PUBLIC LAW 107-90—DEC. 21, 2001 115 STAT. 883 "(1) ESTABLISHMENT. —The National Railroad Retirement Investment Trust (hereinafter in this subsection referred to as the 'Trust') is hereby established as a trust domiciled in the District of Columbia and shall, to the extent not inconsistent with this Act, be subject to the laws of the District of Columbia applicable to such trusts. The Trust shall manage and invest its assets in the manner set forth in this subsection. " (2) NOT A FEDERAL AGENCY OR INSTRUMENTALITY. — The Trust is not a department, agency, or instrumentality of the Government of the United States and shall not be subject to title 31, United States Code. " (3) BOARD OF TRUSTEES. — " (A) GENERALLY. — "(i) MEMBERSHIP.— The Trust shall have a Board of Trustees, consisting of 7 members. Three shall represent the interests of labor, 3 shall represent the interests of management, and 1 shall be an independent Trustee. The members of the Board of Trustees shall not be considered officers or employees of the Government of the United States, " (ii) SELECTION. — "(I) The 3 members representing the interests of labor shall be selected by the joint recommendation of labor organizations, national in scope, organized in accordance with section 2 of the Railway Labor Act, and representing at least % of all active employees, represented by such national labor organizations, covered under this Act. "(II) The 3 members representing the interests of management shall be selected by the joint recommendation of carriers as defined in section 1 of the Railway Labor Act employing at least % of all active employees covered under this Act. "(Ill) The independent member shall be selected by a majority of the other 6 members of the Board of Trustees. A member of the Board of Trustees may be removed in the same manner and by the same constituency that selected that member. "(iii) DISPUTE RESOLUTION.—In the event that the parties specified in subclause (I), (II), or (III) of the previous clause cannot agree on the selection of Trustees within 60 days of the date of enactment or 60 days from any subsequent date that a position of the Board of Trustees becomes vacant, an impartial umpire to decide such dispute shall, on the petition of a party to the dispute, be appointed by the District Court of the United States for the District of Columbia. "(B) QUALIFICATIONS. —Members of the Board of Trustees shall be appointed only from among persons who have experience and expertise in the management of financial investments and pension plans. No member of the Railroad Retirement Board shall be eligible to be a member of the Board of Trustees. "(C) TERMS. —Except as provided in this subparagraph, each member shall be appointed for a 3-year term. The initial members appointed under this paragraph shall be
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