TECHNICAL AMENDMENTS TO THE RAILROAD RETIREMENT AND SURVIVORS’ IMPROVEMENT ACT OF 2001.

SEC. 426. TECHNICAL AMENDMENTS TO THE RAILROAD RETIREMENT AND SURVIVORS’ IMPROVEMENT ACT OF 2001.(a) Quorum Rules.—Section 15(j)(7) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(7)) is amended by striking “entire Board of Trustees” and inserting “Trustees then holding office”.(b) Powers of the Board of Trustees.—Section 15(j)(4) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(4)) is amended to read as follows:“(4) Powers of the board of trustees.—The Board of Trustees shall—“(A) retain independent advisers to assist it in the formulation and adoption of its investment guidelines;“(B) invest assets of the Trust in a manner consistent with such investment guidelines, either directly or through the retention of independent investment managers;“(C) adopt bylaws and other rules to govern its operations;“(D) employ professional staff, and contract with outside advisers, including the Railroad Retirement Board, to provide legal, accounting, investment advisory or management services (compensation for which may be on a fixed contract fee basis or on such other terms as are customary for such services), or other services necessary for the proper administration of the Trust;“(E) sue and be sued and participate in legal proceedings, have and use a seal, conduct business, carry on operations, and exercise its powers within or without the District of Columbia, form, own, or participate in entities of any kind, enter into contracts and agreements necessary to carry out its business purposes, lend money for such purposes, and deal with property as security for the payment of funds so loaned, and possess and exercise any other powers appropriate to carry out the purposes of the Trust; “(F) pay administrative expenses of the Trust from the assets of the Trust; and“(G) transfer money to the disbursing agent or as otherwise provided in section 7(b)(4), to pay benefits payable under this Act from the assets of the Trust.”.(c) State and Local Taxes.—Section 15(j)(6) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(6)) is amended to read as follows:“(6) State and local taxes.—The Trust shall be exempt from any income, sales, use, property, or other similar tax or fee imposed or levied by a State, political subdivision, or local taxing authority. The district courts of the United States shall have original jurisdiction over a civil action brought by the Trust to enforce this subsection and may grant equitable or declaratory relief requested by the Trust.”.(d) Funding.—Section 15(j)(8) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(8)) is repealed.118 STAT. 538(e) Transfers.—Section 15A(d)(2) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n–1(d)(2)) is amended—(1) by inserting “or the Railroad Retirement Account” after “National Railroad Retirement Investment Trust” the second place it appears; (2) by inserting “or the Railroad Retirement Board” after “National Railroad Retirement Investment Trust” the third place it appears; (3) by inserting “(either directly or through a commingled account consisting only of such obligations)” after “United States” the first place it appears; and(4) in the third sentence, by inserting before the period at the end the following: “or to purchase such additional obligations”. (f) Clerical Amendments.—Section 15(j)(5) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(j)(5)) is amended—(1) in subparagraph (B), by striking “trustee’s” each place it appears and inserting “Trustee’s”;(2) in subparagraph (C), by striking “trustee” and “trustees” each place it appears and inserting “Trustee” and “Trustees”, respectively; and(3) in the matter preceding clause (i) of subparagraph (D), by striking “trustee” and inserting “Trustee”.