Elders’ Settlement Trust Payments
Third quarter CIRI Elders’ Settlement Trust payments of $450 will be mailed or directly deposited by 6 p.m. AKDT on Friday, Sept. 13 to eligible Elders with a valid mailing address on file as of 3 p.m. Thursday, Sept. 5. The remaining 2019 Elders’ payment is scheduled for 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 previously reported, CIRI Elders’ Settlement Trust funding will run out in 2019. The CIRI Board of Directors has approved providing the necessary funding to cover any shortfall through the end of 2019, thereby ensuring all eligible Elders receive full payments through the end of the year. Thereafter, the Board proposes to provide Elders’ benefits through the CIRI Settlement Trust (CST)—which was established by a majority vote of the shareholders at the 2019 Annual Meeting of Shareholders—maintaining the current level of payments and eligibility requirements of the CIRI Elders’ Settlement Trust.
CIRI Settlement Trust (CST) Distribution
As has been previously explained, given the tax advantages to CIRI and CST beneficiaries, distributions from the CST are expected to replace some or all of CIRI’s dividends. Accordingly, the CIRI Board of Directors has approved contributing the amounts that CIRI would have issued as dividends in the third and fourth quarters of 2019 to the CST, and the CST trustees have agreed to distribute the contributed amounts to CST beneficiaries who hold shares of Class A stock of CIRI on the record dates previously established for the third and fourth quarter dividends.
CST payments will be processed in the same manner as CIRI distributions—by mail or direct deposit using address or account information on file with the CIRI Shareholder Relations department. Third quarter distributions 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 Monday, Sept. 30 to all shareholders with a valid mailing address on file as of 3 p.m. Friday, Sept. 20.
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. (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 www.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 is signed up for direct deposit.
CIRI address changes may be submitted online via the Qenek portal. Alternatively, you may submit a completed CIRI address change form – available at www.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 protected], 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.