APPENDICES 
APPENDICES 

A) BY-LAWS 

B) INVESTMENT GUIDELINES 

C) 2002 MEMORANDUM OF UNDERSTANDING 

D) 2014 MEMORANDUM OF UNDERSTANDING

E) CONFLICTS OF INTEREST POLICY STATEMENT

F) CONFIDENTIALITY POLICY STATEMENT

G) PROXY VOTING POLICY

H) AUDIT COMMITTEE CHARTER

I) ADMINISTRATIVE COMMITTEE CHARTER

J) CHIEF INVESTMENT OFFICER AND CHIEF FINANCIAL AND OPERATING 

OFFICER CERTIFICATION LETTERS 

K) RAILROAD RETIREMENT BOARD CERTIFICATION LETTER TO TREASURY 

AND TREASURY FEDERAL REGISTER NOTICE ON 2018 TAX RATE 

L) NOTICE TO THE RAILROAD RETIREMENT BOARD AND ACCEPTANCE OF 

NEW TRUSTEES 

M) BIOGRAPHICAL INFORMATION ON TRUSTEES AND STAFF 
 

 

 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
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) 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 NASD for investment 

managers, entertainment-related services 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. 

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 January 16, 2013. This 

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

 APPENDIX F
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 G
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 H
 

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 internal audits, including coordination and 

consultation with the Railroad Retirement Board with respect to such reviews. 

7. Oversee the Trust’s conflicts-of-interest and confidentiality policies to ensure that 

the Trustees, its employees and agents comply with duties and responsibilities 

specified in 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 

Trustee, Trust employee or Trust agent that might constitute fraud or result in an 
2

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 December 2, 2015 

4837-9265-1016, v. 2 
 

 APPENDIX I 
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 J
Chief Investment Officer’s Certification 

of the National Railroad Retirement Investment Trust’s 

Process of Financial Reporting And 

System of Internal Controls 

I, William J. Carr, III, Chief Investment Officer of the National Railroad Retirement Investment 

Trust (“NRRIT”), certify that: 

 (1) I have reviewed the Annual Management Report for Fiscal Year 2017, prepared 

pursuant to Section 105 of Public Law 107-90, the Railroad Retirement and 

Survivor’s Improvement Act of 2001. 

 (2) Based on my knowledge, this Annual Management Report does not contain any 

untrue statement of material fact or omit to state a material fact necessary to make 

the statements made, in light of the circumstances under which the statements were 

made, not misleading with respect to the period covered by this Annual Management 

Report. 

 (3) Based on my knowledge, the financial statements and other financial information 

included as part of this Annual Management Report fairly present in all material 

respects the financial position, results of operations and cash flows of NRRIT as of 

and for the year ended September 30, 2017. 

 (4) NRRIT’s other certifying officer, the Chief Financial and Operating Officer, and I 

are responsible for establishing and maintaining effective disclosure controls and 

procedures for NRRIT and have: 

a. designed such disclosure controls and procedures to ensure that material 

information relating to NRRIT is made known to us by others within 

NRRIT, particularly during the period in which this Annual Management 

Report was prepared; 

b. evaluated the effectiveness of NRRIT’s disclosure controls and procedures as 

of September 30, 2017, (the “Evaluation Date”); and 

c. presented in this Annual Management Report our conclusions about the 

effectiveness of the disclosure controls and procedures based upon our 

evaluation as of the Evaluation Date. 

 (5) NRRIT’s other certifying officer and I have disclosed, based upon our most recent 

evaluation, to NRRIT’s auditor and the NRRIT Audit Committee: 

a. all significant deficiencies in the design or operation of internal controls 

which could adversely affect NRRIT’s ability to record, process, summarize, 

and report financial data and have identified for NRRIT’s auditor any 

material weaknesses in internal controls; and 

Chief Financial and Operating Officer’s Certification 

of the National Railroad Retirement Investment Trust’s 

Process of Financial Reporting And 

System of Internal Controls 

I, Neil E. Kotras, Chief Financial and Operating Officer of the National Railroad Retirement 

Investment Trust (“NRRIT”), certify that: 

 (1) I have reviewed the Annual Management Report for Fiscal Year 2017, prepared 

pursuant to Section 105 of Public Law 107-90, the Railroad Retirement and 

Survivor’s Improvement Act of 2001. 

 (2) Based on my knowledge, this Annual Management Report does not contain any 

untrue statement of material fact or omit to state a material fact necessary to make 

the statements made, in light of the circumstances under which the statements were 

made, not misleading with respect to the period covered by this Annual Management 

Report. 

 (3) Based on my knowledge, the financial statements and other financial information 

included as part of this Annual Management Report fairly present in all material 

respects the financial position, results of operations and cash flows of NRRIT as of 

and for the year ended September 30, 2017. 

