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Sealaska Elder Benefits
There are two benefits for original Sealaska shareholders when they turn 65.
Shareholders who are eligible for the one-time payment from the Trust, will automatically receive a one-time payment after they turn 65. The amount of the payment will be $20 per share, for original shares owned on November 2, 1991. For example, if you owned 100 shares on that date, you will receive a $2,000 payment.
Eligibility for Class E shares includes the following:
1. One-time Payment from the Elders Settlement Trust
Sealaska shareholders who hold Class “A”,”B” or “C” stock receive a one-time payment from the Trust when they turn 65. The one-time payment includes $20 per share, based on original shares owned on November 2, 1991. The payment will be made via direct deposit or mailed check, depending on how you choose to receive payments from Sealaska.
2. Issuance of 100 Shares of Class E Stock
The non-voting shares are in addition to any original Sealaska shares they currently own. Class “E” shares are life estate stock and cease to exist upon the death of the shareholder. *Please note, in the 2019 Winter newsletter, it was reported that the additional class E shares are voting, which is incorrect.
- A one-time payment from the Elders’ Settlement Trust
- Issue of 100 shares of Class E, or Elder Stock
About One-time Payment from the Elders' Settlement Trust
The Elders' Settlement Trust (Trust) was approved by a shareholder vote in 1991. Sealaska shareholders who hold Class A, B or C stock can receive a one-time payment from the Trust when they turn 65.Shareholders who are eligible for the one-time payment from the Trust, will automatically receive a one-time payment after they turn 65. The amount of the payment will be $20 per share, for original shares owned on November 2, 1991. For example, if you owned 100 shares on that date, you will receive a $2,000 payment.
Class E Shares, or Elder Stock
In 2007, Sealaska shareholders approved issuing 100 Class E shares to original shareholders when they turn 65 or older.Eligibility for Class E shares includes the following:
- Alive on December 18, 1971 and still living
- Enrolled and issued original Sealaska stock
- Not enrolled in any other ANCSA Regional Corporation, except by gifting or inheritance
- Not enrolled to the Metlakatla Indian Community subsequent to original enrollment in Sealaska
About Class E Shares
- Class E shares are non-voting and are considered life estate stock and cease to exist upon the death of the shareholder. A shareholder may own other types of shares, that are eligible to vote
- Class E shares are eligible for payments from the Shareholder Permanent Fund and Sealaska operations
- Class E shares are not eligible for ANSCA Section 7(j) payments
- Class E shares cannot be gifted or willed
- Class E stock does not change other stock an elder may already own
Opting In For Elder Benefits Is Now Automatic
Sealaska shareholders who turn 65 will be automatically enrolled for Elder benefits. As a result, if you are eligible, shareholders will receive the benefits unless they “opt-out”. There are two elder benefits a shareholder may qualify for: a one-time payment from the Elders settlement trust, and the issuance of an additional 100 shares of Class “E” stock.1. One-time Payment from the Elders Settlement Trust
Sealaska shareholders who hold Class “A”,”B” or “C” stock receive a one-time payment from the Trust when they turn 65. The one-time payment includes $20 per share, based on original shares owned on November 2, 1991. The payment will be made via direct deposit or mailed check, depending on how you choose to receive payments from Sealaska.
2. Issuance of 100 Shares of Class E Stock
The non-voting shares are in addition to any original Sealaska shares they currently own. Class “E” shares are life estate stock and cease to exist upon the death of the shareholder. *Please note, in the 2019 Winter newsletter, it was reported that the additional class E shares are voting, which is incorrect.