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August 4 update from Railroad Retirement Board’s Labor Member regarding China investments

(BLET Editor’s Note: The following is a message to Rail Labor from John Bragg, Labor Member of the U.S. Railroad Retirement Board.)

CHICAGO, August 10 — In my last update on July 9, 2020, I informed you of correspondence that the Railroad Retirement Board (RRB) received from the White House alleging that the National Railroad Retirement Investment Trust (NRRIT) was investing in companies which posed national security threats and raised humanitarian concerns. We were assured by NRRIT that it was not investing in these companies and that it has screening processes in place that identify those companies so that it does not and will not invest in them. Given the seriousness of the allegations, the RRB Board members assured the White House that a follow up with NRRIT would occur. The RRB Board Members sent a letter to NRRIT, again sharing some concerns, and followed up with a conference call on July 29. NRRIT formally responded to the concerns raised in a letter dated July 30, 2020. That letter is attached for your viewing.

I want to reiterate that our trust fund is stable and NRRIT’s investments are producing the returns needed to ensure the stability of the fund well into the future. Every railroader has the right to retire with financial security and a sense of dignity. The RRB, with the help of NRRIT and its investments, helps ensure that right.

• • •

A copy of the NRRIT’s July 30 letter is available here (PDF).

Monday, August 10, 2020
bentley@ble-t.org

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