CST Elders Distribution
Third quarter payments from the CIRI Settlement Trust (CST) Elders Distribution Fund were mailed or directly deposited by 6 p.m. Alaska time on Friday, Sept. 10 to eligible Elders with a valid mailing address on file as of 3 p.m. on Thursday, Sept. 2. CST beneficiaries who are original CIRI shareholders and are 65 years of age or older on the record date of Sept. 9 are eligible to receive the $450 payment, providing they either own at least one share of CIRI stock or gifted all their CIRI stock to family members prior to July 31, 2003. The remaining 2021 CST Elders Distribution Fund payment is scheduled for Dec. 10.
CST Distribution Fund
Third quarter payments from the CST Distribution Fund, in the amount of $9.67 per share (or $967 per 100 shares), will be mailed or directly deposited by 6 p.m. Alaska time on Thursday, Sept. 30 to all CST beneficiaries who own CIRI stock and have a valid mailing address on file with CIRI as of 3 p.m. on Wednesday, Sept. 22. The remaining 2021 CST Distribution Fund payment is scheduled for Dec. 9.
Annual Check Distribution
CIRI’s Annual Check Program was implemented to address problems associated with owners of fractional or small amounts of CIRI stock not cashing their checks. Under the program, distributions for shareholders owning five or fewer shares of stock who do not sign up for direct deposit or “opt out” of the program are cumulated and paid out annually, with no interest paid. This year, annual checks will mail on Tuesday, Sept. 21, and will include held liabilities associated with the 2020 third and fourth quarter and 2021 first and second quarter CST distributions. If applicable, a second check will include held liabilities associated with the 2021 resource revenue distribution. Resource revenue payments are distributed by CIRI, not the CST, and must be paid separately as they issue from different bank accounts.
CIRI urges shareholders who receive their distributions in check form to consider signing up for direct deposit or taking advantage of remote deposit. Both options are fast, easy and environmentally friendly. (Note: When remotely depositing a check, it’s a good idea to make a note on the check so you don’t attempt to cash it again. If a check is cashed twice, you are legally liable to repay the amount of the overpayment.)
Shareholders who participate in direct deposit and have a current CIRI mailing address are also eligible to participate in quarterly prize drawings.
Direct deposit forms are available from Shareholder Relations and at ciri.com. To cancel direct deposit, please submit a signed, written request prior to 3 p.m. on the specified deadline. If you have a Qenek account, you can cancel your existing direct deposit instruction online via the portal.
Checks are mailed to the address CIRI has on record as of the specified deadline. If your address has changed, be sure to update it with both CIRI and the U.S. Postal Service. The addresses must match or your CIRI mail may not reach you. When CIRI mail is undeliverable, distributions are held, with no interest paid, and the shareholder does not qualify to participate in any prize drawings until the address is updated. This is true even if a shareholder is signed up for direct deposit.
CIRI address changes may be submitted online via the Qenek portal. Alternatively, you may submit a completed CIRI address change form— available at ciri.com—or a signed request that includes a current telephone number. You may scan or take a photo of your completed form or request and email it to [email protected], mail it to CIRI at PO Box 93330, Anchorage, AK 99509, or fax it to (907) 263-5186. If faxed, please call Shareholder Relations as soon as possible to confirm receipt. Forms and information on changing your address or submitting a mail-forwarding request with the U.S. Postal Service are available at usps.com or your local post office.
Please be aware that if you fail to notify CIRI of a new address before a specified deadline and your check is sent to your old address, CIRI cannot reissue that check to you unless it is either returned to us, or a minimum of 90 days has elapsed. A list of shareholders who do not have a current mailing address on record is continually updated and may be found on the CIRI website.
Neither CIRI nor the CST withhold taxes from distributions; however, shareholders or beneficiaries who anticipate owing tax on their distributions have the option of making quarterly estimated tax payments directly to the IRS. To find out more about applicable federal and state tax requirements or making quarterly estimated tax payments, please consult with a tax advisor or contact the IRS directly. As a reminder, distributions made by the CST are expected to be tax-free to beneficiaries in most cases.
While the Fireweed Business Center remains closed to shareholders and visitors due to the COVID-19 pandemic, the Shareholder Relations department can nonetheless be reached by phone at (907) 263-5191 / (800) 764-2474 and via email at [email protected] during normal business hours. Additionally, the Qenek portal provides access to a wealth of news and information and allows many tasks and record changes to be completed online, including generating payment confirmations and reprinting tax forms.