# National Railroad Retirement Investment Trust

National Railroad Retirement Investment Trust is a Pension Fund based in Washington, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Washington, United States
- **Region:** North America
- **Address:** 2001 K Street NW Suite 1100, Washington, DC, United States
- **Founded:** 2002
- **Assets under management:** 27100 (Altss estimate)
- **Website:** rrb.gov
- **LinkedIn:** https://www.linkedin.com/company/national-railroad-retirement-investment-trust

## Regulatory record

- **Reports private funds:** No

## About

National Railroad Retirement Investment Trust (NRRIT) was established in December 2001 and became effective in February 2002 under the Railroad Retirement and Survivor's Improvement Act. NRRIT manages and invests Railroad Retirement assets in a diversified portfolio similar to private sector retirement plans. It operates as a tax-exempt entity independent from the federal government to secure retirement benefits for rail workers.

## Sectors

- Private Equity
- Real Estate
- Hedge Funds
- Public Equities
- Fixed Income

## People

- William Carr — Chief Executive Officer and Chief Investment Officer
- Douglas J. Brown — Independent Trustee and Chair of the Board
- Mary S. Jones — Management Trustee

## Questions

### Who runs investment decisions at the National Railroad Retirement Investment Trust?

William Carr serves as Chief Executive Officer and Chief Investment Officer. The board of trustees, composed of management and labor representatives, provides oversight on asset allocation and performance.

### Does the National Railroad Retirement Investment Trust commit to funds or make direct investments?

The trust participates primarily as a limited partner in private equity, real estate, and hedge fund vehicles. Holdings include commitments to Silver Lake, GTCR, Blackstone Real Estate Partners, and Elliott International.

### What asset classes does the National Railroad Retirement Investment Trust allocate to?

Allocations span public equities, private equity at a current 15.78 percent, real assets, fixed income, and absolute return strategies. The trust maintains exposure through index funds, commingled vehicles, and external managers.

### How is the National Railroad Retirement Investment Trust structured relative to the federal government?

The trust operates as a tax-exempt entity independent from the federal government under the Railroad Retirement and Survivor's Improvement Act of 2001. Its sole purpose is to manage and invest railroad retirement assets.

### Which service providers support the National Railroad Retirement Investment Trust?

Northern Trust acts as custodian. NEPC serves as investment advisor. KPMG and Ernst & Young provide audit services.

### Where does the National Railroad Retirement Investment Trust source its investment opportunities?

The trust accesses opportunities through external managers and fund commitments. It participates in industry events such as the NAIC Institutional Investor Roadshow to review emerging manager and private equity programs.

### What governance features define the National Railroad Retirement Investment Trust board?

The board includes management trustees from carriers including Union Pacific, BNSF Railway, and CSX alongside labor trustees from unions such as the Brotherhood of Locomotive Engineers and Trainmen and the National Conference of Firemen and Oilers.

## Related profiles

- [State Pension Fund of Finland (VER)](https://altss.com/profile/state-pension-fund-of-finland-ver)
- [West Virginia Investment Management Board](https://altss.com/profile/west-virginia-investment-management-board)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/national-railroad-retirement-investment-trust

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