CIRI shareholders voted to establish the CIRI Settlement Trust, or CST, at CIRI’s 2019 Annual Meeting of Shareholders. Given the tax advantages to CIRI and CST beneficiaries, distributions from the CST are expected to replace some or all of CIRI’s dividends. As previously reported, the CIRI Board of Directors approved contributing the amount that CIRI would have issued as dividends in the fourth quarter of 2019 to the CST, and the CST trustees have agreed to distribute the contributed amount to CST beneficiaries who hold shares of Class A stock of CIRI on the record date previously established for the fourth quarter dividend.
Accordingly, the CST will issue a fourth quarter distribution in the amount of $10.51 per share (or $1,051 per 100 shares) on Tuesday, December 10. Payments will be mailed or directly deposited by 6 p.m. Alaska Standard Time on Monday, December 10, to all CST beneficiaries who own CIRI stock and have a valid address on file with CIRI as of 3 p.m. on Monday, December 2.
Elders’ Settlement Trust Payments
Checks and vouchers for the fourth quarter CIRI Elders’ Settlement Trust distribution will be mailed or directly deposited by 6 p.m. Alaska Standard Time on Friday, December 13, to eligible Elders with a valid mailing address on file as of 3 p.m. on Monday, December 2. Original shareholders who are 65 years of age or older and who own at least one share of CIRI stock as of December 13 are eligible to receive the $450 payment. 2020 Elders distributions will be issued from the CST Elders Fund on the second Fridays of March, June, September and December.
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 3:00 p.m. on Nov. 18 for the fourth quarter distributions. 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 Nov. 18. Direct deposit may be cancelled online via the Qenek portal. Otherwise, your signed, written cancellation request must be received by the appropriate deadline. Maintain a current mailing address and access your Qenek account quarterly in 2019 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 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 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.