| Section
105 of the Railroad Retirement Survivor's Improvement Act
of 2001
Reports:
|
The National Railroad
Retirement Investment Trust (NRRIT, or "the Trust")
was established pursuant to Section 105 of the Railroad Retirement
Survivor's Improvement Act of 2001 (the "Act") that
was signed into law on December 21, 2001. The Act set
February 1, 2002 as the date that the Trust was to become effective.
The sole purpose of the Trust is to manage and invest Railroad Retirement assets. The Act authorizes the Trust to invest the assets of the Railroad Retirement Account in a diversified investment portfolio in the same manner as those of private sector retirement plans. Prior to the Act, investment of Railroad Retirement Account assets was limited to U.S. government securities. The Trust has no powers or authority over the administration of the benefits under Railroad Retirement. Responsibility for administering the railroad retirement program, including eligibility determinations and the calculation of beneficiary payments, remains with the Railroad Retirement Board (RRB). The Trust is a tax-exempt entity independent from the federal government. It is domiciled in and subject to the laws of the District of Columbia. |
| Updated as of March 11, 2004 |
