I am turning 65 soon. What do I need to do to make sure I begin to receive Elder payments?
No action needs to be taken by Elders becoming eligible to receive payments from CIRI’s Irrevocable Elders’ Settlement Trust. That said, because receiving Elders’ payments may cause some individuals to exceed monthly income limitations set by the Social Security Administration and to lose SSI benefits, shortly before each Elders’ distribution any newly eligible Elders are sent a letter giving them an opportunity to “opt out” of receiving Elders’ payments. If a completed “opt-out” form is returned to CIRI, Elders’ payments will not be sent; otherwise, the Elder will receive the next scheduled Elders’ payment. As a reminder, recipients of Elders’ Trust payments must be:
1) original CIRI shareholders;
2) 65 years of age or older;
3) alive on the date of record for a payment distribution; and
4) own at least one share of CIRI stock.
The 2009 schedule for the $450 quarterly payments is March 13, June 12, Sept. 11 and Dec. 11. The payments were scheduled to occur in the same months as CIRI’s quarterly distributions, so as to reduce the number of months that some Elders lose their SSI payments.
For additional information on Elders’ Distributions, please visit the CIRI website.