The National Railroad Retirement Investment Trust (NRRIT) is seeking a highly qualified individual to serve as Independent Trustee on its seven-member Board of Trustees.
NRRIT was created by an Act of Congress in 2001 to manage and invest the industry-funded assets of the Federal Railroad Retirement system. Pursuant to the Act, NRRIT is authorized to invest the assets in the same array of investment options available to private sector pension plans. As of December 31, 2020, the Trust had $26.3 billion in Federal Government assets under its management, but the Trust is not an agency or instrumentality of the Federal Government. It is solely responsible for the investment of Railroad Retirement assets and does not have responsibility for Railroad Retirement benefit qualification or payment matters. Those and other matters related to the administration of Railroad Retirement benefits remain the responsibility of the U.S. Railroad Retirement Board. Additional information about the Trust, including Annual Management Reports and Quarterly Reports, can be found on the website of the Railroad Retirement Board at https://rrb.gov/FinancialReporting/NRRIT .
Under its enabling statute, NRRIT is governed by a Board of seven Trustees, three chosen by rail management, three chosen by rail labor, and a seventh, the Independent Trustee, selected by the other six Trustees. The Trustees have the fiduciary responsibility to establish and periodically update governing documents such as Investment Guidelines, including asset allocation, select the Trust’s investments, and oversee the work of the Trust’s investment staff. Pursuant to statute, the Trustees are required 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.
In January 2022, William F. Quinn will be retiring after serving as Independent Trustee since 2011. Up until 2015, Mr. Quinn was the chairman and founder of American Beacon Advisors, a $56 billion investment management firm responsible for managing the assets of the American Airlines pension funds, as well as assets from external clients, including the American Beacon mutual funds. All told, he had been with the firm and its predecessors for more than 40 years. Mr. Quinn also has served on numerous corporate boards and non-profit investment boards. NRRIT is seeking a highly qualified individual to succeed Mr. Quinn.
The Independent Trustee Position
The Independent Trustee is not a full-time position but, rather, similar in nature to a board of trustee appointment to a public or private pension fund where the board has the fiduciary responsibility of hiring investment managers recommended by investment staff, and otherwise taking an active role in the oversight of the staff and the Trust’s investment activities. The Trust’s Board holds four 2-day quarterly meetings and one 1-day administrative meeting at the Trust’s offices in Washington, DC each year, as well as a one-day in-person meeting with the Railroad Retirement Board in Chicago. The Board may also hold occasional brief teleconference or video conference meetings as needed. In addition, Trustees devote time to reviewing quarterly Board meeting packages and other communications from the investment staff between meetings. As such, candidates should expect a regular time commitment to Trust activities.
NRRIT is seeking highly qualified candidates who meet the following criteria:
1) Strong investment background, as demonstrated by at least 10 years of experience as a Chief Investment Officer or similar leadership role with a multi-billion dollar pension fund, endowment, or foundation.
2) Experience with investment in domestic and international equities and fixed income securities, as well as with private equity, private debt, real estate, and other alternative asset classes.
3) Strong understanding of theories of asset class diversification, asset allocation studies, the screening, selection, and oversight of investment managers, and the effective use of benchmarking criteria.
4) Must have demonstrated high ethical standards in both their personal and professional lives.
5) Strong organizational/communication/interpersonal skills, including the ability to engage effectively, openly, and honestly in an investment committee environment.
6) An advanced degree or CPA, and preferably a CFA designation.
7) Previous board experience would be helpful.
Compensation includes annual base retainer, separate meeting fees, and expense reimbursement.
Expression of Interest
Individuals who are interested in being considered for this position should submit a letter of interest and resume via email to [email protected].