 (4) NRRIT’s other certifying officer, the Chief Investment Officer, and I are responsible 

for establishing and maintaining effective disclosure controls and procedures for 

NRRIT and have: 

a. designed such disclosure controls and procedures to ensure that material 

information relating to NRRIT is made known to us by others within 

NRRIT, particularly during the period in which this Annual Management 

Report was prepared; 

b. evaluated the effectiveness of NRRIT’s disclosure controls and procedures as 

of September 30, 2017, (the “Evaluation Date”); and 

c. presented in this Annual Management Report our conclusions about the 

effectiveness of the disclosure controls and procedures based upon our 

evaluation as of the Evaluation Date. 

 (5) NRRIT’s other certifying officer and I have disclosed, based upon our most recent 

evaluation, to NRRIT’s auditor and the NRRIT Audit Committee: 

a. all significant deficiencies in the design or operation of internal controls 

which could adversely affect NRRIT’s ability to record, process, summarize, 

and report financial data and have identified for NRRIT’s auditor any 

material weaknesses in internal controls; and 

 

 APPENDIX K
BOARD MEMBERS: 

(VACA 1), CIL\IRMAN 

UNITED STATES OF AMERICA 

RAILROAD RETIREMENT BOARD 

844 NORTH RUSH STREET 

CHICAGO, ILLINOIS 60611-2092 

WALTER.A. BARROWS, LABOR MEMBER 

STEVEN J. ,\NTHONY, MANAGEMENT MEMBER 

The Honorable Steven T. Mnuchin 

Secretary of the Treasury 

Washington, D.C. 20220 

Dear Mr. Secretary: 

OCT 3 1 2017 

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

Account Benefits Ratio for fiscal year 2017 to be 4.92. 

Chapter 22, Subchapter E, Section 3241 of the 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 l of each calendar year, stating the rates of tax which are applicable 

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

employees. For your information, we estimate the 10-year Average Account Benefits 

Ratio, rounded to the next highest multiple of 0.1 , to be 5.2. 

Sincerely, 

Steven 

S~:J J. Anthony ~ 
56854 Federal Register / Vol. 82, No. 229 / Thursday, November 30, 2017 / Notices 

SUMMARY: The U.S. 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 

National 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 

these persons 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; 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 Web 

site (www.treas.gov/ofac). 

Notice of OFAC Actions 

On November 20, 2017, OFAC 

determined that the property and 

interests in property subject to U.S. 

jurisdiction of the following persons are 

blocked under the relevant sanctions 

authorities listed below. 

Individuals 

1. HEIDARI, Reza; DOB 10 Jan 1977; 

Additional Sanctions Information—Subject 

to Secondary Sanctions; Gender Male; 

Passport A37899489 (Iran) expires 26 Jul 

2021; alt. Passport R24530943 (Iran) expires 

23 Jun 2017 (individual) [SDGT] [IRGC] 

[IFSR]. 

Designated pursuant to sections 1(c) 

and 1(d)(i) of Executive Order 13224 of 

September 23, 2001, ‘‘Blocking Property 

and Prohibiting Transactions With 

Persons Who Commit, Threaten to 

Commit, or Support Terrorism,’’ (E.O. 

13224) for having acted for or on behalf 

of, and for having assisted in, 

sponsored, or provided financial, 

material, techological support for, or 

financial or other services to or in 

support of, Iran’s ISLAMIC 

REVOLUTIONARY GUARD CORPS– 

QODS FORCE, a person determined to 

be subject to E.O. 13224. 

2. SEIF, Mahmoud (a.k.a. AL–SAYF, 

Mahmud; a.k.a. SAJADDINIA, Mohsen; a.k.a. 

SAJADINIA, Mohsen; a.k.a. SAJJADI NIA, 

Mohsen; a.k.a. SAJJADINIA, Mohsen); DOB 

05 Jun 1964; alt. DOB 05 Jun 1967; alt. DOB 

05 Jun 1969; Additional Sanctions 

Information—Subject to Secondary 

Sanctions; Gender Male (individual) [SDGT] 

[IRGC] [IFSR]. 

Designated pursuant to section 1(d)(i) 

of E.O. 13224 for having assisted in, 

sponsored, or provided financial, 

material, techological support for, or 

financial or other services to or in 

support of, Iran’s ISLAMIC 

REVOLUTIONARY GUARD CORPS– 

QODS FORCE, a person determined to 

be subject to E.O. 13224 

Entities 

1. FORENT TECHNIK GMBH, KonradDuden-Weg 1, Frankfurt am Main, Hessen 

60437, Germany; Additional Sanctions 

Information—Subject to Secondary 

Sanctions; Registration ID 60313B102980 

(Germany); alt. Registration ID HRB102980 

(Germany) [SDGT] [IRGC] [IFSR]. 

