January 18, 2016 (Montreal, Quebec) – Chief Scott Martin and a representative from the Royal Trust Company signed a Trust Agreement today that provides the details and process for handling the remaining funds provided to LMG as part of the Settlement Agreement.
“Listuguj members gave Chief and Council direction to set up this Trust. The Trust will ensure that we have the funds so that all members eligible for a PCD will be paid and it also sets out some important rules regarding the Trust,” said Chief Scott Martin.
As ratified by community members, $60 million from the Settlement Agreement is currently being distributed to all Listuguj members who were alive and a member as of April 29, 2015. This Trust Agreement provides details regarding the remaining money that is owed to Listuguj members who have not yet applied for their PCD as well as for those qualifying members who are not yet 18 years of age.
This money is placed in what is called the Listuguj Mi’gmaq Claims Settlement Minors Trust, which is arms-length from Chief and Council and administered by an independent Trustee (the Royal Trust Company). There are two accounts in the Trust; one for adults and one for minors.
There are some rules regarding how minors will be paid once they turn 18, among others:
- The PCD is $14,951.41 but there will also be an amount to cover inflation and a 2% return adjustment compounded annually until the member turns 18 and applies for the PCD
- PCD payments will be made on a quarterly basis; January 31st, April 15th, July 15th, and October 15th of each year
The Listuguj Mi’gmaq Government will release the Listuguj Mi’gmaq Settlement Minors Trust Agreement after it is registered at the Registry Office in the days to follow.
For more information on the Trust, please contact:
Chief Scott Martin
Chiefscott.firstname.lastname@example.org or 418-788-2136 www.listuguj.ca