Opening its $1.1 billion casino expansion, the tribe is increasing annual stipends for most tribe members from $12,000 to $28,000, The Day of New London reported Oct. 4. The stipends will increase $1,000 every three months up to a total of $28,000 for members aged 18 to 62, beginning next month. Members under 18 will get less and those 62 and older will receive more. Tribal Chairman Mark Brown and Vice Chairman Peter Schultz declined comment. ‘This is an internal matter and I will not discuss it in the press,” Brown said. The increase is the second since August, when payments increased from $10,000 per member to $12,000, the paper said. If revenues fall because of a bad economy or a war, the stipends could decrease, The Day reported. Under the new stipends, newborn tribal members will have more than $400,000 in the bank by the time they are 18 and able to access the money. Under old rules, the money was held in trust and paid out incrementally after age 18. The tribe will begin making payments on a $375 million loan from a consortium led by Bank of America when the casino’s new 1,200-room luxury hotel opens in April.