Designated pursuant to section 1(c) of 

E.O. 13224 for being owned or 

controlled by REZA HEIDARI, a person 

determined to be subject to E.O. 13224. 

2. PARDAZESH TASVIR RAYAN CO. 

(a.k.a. RAYAN IMAGE PROCESSING 

CORPORATION; a.k.a. RAYAN PRINTING), 

No. 9, 22nd St., 9th Km. of Karaj Special Rd., 

1389843613, Tehran, Iran; Africa St., West 

Nahid St., Akhtaran Ave., p. 57, 1967773314, 

Tehran, Iran; Additional Sanctions 

Information—Subject to Secondary 

Sanctions; National ID No. 10102041648 

(Iran); Registration ID 161530 (Iran) [SDGT] 

[IRGC] [IFSR]. 

Designated pursuant to section 1(c) of 

E.O. 13224 for being owned by 

TEJARAT ALMAS MOBIN HOLDING, a 

person determined to be subject to E.O. 

13224; pursuant to 1(c) of E.O. 13224 for 

being controlled by REZA HEIDARI, a 

person determined to be subject to E.O. 

13224; and pursuant to 1(c) and 1(d)(i) 

of E.O. 13224 for having acted for or on 

behalf of, and for having assisted in, 

sponsored, or provided financial, 

material, techological support for, or 

financial or other services to or in 

support of, Iran’s ISLAMIC 

REVOLUTIONARY GUARD CORPS– 

QODS FORCE, a person determined to 

be subject to E.O. 13224. 

3. PRINTING TRADE CENTER GMBH 

(a.k.a. PTC GMBH), Konrad Duden Weg 3, 

60437, Frankfurt am Main, Germany; 

Schubertstr. 1 a, 65760, Eschborn, Hessen, 

Germany; Web site www.ptccenter.de; 

Additional Sanctions Information—Subject 

to Secondary Sanctions; Registration ID 

HRB58893 (Germany) [SDGT] [IRGC] [IFSR]. 

Designated pursuant to sections 1(c) 

and 1(d)(i) of E.O. 13224 for having 

acted for or on behalf of, and for having 

assisted in, sponsored, or provided 

financial, material, techological support 

for, or financial or other services to or 

in support of, REZA HEIDARI, a person 

determined to be subject to E.O. 13224. 

4. TEJARAT ALMAS MOBIN HOLDING 

(a.k.a. ALMAS MOBIN TRADING), 57 

Akhtaran Lane, West Nahid Street, Africa 

Blvd., Tehran, Iran; Additional Sanctions 

Information—Subject to Secondary Sanctions 

[SDGT] [IRGC] [IFSR]. 

Designated pursuant to section 1(c) of 

E.O. 13224 for being owned or 

controlled by MAHMOUD SEIF, a 

person determined to be subject to E.O. 

13224. 

Dated: November 20, 2017. 

John E. Smith, 

Director, Office of Foreign Assets Control. 

[FR Doc. 2017–25792 Filed 11–29–17; 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 2018 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 2018 apply to compensation paid 

in calendar year 2018. 

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 2018 under section 3201(b) 

on employees is 4.9 percent of 

compensation. The tier 2 tax rate for 

2018 under section 3221(b) on 

employers is 13.1 percent of 

compensation. The tier 2 tax rate for 

2018 under section 3211(b) on employee 

representatives is 13.1 percent of 

compensation. 

Dated: November 21, 2017. 

Victoria A. Judson, 

Associate Chief Counsel (Tax Exempt and 

Government Entities). 

[FR Doc. 2017–25741 Filed 11–29–17; 8:45 am] 

BILLING CODE 4830–01–P 


daltland on DSKBBV9HB2PROD with NOTICES
 

 APPENDIX L
NRRIT National Railroad Retirement Investment Trust 

2001 K Street, NW, Suite 1100, Washington, DC 20006 

Phone: 202.589.0100 Fax: 202.589.0200 

The Honorable Steven J. Anthony 

Management Member 

U.S. Railroad Retirement Board 

844 N. Rush Street 

Chicago, IL 60611 

The Honorable Walter Barrows 

Labor Member 

U.S. Railroad Retirement Board 

844 N. Rush Street 

Chicago, IL 60611 

February 1, 2017 

Re: Board of Trustees - Transition 

Dear Messrs. Anthony and Barrows: 

On behalf of the Board of Trustees of the National Railroad Retirement 

Investment Trust, I am writing to report the following developments: 

1. Mr. Joel Parker, former Special Assistant to the President and International Vice

President of the Transportation Communication International Union (TCU/IAM),

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

15G)(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. Parker's new term commences on February 1, 2017 and will expire

on January 31, 2020. In accepting his appointment, Mr. Parker 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. Parker formally

accepted his appointment to the Board.

