AK SB146

Modifies fiduciary liability standards by removing reference to AS 37.14.110(c) and clarifying that fiduciaries are not liable for delegated duties unless they knowingly participate in breaches, fail to comply with duties, or fail to remedy known breaches.

Eliminates separate accounting requirements for principal and income of the public school trust fund, changing language from "principal and income accounts" to a single fund accounting method.

Establishes that 5 percent of the three-year average market value of the fund determined annually on July 1 may be appropriated for public school program support and fund administration costs.

Revises investment objectives to focus on "increasing returns from capital appreciation and net income" to benefit current beneficiaries, removing previous language limiting focus to income alone.

Makes the Act's effectiveness conditional on a final court judgment confirming that enactment does not violate trust duties regarding Alaska Statehood Act grants of land for public school benefit.