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State of Alaska

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An Act to Restore the Hammond 50-50 Plan with Historical Traditional Resident Payments Based on “35 Years of Precedent Payments”

Initiative Id: 21HPFD — Sponsor’s Proposed Bill Language

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An Act to Restore the Hammond 50-50 Plan with Historical Traditional Resident Payments Based on “35 Years of Precedent Payments” This Act Requires Transfers from the Earnings Reserve Account (ERA) Formulated Based on Average Earned Income. Held as Undistributed Earnings (4/5th averaged over five years with 1/5th as distributed Earnings (5/5th averaged over 5 years includes 5% for Inflation Proofing) or a 105% od Earning Divided by 5 years with each Increment Equals 21% of Average Earnings equals 21%)

This Act requires the return of shared fifty-fifty or 10.5% of total earnings to the eligible shareholders as a dividend by is divided by the number of Eligible/Qualified Applications Annually. With 10.5% of the five-year average transferred for Government to be paid into the Constitutional Budget Reserve ensuring a perpetual or continuous dividend based on fund earnings.

  1. Add Fund Statutory Net Income from Current Plus the Previous Four Fiscal Years
  2. Multiply by 21%
  3. Divide by 2
  4. Subtract prior years obligations, expenses and PFD Program Operations
  5. 50% of the Earnings shall be divided by the number of eligible/qualified applicants transferred by the PFD Corporation to eligible shareholders the first week of October each year from a Earing Reserve account which (equals 10.5% of earnings or half of 21%)
  6. 50% of the earnings shall be transferred to the Constitutional Budget Reserve to prevent forward funding and protect spending by the legislature without a 75% majority vote to withdraw. All mineral related Income received by the state as per Section 17 Article IX of the Constitution of the State after 1 July 1990, funds received must be deposited In the CBR before being designated based on or equal to PFD which (equals 10.5% of earnings or half of 21%)

This Act prevents the Alaska Legislature from making Formula Changes to the Permanent Fund Dividend without a vote of the people. It protects the permanent fund transfers of distributed earnings In a statutory law to be paid to eligible shareholders. It also transfers earnings to budget available funds within the constitutional budget reserve for responsible spending limits within the budget process as per AS 43.23.045. Should this Initiative become law?