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1/18/2002



Rail News: Rail Industry Trends

AAR appoints three rail officials to retirement trust fund board


Association of American Railroads President and Chief Executive Officer Edward Hamberger recently appointed three railroad officials as board members of National Railroad Investment Fund (NRIF).
Joining railroad union board members Daniel Johnson, United Transportation Union general secretary and treasurer, and Joel Parker, Transportation Communications Union international vice president, are Bernie Gutschewski, Union Pacific Railroad vice president and general tax counsel; James Hixon, Norfolk Southern Corp. vice president employee relations and general tax counsel; and Thomas Hund, Burlington Northern Santa Fe executive vice president and chief financial officer.
NRIF still must appoint a third union member; the six railroad and union members then would choose a neutral member by majority vote.
The recent railroad retirement reform law permits railroads to transfer more than $15 billion in the Railroad Retirement Trust Fund, now invested in lower yielding U.S. Treasury bonds, to the new NRIF invested in non-governmental assets — such as stocks and corporate bonds — as well as government bonds and other debt.
The seven NRIF board trustees will oversee money managers, who will make all investment decisions.


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