AK HJR34

Establishes a separate earnings reserve account within the Alaska Permanent Fund, replacing the previous statutory account with a constitutional one.

Calculates annual income available for distribution as 21 percent of the fund's net income over the last five fiscal years, capped at net income for the current year plus the earnings reserve account balance.

Transfers 50 percent of income available for distribution (or the account balance if less) from the earnings reserve account annually to fund permanent fund dividend payments to eligible state residents.

Requires the legislature to appropriate transfers from the earnings reserve account to offset inflation's effect on the permanent fund principal each fiscal year.

Allows the legislature to appropriate additional amounts from the earnings reserve account for government operations and to provide larger dividends than the calculated amount.