2. Mr. C. Alec Vincent, Assistant Vice President Fuel and BU-Ops Sourcing, BNSF

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

15G)(3)(A)(ii)(II) 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. Vincent's term commences on February 1, 2017 and will expire on 

January 31, 2020. In accepting his appointment, Mr. Vincent 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. Vincent formally 

accepted his appointment to the Board. 

3. Mr. William F. Quinn, former chairman and founder of American Beacon

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

Section l 5(j)(3)(A)(ii)(III) 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. Quinn's new term commences on February 1,

2017 and will expire on January 31, 2020. In accepting his appointment, Mr.

Quinn 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. Quinn 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. 

Enclosures 

Sincerely, 

C.

Chair

(JA 

Alec Vincent

lbd-
ACCEPTANCE BY TRUSTEE 

OF THE NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST 

The National Railroad Retirement Investment Trust (the "Trust") was established, 

effective February I, 2002, pursuant to Section I SU) of the Railroad Retirement Act of 1974 (the 

"Act"), as most recently amended by Public Law I 07-90, the Railroad Retirement and Survivors' 

Act of 200 I (the "2001 Act"). Pursuant to the Act, a Board of Trustees (the "Board") is to be 

established to assume fiduciary responsibility for the operation of the Trust. 

Pursuant to Section 15U)(3)(A)(ii) of the Act, the undersigned individual has been 

appointed as a trustee (the "Trustee") of the Trust, by either: (a) the joint recommendation of 

labor organizations, national in scope, organized in accordance with section 2 of the Railway 

Labor Act and representing at least 2/3 of all active employees represented by such national 

labor organizations covered under the Act; (b) carriers as defined in section I of the Railway 

Labor Act employing at least 2/3 of all active employees covered under the Act; or (c) a majority 

of the other 6 members of the Board of Trustees. 

The undersigned Trustee has reviewed Section I SU) of the Act as well as a copy of the 

Bylaws of the Trust. The Trustee understands the duties and responsibilities of serving on the 

Board, including her fiduciary obligations to the Trust. Specifically, under the Act, each Trustee 

is required to discharge his or her fiduciary duties solely in the interest of the Railroad 

Retirement Board, and through it, the participants and beneficiaries of the programs funded 

under the Act, (i) for the exclusive purpose of providing benefits to participants and beneficiaries 

and defraying reasonable plan expenses, (ii) with the care, skill, prudence and diligence under 

the circumstances then prevailing that a prudent person in a like capacity and familiar with such 

matters would use in the conduct of an enterprise of a like character and with like aims 

(including, by diversifying investments), and (iii) in accordance with the Trust's governing 

documents. 

In addition, the undersigned recognizes that the Act imposes conflict of interest 

restrictions intended to prevent the Trustees from (i) dealing with the assets of the Trust in their 

own interests, (ii) acting in any transaction involving the assets of the Trust on behalf of a party 

whose interests are adverse to the interests of the Trust, and (iii) receiving any consideration for 

their own personal account from any party dealing with the assets of the Trust. 

Understanding all of the foregoing duties and responsibilities of this position, the 

undersigned individual hereby agrees to serve as a Trustee of the Trust, effective February I, 

2017. 

Joel Park& 
ACCEPTANCE BY TRUSTEE 

OF THE NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST 

The National Railroad Retirement Investment Trust (the "Trust") was established, 

effective February 1, 2002, pursuant to Section lS(j) of the Railroad Retirement Act of 1974 (the 

"Act"), as most recently amended by Public Law 107-90, the Railroad Retirement and Survivors' 

Act of2001 (the "2001 Act"). Pursuant to the Act, a Board of Trustees (the "Board") is to be 

established to assume fiduciary responsibility for the operation of the Trust. 

Pursuant to Section 15U)(3J(A)(ii) of the Act, the undersigned individual has been 

appointed as a trustee (the "Trustee") of the Trust, by either: (a) the joint recommendation of 

labor organizations, national in scope, organized in accordance with section 2 of the Railway 

Labor Act and representing at least 2/3 of all active employees represented by such national 

labor organizations covered under the Act; (b) carriers as defined in section 1 of the Railway 

Labor Act employing at least 2/3 of all active employees covered under the Act; or (c) a majority 

of the other 6 members of the Board of Trustees. 

The undersigned Trustee has reviewed Section l S(j) of the Act as well as a copy of the 

Bylaws of the Trust. The Trustee understands the duties and responsibilities of serving on the 

Board, including his fiduciary obligations to the Trust. Specifically, under the Act, each Trustee 

is required to discharge his fiduciary duties solely in the interest of the Railroad Retirement 

Board, and through it, the participants and beneficiaries of the programs funded under the Act, (i) 

for the exclusive purpose of providing benefits to participants and beneficiaries and defraying 

reasonable plan expenses, (ii) with the care, skill, prudence and diligence under the 

circumstances then prevailing that a prudent person in a like capacity and familiar with such 

matters would use in the conduct of an enterprise of a like character and with like aims 

(including, by diversifying investments), and (iii) in accordance with the Trust's governing 

documents. 

