DIR DEPOSIT PFD IN INVESTMENT ACCT

Plain English Breakdown

The exact wording for notifying applicants about investment risks is specified in the bill but not detailed further.

Act for Depositing Permanent Fund Dividends into Investment Accounts

This act allows eligible people to direct their permanent fund dividend payments into an investment account instead of receiving them as cash.

What This Bill Does

• It lets eligible applicants or their authorized representatives direct their permanent fund dividend payments into a chosen investment account.
• The state department must design the application form to include the option for depositing dividends in an investment account and notify applicants about the risk involved.

Who It Names or Affects

• Eligible applicants for permanent fund dividends and their authorized representatives.

Terms To Know

Permanent Fund Dividend

Money distributed to eligible Alaskans from the state's Permanent Fund, which is a savings account funded by oil revenues.

Authorized Representative

A person chosen by an applicant to act on their behalf for depositing dividends into investment accounts.

Limits and Unknowns

• The bill specifies that the department may not use money from the dividend fund for administrative costs incurred in implementing this section.
• It is unclear how many people will choose to use this new option when it becomes available.

Official Summary Text

DIR DEPOSIT PFD IN INVESTMENT ACCT
An Act relating to depositing permanent fund dividends into investment accounts; and providing for an effective date.

Current Bill Text

HB0102a -1- HB 102
New Text Underlined [DELETED TEXT BRACKETED]

34-LS0583\A

HOUSE BILL NO. 102

IN THE LEGISLATURE OF THE STATE OF ALASKA

THIRTY-FOURTH LEGISLATURE - FIRST SESSION

BY REPRESENTATIVE SADDLER

Introduced: 2/14/25
Referred: State Affairs, Finance

A BILL

FOR AN ACT ENTITLED

"An Act relating to depositing permanent fund dividends into investment accounts; and 1
providing for an effective date." 2
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3
* Section 1. AS 43.23 is amended by adding a new section to read: 4
Sec. 43.23.058. Deposits from dividends. (a) An applicant for a permanent 5
fund dividend who is eligible under this chapter to receive a permanent fund dividend, 6
or the applicant's authorized representative, may direct that t he dividend payment be 7
deposited in an investment account identified by the applicant. 8
(b) The department shall design the permanent fund dividend application form 9
to allow an applicant, or the applicant's authorized representa tive, to direct the 10
department to make a deposit under this section, and to provide the information that 11
the department determines is necessary to implement this sectio n. The application 12
form must notify the applicant that the applicant assumes the risk of investments made 13
under this section. 14
34-LS0583\A
HB 102 -2- HB0102a
New Text Underlined [DELETED TEXT BRACKETED]

( c ) T h e d e p a r t m e n t m a y n o t u s e money from the dividend fund fo r 1
administrative costs incurred in implementing this section. 2
* Sec. 2. This Act takes effect January 1, 2026. 3