NCFO Press Release

Falls Church, VA


NCFO President Emeritus George Francisco retired from the National Railroad Retirement Investment Trust.  President Emeritus Francisco was a strong advocate for the legislation that passed that established the Trust (NRRIT), as part of the Railroad Retirement and Survivors Improvement Act of 2001, which allowed Railroad employees to retire at age 60 with 30 years of service. He was elected by Rail Labor and started his first term on February 1, 2002, as a Trustee of the Board.  He tirelessly championed the rights and welfare of railroad workers, ensuring that their contributions and sacrifices are acknowledged and rewarded. Francisco unwavering commitment to this cause has not only provided financial security to countless individuals but has also served as a testament to his remarkable leadership and advocacy.

Former Transportation Communications Union Vice President Joel Parker also retired as a Trustee of the Trust on December 31, 2023; Joel also started as a Trustee on February 1, 2002.

Under the Act, the Trust is authorized to invest the assets transferred from the Railroad Retirement Account in a diversified investment portfolio in the same manner as those of private sector retirement plans, including stocks, bonds, and other investments.

It is important to recognize and appreciate the magnitude of their accomplishments. Their invaluable contributions have not only transformed the lives of railroad workers but have also set a benchmark for excellence in the field. Their work will undoubtedly leave a legacy that will continue to benefit generations to come. The NCFO thanks you both for your service.

Rail Labor elected NCFO President Dean Devita to replace Mr. Francisco and American Train Dispatchers Association Retired President Leo McCann to replace Mr. Parker.