The CIRI Settlement Trust is intended to enhance the health, education and welfare of its beneficiaries and preserve the heritage and culture of Alaska Native people. Currently the CIRI Settlement Trust is being utilized to provide shareholder distributions, but over time may provide a broad range of benefits to its beneficiaries including, but not limited to burial assistance, training and internships, cultural programs and other activities.
CIRI Settlement Trust Benefits
The CIRI Settlement Trust provides mutual benefit to both shareholders and the corporation, including allowing both shareholders and the corporation to take advantage of significant tax savings:
- Benefit to all shareholders: Distributions from the Trust to shareholders are expected to be tax free.
- Benefit to original Elders: The CIRI Settlement Trust is making distributions that were once made from the CIRI Elders’ Settlement Trust, and have maintained the previous level of payments and current eligibility requirements of the CIRI Elders’ Settlement Trust: original CIRI shareholders who are 65 years of age or older, own at least one share of CIRI stock and are alive on the distribution date of record are eligible to receive $450 quarterly Elders’ payments, assuming adequate Settlement Trust funding.
- Other tax benefits: Significantly reduces the company’s current and future federal income tax liability. This means the company will have more money to fund benefits for shareholders and descendants and to reinvest and continue to grow the company.