HB315 • 2026

APFC TRUSTEE QUALIFICATIONS, CONFIRMATION

An Act relating to the qualifications and confirmation of appointees to the Board of Trustees of the Alaska Permanent Fund Corporation; and providing for an effective date.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: REPRESENTATIVE VANCE
Last action: 2026-04-11
Official status: (H) STA
Effective date: Not listed

Plain English Breakdown

Checked against official source text during the last sync.

New Rules for Alaska Permanent Fund Corporation Trustees

This law changes how the governor appoints and confirms public members of the board that manages the state's investment fund.

What This Bill Does

Requires four public members to be confirmed by a majority vote in both houses of the legislature meeting together.
Sets new rules saying public members must live in Alaska and have recognized competence and wide experience in finance, investments, or business management.
Changes the length of service for public members from four years to six years.
Staggered terms so that no more than one member's term ends each year.
Requires any person filling an empty seat on the board to be confirmed by the legislature.

Who It Names or Affects

The governor of Alaska when appointing new trustees.
Members of the state legislature who vote to confirm public members.
People appointed as public members to the Board of Trustees of the Alaska Permanent Fund Corporation.

Terms To Know

Alaska Permanent Fund Corporation: The organization that manages a large investment fund for the state of Alaska.
Joint session: A meeting where members from both houses of the legislature gather to vote together on one issue.

Limits and Unknowns

The new rules do not apply to board members who are already serving when the law starts.
People currently holding a seat must be confirmed by the legislature if they want to serve another term starting after December 1, 2026.

Bill History

2026-04-11 Text
(H) Heard & Held
2026-04-11 Text
(H) STATE AFFAIRS at 03:15 PM GRUENBERG 120
2026-02-18 1645
(H) REFERRED TO STATE AFFAIRS
2026-02-18 1645
(H) STA, FIN
2026-02-18 1645
(H) READ THE FIRST TIME - REFERRALS

Official Summary Text

APFC TRUSTEE QUALIFICATIONS, CONFIRMATION
An Act relating to the qualifications and confirmation of appointees to the Board of Trustees of the Alaska Permanent Fund Corporation; and providing for an effective date.

Current Bill Text

Read the full stored bill text

HB0315a -1- HB 315
New Text Underlined [DELETED TEXT BRACKETED]

34-LS1491\A

HOUSE BILL NO. 315

IN THE LEGISLATURE OF THE STATE OF ALASKA

THIRTY-FOURTH LEGISLATURE - SECOND SESSION

BY REPRESENTATIVE VANCE

Introduced: 2/18/26
Referred: State Affairs, Finance

A BILL

FOR AN ACT ENTITLED

"An Act relating to the qualifications and confirmation of appointees to the Board of 1
Trustees of the Alaska Permanent Fund Corporation; and providing for an effective 2
date." 3
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
* Section 1. AS 37.13.050(a) is amended to read: 5
(a) The Board of Trustees of the Alaska Permanent Fund Corporation consists 6
of six members appointed by the governor. Two of the members must be heads of 7
principal departments of state government, one of whom shall be the commissioner of 8
revenue. Four members shall be appointed by the governor from the public and may 9
not hold any other state or federal office, position or employment, either elective or 10
appointive, except as a member of the armed forces of either the United States or of 11
this state. The public members of the board shall be separately confirmed by a 12
majority of the members of the legislature in joint session. 13
* Sec. 2. AS 37.13.050(b) is amended to read: 14
34-LS1491\A
HB 315 -2- HB0315a
New Text Underlined [DELETED TEXT BRACKETED]

(b) The four public members of the board must be residents of this state and 1
have recognized competence and wide experience in finance, investments, or other 2
business management-related fields. 3
* Sec. 3. AS 37.13.060 is amended to read: 4
Sec. 37.13.060. Term of office. The public members of the board shall be 5
appointed for terms of six [FOUR] years, and they may be reappointed subject to 6
confirmation by a majority of the members of the legislature in joint session. The 7
terms of the public members shall be staggered so that not [NO] more than one term 8
of a public member expires each year. 9
* Sec. 4. AS 37.13.070(b) is amended to read: 10
(b) A vacancy on the board shall be [PROMPTLY] filled by appointment by 11
the governor within 30 days after the vacancy occurs and the appointee must be 12
confirmed by a majority of the members of the legislature in joint session. An 13
appointee to a vacancy shall hold office for the balance of the term for which the 14
appointee's predecessor on the board was appointed. If a vacancy occurs while the 15
legislature is not in session, the governor may appoint an interim board member 16
who shall exercise the powers of the board member until the next session of the 17
legislature, at which time the name of the interim board member shall be 18
presented to the legislature for confirmation. 19
* Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 20
read: 21
APPLICABILITY. (a) The changes to AS 37.13.050(a) and AS 37.13.050(b) made in 22
this Act do not apply to members of the Board of Trustees of the Alaska Permanent Fund 23
Corporation who are serving on the effective date of this Act. 24
(b) Members of the Board of Trustees of the Alaska Permanent Fund Corporation 25
who are reappointed under AS 37.13.060 on or after the effective date of this Act shall be 26
confirmed by a majority of the members of the legislature in joint session. 27
* Sec. 6. This Act takes effect December 1, 2026. 28