Many Alaskan residents will soon see added funds in their financial accounts due to a program that has been in place in the state for over 40 years.
Alaskans who applied to the state's Permanent Fund Dividend (PFD) will receive $1,300. Since 1976, the PFD, managed by a state-owned corporation, has distributed dollars due to accumulated interest from the state's oil revenues. Last year, residents received the second-highest amount of dollars paid out in those four decades, with each resident receiving $3,284.
Approximately over 90 percent of payments will be distributed in October, according to the Alaska Department of Revenue (DOR). The breakdown is as follows:
- 2022 (and prior year) dividend applications that are in "Eligible-Not Paid" status on September 6, 2023, will be distributed on September 14, 2023.
- 2023 dividend applications that were filed electronically, requested direct deposit, and are in "Eligible-Not Paid" status on September 21, 2023, will be distributed on October 5, 2023. Any 2022 and prior year applications determined eligible during this time will also be paid.
- 2023 (and prior year) dividend applications that are in "Eligible-Not Paid" status on October 18, 2023, will be distributed on October 26, 2023. This includes 2023 paper and electronic applications, requested direct deposit and check payments.
Aimee Bushnell, spokesperson for the DOR, told Newsweek that the 2023 mass payment date for direct deposit payments is October 5 for those that filed electronically and requested direct deposit. Those who filed a paper application or requested a paper check will be distributed starting the week of October 23.
"Over 600,000 Alaskans will be receiving their PFD in October," Bushnell said.
Those who are eligible must have resided in Alaska for at least one full calendar year prior to receiving the PFD, according to the state's DOR.
The program also grants temporary absences to those who, for various reasons, may reside outside the state for an unspecified period, such as those who have work requirements, are members of the military, or are receiving medical treatment. Those who are absent for more than 180 days for a different reason not specifically listed in the state statute are ineligible.
Parents, guardians or state-authorized representatives can apply for minors or those unable to apply on the minor's or individual's behalf.
The state began sending out 2022 payments from the state's PFD last fall, with some residents disbursed checks as recently as July. Additional residents received checks in August as well.
This year's amount was approved by the Alaska Legislature during the first day of a special session in May.
In July, concerns were relayed by an official with the Alaska Permanent Fund Corporation (APFC) in charge of giving out these payments. Its CEO, Deven Mitchell, told fund leaders during a quarterly meeting in Anchorage that the PFD could potentially dry up within the next three years, the Alaska Beacon reported.
According to the news outlet, under a "low" scenario, described as optimistic based on a hopeful 2.5 percent rate of inflation, the fund would be unable to pay for state services or dividends by summer 2026. A "mid" scenario would call for the spendable portion of the fund to be exhausted by summer 2027.
Newsweek reached out to the Alaska Permanent Fund Division and the APFC for comment.
Update 09/11/23, 7:42 a.m. ET: This article was updated with comment from the Alaska Department of Revenue.
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