DIR DEPOSIT PFD IN INVESTMENT ACCT

Plain English Breakdown

The official status label indicates 'Passed Legislature' but the last action listed is a canceled hearing; this suggests the bill may have passed in an earlier session or context not fully detailed in the provided metadata.

Direct Deposit of Permanent Fund Dividends into Investment Accounts

This bill allows eligible applicants or their representatives to choose to have their permanent fund dividend deposited directly into an investment account.

What This Bill Does

• Allows eligible applicants for a permanent fund dividend, or their authorized representative, to direct that the payment be deposited in an identified investment account.
• Requires the department to design the application form so people can request this deposit and provide necessary information.
• Mandates that the application form must notify the applicant that they assume the risk of investments made under this section.
• Prohibits the use of money from the dividend fund for administrative costs incurred in implementing this new option.

Who It Names or Affects

• Applicants who are eligible to receive a permanent fund dividend
• Authorized representatives acting on behalf of applicants
• The state department that manages the permanent fund dividend program

Terms To Know

Permanent Fund Dividend

A payment made to eligible applicants under this chapter.

Investment Account

An account identified by the applicant where the dividend may be deposited, carrying investment risk assumed by the applicant.

Limits and Unknowns

• The bill does not list specific types of investment accounts that are allowed.
• It does not explain exactly what information is necessary to implement this section beyond stating it must be provided on the form.
• The effective date is set for January 1, 2026.

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