AK SB34

Amends AS 42.45.080(a) to change the required investment return for the power cost equalization endowment fund from seven percent to four percent nominal return over a five-year period.

Maintains the commissioner of revenue as the fiduciary of the fund with the same powers and duties provided in AS 37.10.071.

Specifies that fund investments must be managed to meet the objectives of the power cost equalization and rural electric capitalization fund under AS 42.45.100.

Takes effect immediately upon enactment under AS 01.10.070(c).