Leaders React to Permanent Fund Topping $50 Billion
Speaker, Majority Leader, Rules Chair welcome news, thank managers
Friday, February 28, 2014, Juneau, Alaska – Leadership of the Alaska House Majority Caucus today welcomed today’s news from the Alaska Permanent Fund Corporation, who announced the Fund has topped $50 billion, a new record.
“Congratulations to the fund managers and Board of Directors,” Alaska Speaker of the House Mike Chenault, R-Nikiski, said. “It’s through their wise counsel, prudent investments and expert stewardship that we can mark this milestone of getting the corpus above $50 billion.”
The Fund closed Feb. 27, 2014 with an unaudited value of $50.0 billion, according to a report from the Fund.
“It is amazing that the first $700 million deposit in 1977 has grown to $50 billion today,” House Majority Leader Lance Pruitt, R-Anchorage, said. “As we look to the future of the Fund, the sky is the limit. I’m thankful for their leadership, dedication and hard work. They’re a tremendous asset for Alaskans.”
The Fund was created in 1976, and invests deposits from state royalty oil, general funds, and previous investment returns in stocks, bonds, real estate, private equity and infrastructure. The Fund has paid out more than $20 billion in dividends to eligible Alaskans since 1982.
“We have to protect and grow the Permanent Fund,” House Rules Chair Craig Johnson, R-Anchorage, said. “We are ratcheting down government growth and working toward making sure our future generations can enjoy the same benefits.”