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United Transportation Union General Secretary and Treasurer Daniel Johnson Dec. 26 was elected to National Railroad Retirement Investment Trust's (NRRIT) board, following the recent election of Transportation Communications Union International Vice President Joel Parker.
Rail industry leaders still must elect a third labor member to NRRIT — which will make Railroad Retirement Trust Fund investment decisions — as well as three management members. The six trustees then would elect a neutral board member by majority vote.
NRRIT's seven board members — who would oversee professional money managers making actual investment decisions — must possess financial-investment and pension-plan management experience and expertise.
Railroad Retirement and Survivors' Improvement Act of 2001 (H.R. 10), signed into law Dec. 21 by President Bush, allows railroads to transfer more than $15 billion in the retirement trust fund — now invested in lower-yielding U.S. Treasury bonds — to a new Railroad Retirement Investment Trust holding assets invested in non-governmental stocks and corporate bonds, and government bonds and other debt.