Alaska Permanent Fund

The Alaska Permanent Fund (APF) is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation (APFC).[1] It was established in Alaska in 1976[2] by Article 9, Section 15 of the Alaska State Constitution[3] under Governor Jay Hammond and Attorney General Avrum Gross. From February 1976 until April 1980, the Department of Revenue Treasury Division managed the state's Permanent Fund assets, until, in 1980, the Alaska State Legislature created the APFC.[4]

As of 2019, the fund was worth approximately $64 billion that has been funded by oil and mining revenues and has paid out an average of approximately $1,600 annually per resident (adjusted to 2019 dollars).[5] The main use for the fund's revenue has been to pay out the Permanent Fund Dividend (PFD), which many authors portray as the only example of a basic income in practice.[6][7]

  1. ^ "About the Alaska Permanent Fund Corporation (APFC)". Alaska Permanent Fund Corporation. Archived from the original on July 17, 2012. Retrieved September 27, 2012.
  2. ^ "What is the Alaska Permanent Fund?". Alaska Permanent Fund Corporation. Archived from the original on July 28, 2012. Retrieved September 27, 2012.
  3. ^ "Alaska State Constitution, 9.15". State of Alaska. Retrieved September 27, 2012.
  4. ^ "About the Alaska Permanent Fund Corporation (APFC)". Alaska Permanent Fund Corporation. Archived from the original on July 17, 2012. Retrieved September 27, 2012.
  5. ^ DeMarban, Alex (September 28, 2019). "This year's Alaska Permanent Fund dividend: $1,606". Anchorage Daily News. Retrieved September 24, 2020. [See graphs] The annual check this year will be delivered to 631,000 Alaskans, most of the state population, and come largely from earnings of the state's $64 billion fund that for decades has been seeded with income from oil-production revenue. ... This year's dividend amount, similar to last year's, is in line with the average annual payment since they began at $1,000 in 1982 when inflation is taken into account, said Mouhcine Guettabi, an economist with the University of Alaska Anchorage Institute of Social and Economic Research.
  6. ^ Widerquist, Karl (February 14, 2012). Alaska's Permanent Fund Dividend. Springer. ISBN 9781137015020.
  7. ^ Widerquist, Karl (February 19, 2016). Exporting the Alaska Model. Springer. ISBN 9781137031655.