The Bill Walker Memorial Award was established in 1984 to recognize individuals of the Association that project the high standards and moral character that RICA member and past president Bill Walker exemplified throughout his career. Recipients of this award are those that have greatly contributed to the Railway Industrial Clearance Association, and is the highest honor bestowed by the Association to one of its members.

A bit of history and background on Mr. Walker as provided by Ed McCouch: "Bill’s father had been head of the clearance department for the Pennsylvania Railroad. Bill worked in the department, taking over as manager upon his father’s retirement. Bill was one of the finest gentlemen one could ever meet. He was extremely willing to help and highly knowledgeable. If you contacted Bill about a clearance load, you had a guarantee that he would check it out and do whatever was possible to work it out and develop a solution to move the load. He was a clearance man’s clearance man. He did so much for the Association in the early years that is truly fitting we utilize his name to remember other members who further the goals and ideals of RICA. Bill served as a Director, Vice President and President.”

Members are encouraged to present a nominee in writing to any officer, director or committee chair which in turn is presented to the RICA Chairman Ex-Officio. The Ex-Officio selects two members from the General Membership who serve as the committee to make the final selection on a yearly basis. At the board meeting prior to the Annual General Membership Meeting, this committee advises the officers that an individual(s) has been selected.