In addition, the undersigned recognizes that the Act imposes conflict of interest 

restrictions intended to prevent the Trustees from (i) dealing with the assets of the Trust in their 

own interests, (ii) acting in any transaction involving the assets of the Trust on behalf of a party 

whose interests are adverse to the interests of the Trust, and (iii) receiving any consideration for 

their own personal account from any party dealing with the assets of the Trust. 

Understanding all of the foregoing duties and responsibilities ofthis position, the 

undersigned individual hereby agrees to serve as a Trustee of the Trust, effective February 1, 

2017. 
ACCEPTANCE BY TRUSTEE 

OF THE NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST 

The National Railroad Retirement Investment Trust (the "Trust") was established, 

effective February 1, 2002, pursuant to Section 15G) of the Railroad Retirement Act of 1974 (the 

"Act"), as most recently amended by Public Law 107-90, the Railroad Retirement and Survivors' 

Act of 2001 (the "2001 Act"). Pursuant to the Act, a Board of Trustees (the "Board") is to be 

established to assume fiduciary responsibility for the operation of the Trust. 

Pursuant to Section 15G)(3)(A)(ii) of the Act, the undersigned individual has been 

appointed as a trustee (the "Trustee") of the Trust, by either: (a) the joint recommendation of 

labor organizations, national in scope, organized in accordance with section 2 of the Railway 

Labor Act and representing at least 2/3 of all active employees represented by such national 

labor organizations covered under the Act; (b) carriers as defined in section 1 of the Railway 

Labor Act employing at least 2/3 of all active employees covered under the Act; or ( c) a majority 

of the other 6 members of the Board of Trustees. 

The undersigned Trustee has reviewed Section 15(j) of the Act as well as a copy of the 

Bylaws of the Trust. The Trustee understands the duties and responsibilities of serving on the 

Board, including his fiduciary obligations to the Trust. Specifically, under the Act, each Trustee 

is required to discharge his fiduciary duties solely in the interest of the Railroad Retirement 

Board, and through it, the participants and beneficiaries of the programs funded under the Act, (i) 

for the exclusive purpose of providing benefits to participants and beneficiaries and defraying 

reasonable plan expenses, (ii) with the care, skill, prudence and diligence under the 

circumstances then prevailing that a prudent person in a like capacity and familiar with such 

matters would use in the conduct of an enterprise of a like character and with like aims 

(including, by diversifying investments), and (iii) in accordance with the Trust's governing 

documents. 

In addition, the undersigned recognizes that the Act imposes conflict of interest 

restrictions intended to prevent the Trustees from (i) dealing with the assets of the Trust in their 

own interests, (ii) acting in any transaction involving the assets of the Trust on behalf of a party 

whose interests are adverse to the interests of the Trust, and (iii) receiving any consideration for 

their own personal account from any party dealing with the assets of the Trust. 

Understanding all of the foregoing duties and responsibilities of this position, the 

undersigned individual hereby agrees to serve as a Trustee of the Trust, effective February 1, 

20� tr_ I 

c!Jf.ec mcent 4--
 

 APPENDIX M
NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST

BOARD OF TRUSTEES

FEBRUARY 1, 2017 TO JANUARY 31, 2018 

BIOGRAPHICAL INFORMATION

CHAIR: Alec Vincent is Assistant Vice President Fuel & BU-Ops Sourcing for BNSF 

Railway, with 26 years of experience in rail industry financial management positions. 

His current areas of responsibilities include procuring BNSF’s 1.4 billion gallon fuel 

supply, managing the associated logistics, and sourcing all equipment and service needs 

in support of BNSF’s Business Unit Operations. In addition, Mr. Vincent leads the 

Finance capital budget teams responsible for supporting BNSF’s $2 billion Positive Train 

Control project, its line expansion and Marketing projects, as well as various other 

capital intensive areas. Prior to assuming his current role, Mr. Vincent was Assistant 

Vice President Tax, responsible for various tax functional areas, including federal 

income tax compliance, state income tax compliance, and state and local sales, use and 

excise taxes. From 2008 – 2014, he served as Treasurer, heading up BNSF’s treasury 

function with responsibility for the execution of capital market transactions, corporate 

liquidity management, interest rate derivative hedging, equipment financing, developing 

cash management solutions, and compliance oversight of the company’s benefit plan 

investments. Mr. Vincent holds BA and MA degrees from the University of Kansas and a 

Master’s in Business Administration from Washburn University. Mr. Vincent has served 

on the Board since February 1, 2010. 

