The trustees of the CIRI Elders’ Settlement Trust approved the 2011 distribution schedule for Elders’ payments in December 2010. The payments will occur in the same months as CIRI’s quarterly distributions in order to reduce the number of months that some Elders lose their social security income payments because their monthly income exceeds limitations set by the Social Security Administration.
The 2011 trust payments are scheduled for March 11, June 10, Sept. 9 and Dec. 9. The trust mandates quarterly payments of $450 per eligible Elder for as long as the trust has assets available to make the distributions. Original shareholders who are 65 years of age or older and who own at least one share of CIRI stock as of those dates are eligible to receive payments. CIRI shareholders who are turning 65 and want to receive the payments do not need to do anything other than to keep a current mailing address with CIRI’s Shareholder Relations Department.
Beginning with the March distribution, direct deposit will be implemented. Elders who have their CIRI dividends directly deposited will have their trust payments electronically transmitted to the same account. The $450 trust payments will be electronically transmitted by 5 p.m. Alaska Standard Time on Friday, March 11. A non-negotiable voucher will be mailed to show how much was deposited. Previously, the payments could only be issued in check form. Eligible Elders who do not participate in direct deposit of their CIRI dividends will have their $450 trust payments mailed to them in check form on March 11.
Direct deposit safeguards against misplaced, lost or stolen checks and helps shareholders receive their trust payments faster. There is no need to wait until a check arrives and no need to make a trip to the bank. If you have not already signed up for direct deposit and would like to take advantage of this payment option, simply complete a Direct Deposit Authorization form and return the completed form along with a voided check or deposit slip from your checking or savings account with any bank, savings and loan or credit union. Direct deposit forms are available on CIRI’s website and from CIRI’s Shareholder Relations Department. If you have any questions about direct deposit or you need an authorization form, please contact Shareholder Relations at (907) 263-5191, or toll free at (800) 764-2474.