Elders’ Settlement Trust Payments
Second quarter CIRI Elders’ Settlement Trust payments of $450 will be mailed or directly deposited by 6 p.m. AKDT on Friday, June 14 to eligible Elders with a valid mailing address on file as of 3 p.m. Thursday, June 6. The remaining 2019 Elders’ payments are scheduled for Sept. 13 and Dec. 13. Original shareholders who are 65 years of age or older and who own at least one share of CIRI stock as of these dates are eligible to receive the $450 payments.
As has been previously explained, it is anticipated the Trust portfolio will only be able to fund Elders’ payments for the first three quarters of 2019, and the Trustees have been working with CIRI to explore options to ensure Elders continue to receive quarterly payments. In the interim, the CIRI Board has approved providing the necessary funding to cover any shortfall, thereby ensuring that all eligible Elders will receive full payments in 2019.
The 2017 Tax Cuts Jobs Act allows Alaska Native corporations to place assets in a settlement trust to help finance trust benefits, including shareholder and Elders’ distributions. After evaluating the best options to take advantage of the new rules to benefit its shareholders, CIRI is presenting a resolution to establish a CIRI Settlement Trust to shareholders at the 2019 Annual Meeting. The results of the Settlement Trust vote will be shared in next month’s newsletter.
Second Quarter Dividend
Second quarter dividends in the amount of $9.03 per share (or $903 per 100 shares) will be mailed or directly deposited by 6 p.m. AKDT on Friday, June 28 to all shareholders with a valid mailing address on file as of 3 p.m. Friday, June 21.
Direct Deposit/Remote Deposit
CIRI urges shareholders who receive their dividends in check form to consider either implementing direct deposit or taking advantage of remote deposit. Both options are fast, easy and eliminate the need to drive to the bank and stand in line. (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 portal account, you can cancel your existing direct deposit instruction online via the portal.
Checks and vouchers are mailed to the address CIRI has on record as of the specified deadline. If your address has changed, be sure to update your address with both CIRI and the U.S. Postal Service. These addresses must match or your CIRI mail may not reach you. When CIRI mail is undeliverable, distributions are held and the shareholder does not qualify to participate in any prize drawings until the address is updated. This is true even if a shareholder has his or her dividends electronically deposited.
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, written request that includes a current telephone number. Address change forms and requests can be scanned and emailed to email@example.com, mailed to CIRI at PO Box 93330, Anchorage, AK 99509, or faxed 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 www.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.
As a reminder, CIRI does not withhold taxes from distributions; however, shareholders 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.