George J. Francisco, Jr. currently serves as President Emeritus of the National 

Conference of Firemen & Oilers, SEIU (NCFO). Previously, he served as President of 

the NCFO, from January 1998 until his retirement on December 31, 2010. As NCFO 

President, he had extensive experience serving as a trustee of a number of union 

pensions, 401(k) and health and welfare funds, including the Affiliates’ Officers and 
2 

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. During his more than 35 years with NCFO, Mr. Francisco also served as the 

Conference Vice President, before becoming Conference Secretary-Treasurer in 1996. 

He also served as Vice President of Local 32BJ, SEIU, representing more than 120,000 

members. Mr. Francisco holds a BS degree from the University of Dubuque. He has 

served on the Board since February 1, 2002. 

Mary S. Jones served as Vice President and Treasurer of Union Pacific Corporation 

until her retirement on December 1, 2017. In her position, Ms. Jones was responsible 

for corporate finance, investor relations, insurance, 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 holds a Bachelor of Arts degree from 

Carleton College and a Master's degree in Business Administration from Columbia 

University. Ms. Jones has served on the Board since June 1, 2010. 

Joel Parker served as Special Assistant to the President and National Vice President of 

the Transportation Communications International Union (TCU)/IAM until his retirement 

at the end of 2016. He was elected to the Vice President position in 1991, and 

reelected in 1995, 1999, 2004, 2009, and 2014. 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 that are 
3 

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 40 years of experience within the railroad 

industry, had been active in union leadership for 36 years of this period. At the TCU, 

Mr. Parker had primary responsibility for collective bargaining, arbitration, and pension 

issues. In addition, Mr. Parker served as Trustee for the TCU 401(k) Plan, and 

previously served as Trustee for the Los Angeles County MTA pension plan and the Los 

Angeles County TCU Health and Welfare 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. 

Richard G. Patsy is Assistant Vice President Pensions and Investments of CSX 

Corporation. He is responsible for the investment of the company’s $2.5 billion defined 

benefit pension plan, $2.0 billion 401(k) defined contribution plan, $1.3 billion operating 

fund and a $200 million captive insurance company portfolio. In addition, Mr. Patsy 

serves as Secretary of the Jacksonville Police and Firefighter Pension Fund Board of 

Trustees, with $1.6 billion in assets. Mr. Patsy has 25 years of investment experience, 

the last 20 of which have been with public and private pension plans. His areas of 

expertise include all aspects of investment management, specifically fixed income 

portfolio management and trading, asset allocation, and cash management. He also 

has earned the Chartered Financial Analyst (CFA) designation from the CFA Institute. 

Mr. Patsy is retired from the United States Navy (Reserve Component) as a Captain with 

over 30 years of service. He is a graduate of Penn State University and holds a Master’s 

in Business Administration from the State University of New York at Albany. Mr. Patsy 

has served on the Board since February 1, 2011. 

William F. Quinn was the chairman and founder of American Beacon Advisors, a $56 

billion investment management firm responsible for managing the American Airlines 

pension funds as well as assets from external clients including the American Beacon 
4 

mutual funds. Prior to his retirement from American Beacon on September 30, 2015, 

he had been with the firm and its predecessors, which was wholly owned by AMR 

Corporation until 2008, since 1974. Mr. Quinn was appointed by Mayor Rawlings to the 

Dallas Police & Fire Pension Board in September 2017 and he was elected Chairman by 

the Board in October 2017. Mr. Quinn was appointed to the Board of CSW Industrials, 

a publicly traded NASDAQ listed company, on October 1, 2015, and formerly served on 

the boards of directors of three other public companies. He has served on several 

investment committees for non-profit endowments and has been a leader within the 

corporate pension community serving on several industry groups. He is a graduate of 

Fordham University and became a certified public accountant while working at Arthur 

Young & Co. Mr. Quinn has served on the Board since February 1, 2011. 

William C. Walpert is National Secretary-Treasurer Emeritus of the Brotherhood of 

Locomotive Engineers and Trainmen (BLET), a Division of the Rail Conference of the 

International Brotherhood of Teamsters. As the BLET’s National Secretary-Treasurer 

prior to January 1, 2015, he was in custody of all funds of the BLET and had supervision 

over the financial and record department personnel of the BLET. Since 2001, Mr. 

Walpert has served as a trustee for the BLET defined benefit retirement plan serving 

National Division employees; the Brotherhood of Locomotive Engineers’ (BLE) 401(k) 

retirement plan, a deferred compensation plan serving National Division and General 

Committee employees; and the BLE’s non-qualified deferred compensation plan serving 

National Division employees. Since 2004, he has served as Secretary of the BLET 

Disability and Welfare Benefit Trust Fund Administrative Trust. Previously, as General 

Secretary-Treasurer of the BLE, Mr. Walpert was in charge of the BLE Finance 

Committee that helped merge the BLE with the International Brotherhood of Teamsters. 

