SB 98 Summary

• Alaska Permanent Fund Corporation shall manage the power cost equalization endowment fund using the same investment objective and asset allocation as the Alaska permanent fund.

• Corporation must prepare quarterly financial reports showing investment revenue, expenditures, and cash asset allocation, plus annual financial statements audited by a certified public accountant.

• Corporation shall publish and deliver all financial reports to the Alaska Energy Authority, Department of Commerce, Community and Economic Development, and the legislature.

• Net income from the power cost equalization endowment fund is excluded from computation of net income or market value available for distribution under existing permanent fund provisions.

• On July 1, 2023, the Commissioner of Revenue transfers the power cost equalization endowment fund balance to the Alaska Permanent Fund Corporation, which begins management operations on that date.