by the rail labor unions:

George Francisco, Jr., President Emeritus of the National ConfereJoel Parker, former Special Assistant to the President and InternatiCommunications Union (TCU/IAM); andWilliam C. Walpert, National Secretary-Treasurer Emeritus, Brothand Trainmen.

Trustees selected by the railroad carriers: 

Beth Miller, Treasurer, BNSF Railway Company;Chris Neikirk, Vice President and Treasurer, Norfolk Southern CoBill Slater, Vice President of Finance and Treasury, CSX Corporati

The Independent Trustee is Douglas J. Brown, Senior Vice Presiden

Exelon Corporation.

Pursuant to the Act, the Trustees have adopted investment guidas the diversi

fi cation of Trust assets into broad asset classes, such 

equity, private equity, and investment-grade, high-yield bonds. Thfor investments made by the Trust and are regularly updated to eto the ever-changing investment environment. These guidelines professional sta

ff and outside investment managers who may be re

performances are carefully monitored by the Trust’s Chief Invest

subject to regular oversight by the Board of Trustees.Under the Act, the Trustees are required to discharge their dutieRailroad Retirement Board (RRB), and through it, the participants a

retirement system.The Trust is responsible for investing assets transferred to it from tretirement tier II bene

fi ts (which are similar to a private de

fi ned be

tal annuities, and certain aspects of tier I bene

fi ts (which generally 

ceed social security levels. An example of such a bene

fi t is early re

providing full retirement bene

fi ts to 30-year service employees at a

I/social security retirement age (currently transitioning from 65 to by the Trust.

RAILROAD RETIREMENT SYSTEM’S ASSETS MANAGED 

HOW THE TRUST MAKES DECISIONS ON THE INVESTMRAILROAD RETIREMENT SYSTEM ASSETS