He first began working in the rail industry in 1973, and holds bachelors and masters 

degrees from Missouri State University. Mr. Walpert has served on the Board since 

October 19, 2011. 
5 

NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST

BIOGRAPHICAL INFORMATION

INVESTMENT STAFF AS OF SEPTEMBER 30, 2017 

Senior Staff 

William J. Carr, III was named Chief Executive Officer/Chief Investment Officer of 

the Trust on April 12, 2016. Mr. Carr joined the Trust as Director of US Equity on May 

3, 2010. Prior to joining the Trust, Mr. Carr was Senior Investment Analyst at the 

District of Columbia Retirement Board for more than 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. 

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 35 years of experience in financial analysis, including 23 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 
6 

primarily 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 Marshall School of Business at the University of Southern California. 

Neil E. Kotras was named Chief Financial Officer/Chief Operating Officer on October 2, 

2015. From April 25, 2006 to that date, Mr. Kotras served as the Trust’s Senior 

Accounting Officer. Effective August 17, 2016, Mr. Kotras also serves as Chief 

Compliance Officer of the Trust. Prior to joining the Trust, Mr. Kotras worked as 

Assistant Vice President as a member of the Investment Treasury group at T. Rowe 

Price Associates, where he was responsible for financial reporting and accounting policy 

for the firm’s mutual fund products. Also in this capacity, Mr. Kotras had oversight of 

the firm’s Financial Reporting group. Previously, he was a manager in the audit practice 

of PricewaterhouseCoopers LLP (PwC), where he was responsible for several large asset 

management engagements in the Baltimore/ Washington DC Metro area. Mr. Kotras 

holds an undergraduate degree in accounting and economics from the Sellinger School 

of Business at Loyola University Maryland, and an MBA in finance from the Robert H. 

Smith School of Business at the University of Maryland. Mr. Kotras is a Certified Public 

Accountant. 

Other Staff Members (in alphabetical order) 

Annita Biondo was named Director of Operations on July 1, 2015. She joined the 

Trust as a Financial Analyst on October 1, 2007. Prior to joining the Trust, she was a 

Tax Accountant at RSM McGladrey. Previously, Ms. Biondo worked at General Motors 

and other fortune 500 companies in finance and human resources. She received a BS 

degree from Indiana University of Pennsylvania and an MBA from Marymount 

University. 

Ross M. Breslin joined the Trust on January 3, 2017 as an Investment Analyst 

covering International Equities. Prior to joining the Trust, Mr. Breslin was an Assistant 
7 

Vice President, Portfolio Manager Associate for U.S. Trust, Bank of America Private 

Wealth Management. He was responsible for providing integrated investment advice 

and portfolio management services to high net worth families and institutional clients. 

Mr. Breslin holds BSBA with a concentration in finance from The Catholic University of 

America. 

George C. Brooke joined the Trust on September 12, 2016 and serves as the 

Investment Analyst for Private Equity. Prior to joining the Trust, he was a Senior Analyst 

at Greenspring Associates, a $4.5 billion venture capital investment firm in Baltimore, 

Maryland, where he was responsible for the sourcing, due diligence and monitoring of 

the Firm’s fund, direct and secondary investments. Additionally, he provided marketing 

and investor relations services to the Firm and its portfolio companies to build brand 

awareness and raise capital. Mr. Brooke earned a BS degree in Accounting and Business 

Administration from Washington and Lee University and is a CFA Level II candidate. 

Rhett Butler joined the Trust on March 3, 2014 as an Investment Analyst, initially 

focusing on Absolute Return Investments and in 2016 transitioned to US Equity. Prior 

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

responsible for providing investment research and analytical support for target-date and 

target-risk asset allocation portfolios. Mr. Butler earned a BA in economics from 

University of Maryland Baltimore County and is a CFA and CAIA charterholder. 

Xiaolu “Claire” Cui joined the Trust on February 16, 2014. She currently serves as the 

Investment Analyst for Real Assets. Prior to joining the Trust, Ms. Cui was a financial 

engineer at Fannie Mae responsible for implementing financial models used in the 

securitization of mortgage-backed securities. Previously, she was a Treasury Analyst at 

the Carlyle Group where she managed a billion dollar investment portfolio of short-term 

securities and several multibillion-dollar credit facilities. Prior to that, she was an auditor 

with Ernst & Young where she performed financial statement audits of publicly and 

privately held companies in biotechnology, technology, and media industries. Ms. Cui 
8 

holds a BS degree from the McIntire School of Commerce at the University of Virginia. 

She is a CFA charterholder and a CPA.

