At the 2019 Annual Meeting of Shareholders, held June 1 in Puyallup, Wash., shareholders voted to create the CIRI Settlement Trust (CST).
“The establishment of the CIRI Settlement Trust is a win-win for both shareholders and the corporation,” said CIRI President and CEO Sophie Minich. “By providing benefits through the CST, CIRI can allocate greater resources toward shareholder benefits, including distributions and health, cultural preservation and community enhancement programs and initiatives.”
The CST 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: CIRI Elders’ Settlement Trust funding will run out in 2019. The CIRI Board of Directors has approved providing the necessary funding to cover any shortfall through the end of 2019, thereby ensuring all eligible Elders receive full payments through the end of the year. The Board proposes to provide Elders’ benefits after 2019 through the CST, maintaining the current level of payments and eligibility requirements of the CIRI Elders’ Settlement Trust.
- Other tax benefits: The CIRI Settlement Trust 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.
Now that the CIRI Settlement Trust has been established, is there anything shareholders need to do?
There is nothing shareholders need to do other than keeping their stock records current (e.g., mailing addresses, direct deposit information, name changes, etc.). Shareholders may access the Qenek portal at http://qenek.ciri.com to quickly verify the information on file with CIRI. Accessing Qenek on a quarterly basis also qualifies shareholders for a drawing for a YETI Tundra 35 Cooler.
Distributions from the CST are expected to replace some or all of CIRI’s quarterly dividends; however, payments will be processed in the same manner as they have been—by mail or direct deposit using address or account information on file with the CIRI Shareholder Relations department.
The Trustees have held their first meeting and steps are being taken to implement the CST. Additional information will be forthcoming in future editions of the Raven’s Circle.