A new stimulus check payment of more than $1,200 was confirmed by the Permanent Fund Dividend (PFD) of the great state of Alaska. It’s important to note that this stimulus check is distributed thanks to the investment in the state’s oil revenues. The Alaska Fund makes annual payments to qualified people who meet the PFD standards. The amount varies annually and is determined by the fund’s performance.
The Department of Revenue Commissioner, Adam Crum, told Alaskans that they will get a fair portion of the state’s natural resource wealth and commended the Permanent Fund Dividend Division for their work. This year, the PFD processed over 8,000 applications, generating approximately $1 billion for the state’s economy.
With a $75.08 billion fund, the Alaska Permanent Fund Dividend (PFD) intends to invest 36% in public stocks and 20% in fixed income by 2023. The remaining 17% will be allocated to infrastructure, lending, private income, extraordinary opportunities, and private equity. Moreover, the fund seeks a 5% annual average return and diversification.
The political cost of the stimulus check payment is high
The Alaska stimulus check payment has turned into both a blessing and a curse for a state that has depended on the oil boom and bust cycle for decades. As lawmakers use the profits to support the state budget, it now faces competition for funding from programs for public safety, health care, and education. Additionally, a legislative stalemate has arisen from disputes over the size of the oil checks, and a Senate plan to conclude this year’s payout discussion failed to reach a consensus.
A $175 million one-time financial boost for schools was authorized by the state legislature this year in response to requests from administrators who said they were being pressured to reduce programming or raise class sizes. However, Gov. Mike Dunleavy, a Republican, split the budget. Republican Senate Majority Leader Cathy Giessel, who is advocating for a new pension plan to keep state employees, expressed her ambivalence on the payment.
How to apply for the PFD stimulus check payment
Eligible Alaska residents will be able to apply online for the next $1,312 stimulus payment from the Permanent Fund Dividend (PFD). Remember that paper applications are available statewide at local distribution centers and can be downloaded.
Alaska Stimulus Check payment eligibility requirements
To be eligible for a 2024 Permanent Fund Dividend (PFD) stimulus check, Alaska residents should meet the following requirements:
- You must be a resident of Alaska for the entirety of 2023 and intend to stay permanently.
- You have not claimed residency in another state or country since December 31, 2022.
- You have not been sentenced for a felony or misdemeanor.
- You have not been absent from Alaska for more than 180 days.
- You have been physically present in Alaska for at least 72 consecutive hours during 2022 or 2023.
Stimulus Check payment application methods
Citizens can apply for the 2024 stimulus check payment online or on paper. The PFD website offers online applications, and the Alaska Permanent Fund Dividend program provides hardcopy applications. The Alaska Permanent Fund Dividend (PFD) website will accept online applications starting Monday, January 1st, and ending Sunday, March 31st.
Paper applications, on the other hand, will be available at hundreds of distribution centers around Alaska, as well as PFD offices. In addition, Alaskans must properly administer the fund and consider alternate financial options for retirement or community investment to ensure its long-term advantages.
Unlike the stimulus check payment provided by the federal government, which is based on national economic needs, the Alaskan Permanent Fund Dividend pays residents annually as a way to share the state’s oil fortune. However, responsible management of the Permanent Fund Dividend (PFD) payment is critical to ensuring that Alaskans continue to benefit from this unique program for future generations.