Liz Fisher was named as Director of Fixed Income on April 1, 2014. She joined the 

trust as Senior Investment Analyst – Real Assets on December 3, 2007 and transitioned 

to the public markets team in 2013. Prior to joining the Trust, Ms. Fisher was a Senior 

Investment Analyst with the State Retirement and Pension System of Maryland, where 

she was 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. 

J. Lodge Gillespie Jr joined the Trust on September 1, 2014 and serves as Director of 

Real Assets. Prior to joining the Trust, Mr. Gillespie was a Managing Director of Private 

Investments at The Investment Fund for Foundations (TIFF), where he managed a 

$725 million portfolio of private real estate and natural resource investments on behalf 

of TIFF’s non-profit foundation and endowment members. Mr. Gillespie previously 

spent three years with Standard & Poor’s analyzing trends in the institutional 

investment marketplace. Mr. Gillespie received an AB degree from Colgate University 

and an MA degree from the University of Virginia. He is a CFA charterholder. 

Pauline Jones joined the Trust as a temporary Administrative Assistant on July 28, 

2014. In May of 2015, Pauline was brought on as a full-time employee to continue her 

duties as an Administrative Assistant in the Operations Department. Prior to joining the 

trust, Ms. Jones worked for six years with Loewinger & Brand Real Estate Law firm in 

Washington, DC as the receptionist/time entry billing clerk. She received a certificate 

from Strive DC Inc. in Customer Service Training and a certificate in Fundamentals of 

Human Resources from Alison Advance Learning. 
9 

Barry Kaplan is the Director of International Equity. From 2010 – 2017, Mr. Kaplan 

was the Trust’s Director of Absolute Return Investments. On April 2, 2007, Mr. Kaplan 

joined the Trust as a Senior Investment Analyst – Private Equity. Prior to joining the 

Trust, he worked for Nuveen Investments, where he was involved in the execution of 

closed-end fund product strategies. 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. He received an undergraduate degree from the University of Maryland and an 

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

Kaplan is a CFA charterholder. 

Corina Laufiso joined the Trust as the Office Manager on June 22, 2015. Prior to 

joining the Trust, Ms. Laufiso worked as a corporate trainer for Black Turtle Services, on 

the AT&T Corporate B2B Training Project as an associate trainer, and for the State of 

Utah as an Employment Counselor. Ms. Laufiso received a Bachelor of Science in 

English and Psychology from Weber State University, and will complete a Masters of 

Education in Instructional Design and Training Facilitation from George Mason 

University in May 2018.

Courtney C. Macdonald was named Director of US Equity on May 18, 2016. Ms. 

Macdonald joined the Trust as an Investment Analyst, focused on Private Markets, on 

March 16, 2010. 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. Macdonald received a BA in 

economics from Johns Hopkins University in 2005 and is a CFA charterholder. 

Erik A. Murad was named Director of Absolute Return and Commodities on September 

1, 2017. Mr. Murad joined the Trust on July 1, 2012, as an Investment Analyst focused 

on public markets. Prior to joining the Trust, Mr. Murad completed his graduate degree 

at the University of Maryland. Previously, he worked as a Financial Analyst for 
10 

Oberthur Technologies. Mr. Murad received a BA degree in economics from the 

University of Virginia in 2008 and an MBA degree from the University of Maryland’s 

Smith School of Business in 2012. Mr. Murad 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. 

Marcus Ware joined the Trust on September 5, 2017 as an Operations Analyst. Prior 

to joining the Trust, Mr. Ware worked at Calvert Investments where he was most 

recently responsible for trade settlements. Mr. Ware earned a BA in Communications 

Studies from University of Michigan. 

Emily C. Weiss joined the Trust on June 16, 2015 as a Financial Analyst. Prior to 

joining the Trust, Ms. Weiss worked as a Senior Associate at CohnReznick LLP, 

completing tax and financial statement engagements in the firm’s Private Company 

Services group. Ms. Weiss earned BSBA and MS degrees in accounting from American 

University in 2011 and 2012, respectively, and was licensed as a CPA in 2013. 

Justin R. Wood joined the Trust on August 15, 2016 as an Investment Analyst 

covering Global Fixed Income. Prior to joining the Trust, Mr. Wood was an Investment 

Analyst for Financial Services Advisory, an investment advisory firm, where he was 

responsible for tracking current and potential investments for the firm’s clients, along 

with assisting in the trading of client accounts. Previously, Mr. Wood worked for Hays 

Advisory, an investment management firm, where he supported the firm’s investment 
11 

committee as a Research Analyst and oversaw the firm’s performance reporting. Mr. 

Wood is a CFA charterholder and holds a BBA degree in finance from Belmont 

University, where he graduated summa cum laude.
NRRIT

National Railroad Retirement Investment Trust 

2001 K Street, N.W. 

Suite 1100 

Washington, DC 20006