CST Elders Fund Payments
First quarter CST Elders Fund payments were mailed or directly deposited on Friday, March 13, 2020, to eligible Elders with a valid mailing address on file as of 3 p.m. on Thursday, March 5. Original CIRI shareholders who were 65 years of age or older were eligible to receive the $450 payment, providing they either owned at least one share of CIRI stock or gifted all of their CIRI stock to family members prior to July 31, 2003. The remaining 2020 CST Elders Fund distributions are schedule for June 12, Sept. 11 and Dec. 11.
March 24 UPDATE
In light of the issues surrounding the ongoing coronavirus (COVID-19) pandemic, the CIRI Board and the CIRI Settlement Trust Trustees approved early payment of the first quarter and resource revenue distributions. The address change and direct deposit deadline for those distributions was March 20. Shareholder Relations staff have been working hard to complete requested record changes and have processed the payments in an effort to get them distributed as soon as possible. Direct deposits and checks will be mailed or directly deposited by 6 p.m. Alaska time on Wednesday, March 25. First quarter CIRI Settlement Trust distributions will be $9.46 per share (or $946 per 100 shares), and will be distributed to all CST beneficiaries who own CIRI stock and had a valid mailing address on file with CIRI as of 3 p.m. on Friday, March 20.
Resource revenue payments will be $18.8951 per share (or $1,889.51 per 100 shares), and will be mailed or directly deposited on Thursday, March 26 to at-large CIRI shareholders who had a valid mailing address on file with CIRI as of 3 p.m. on March 20, 2020.
The remaining 2020 Distribution Fund payment dates are scheduled for June 30, Sept. 30 and Dec. 9.
Beginning in 2020, until and unless otherwise ordered or modified by the CIRI Board, CIRI shall annually contribute 3.5% of the previous year’s ending shareholders’ equity balance attributable to CIRI to the Distribution Fund of the CST. As with CIRI’s prior dividend policy, this contribution shall be made in four quarterly contributions, with the first three contributions equal to 24% of the total contribution and the fourth quarter contribution equal to 28% of the total contribution. Each such contribution shall be designated for payment to the CST Distribution Fund for distribution to the beneficiaries of the CST who are CIRI shareholders.
Direct Deposit/Remote Deposit
CIRI urges shareholders who receive their distributions 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. Shareholders who participate in direct deposit and have a current CIRI mailing address are also eligible to participate in quarterly prize drawings. The deadline to sign up for direct deposit or change an existing direct deposit instruction is 3 p.m. on March 2 for the CST Elders Fund payment and 3 p.m. on March 9 for the CST Distribution Fund payment. Visit ciri.com or contact Shareholder Relations for direct deposit forms or information on remote deposit.
If you wish to cancel direct deposit, you must do so prior to 3 p.m. on March 5 for the CST Elders Fund payment and 3 p.m.on March 20 for the CST Distribution Fund payment. Direct deposit may be cancelled online via the Qenek portal. Otherwise, your signed, written cancellation request must be received by the deadline. Click Qenek link to create an account or access an existing account. Maintain a current mailing address and access your Qenek account quarterly in 2020 for a chance to win a YETI Tundra 35 Cooler!
A list of shareholders without a current mailing address on record is continually updated and posted on ciri.com. 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 is signed up for direct deposit. When a shareholder fails to notify CIRI of a new address before a specified deadline and the check is sent to the old address, CIRI cannot reissue that check unless it is either returned to us, or a minimum of 90 days has elapsed.
If your address has changed, be sure to update your address with both CIRI and the U.S. Postal Service. The addresses must match or your CIRI mail may not reach you. 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 address change request that includes a current telephone number. Address change forms and requests can be scanned and emailed to firstname.lastname@example.org, 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 usps.com or your local post office.
Although CIRI does not withhold taxes from distributions, shareholders who anticipate owing tax on their distributions have the option of making quarterly estimated tax payments directly to the Internal Revenue Service themselves. To learn 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. As a reminder, distributions made by the CST are expected to be tax-free to beneficiaries in most cases.