Latest news with #AlaskaPermanentFund
Economic Times
2 days ago
- Business
- Economic Times
Americans to receive $1,702 from July 17; Check Alaska Permanent Fund eligibility and how to claim
Good news for Alaskans. Residents will soon receive a $1,702 payment. This is part of the state's Permanent Fund Dividend program. Distribution starts July 17, 2025. The amount includes an energy relief bonus. It aims to help with high oil prices. The Alaska Permanent Fund shares oil revenues with residents. This year's payment sees a 30 percent increase from 2023. Tired of too many ads? Remove Ads A $1,440 annual dividend, and A $262 energy relief bonus is due to elevated oil prices. Tired of too many ads? Remove Ads Eligibility requirements Applicants must have lived in Alaska for the full 2023 calendar year. They must not have claimed residency in another state or country or received residency-based benefits elsewhere since December 31, 2023. Applicants must not have been convicted or incarcerated for a felony or certain misdemeanors during the eligibility period. Residents must not have been absent from Alaska for more than 180 days in 2023, with some exceptions. Tired of too many ads? Remove Ads The Magnolia Mother's Trust (Mississippi): Provides $1,000 per month for 12 months to low-income Black mothers, the longest-running guaranteed income program in the US. Abundant Birth Project (California): Offers pregnant people of color in San Francisco up to $1,000 monthly for 12-18 months to improve maternal and child health. Hundreds of thousands of Alaskans will receive $1,702 stimulus-style payments in the coming days as part of the state's Permanent Fund Dividend (PFD) payments will be distributed starting July 17, 2025, to applicants with an 'Eligible-Not Paid' status as of July 9, according to the official PFD Division. A second payment round is scheduled for August 21 for applications that qualify by August amount of the dividend varies each year based on factors such as oil prices and the fund's investment $1,702 payment includes:The Alaska Permanent Fund was established in 1976 to share state oil revenues with residents. Since the early 1980s, the fund's earnings have been distributed annually to eligible residents through the PFD year's payment marks a 30 percent increase from the $1,312 check issued in qualify for the 2024 payment:The application deadline for the 2024 dividend closed on March 31. Applications for the 2026 dividend will open between January 1 and March 31, 600,000 Alaskans receive the dividend each year. The payments are intended to support residents with basic needs, especially during times of economic hardship or high utility use the funds to cover heating costs during Alaska's long the federal government ended its pandemic-era stimulus checks, Alaska's PFD remains a rare form of recurring direct cash check payment status, residents can visit and log in via MyAlaska.A stimulus check is a direct payment from the government to individuals, designed to boost spending and provide financial relief, especially during economic downturns or Alaska's Permanent Fund Dividend is unique for being statewide and funded by natural resources, similar local programs include:Stimulus checks are usually targeted at low- to middle-income individuals and families, although eligibility can vary based on income, residency, and tax filings.
Time of India
5 days ago
- Business
- Time of India
Americans to receive $1,702 from July 17; Check Alaska Permanent Fund eligibility and how to claim
Hundreds of thousands of Alaskans will receive $1,702 stimulus-style payments in the coming days as part of the state's Permanent Fund Dividend (PFD) program. The payments will be distributed starting July 17, 2025, to applicants with an 'Eligible-Not Paid' status as of July 9, according to the official PFD Division. A second payment round is scheduled for August 21 for applications that qualify by August 13. The amount of the dividend varies each year based on factors such as oil prices and the fund's investment performance. The $1,702 payment includes: A $1,440 annual dividend, and A $262 energy relief bonus is due to elevated oil prices. The Alaska Permanent Fund was established in 1976 to share state oil revenues with residents. Since the early 1980s, the fund's earnings have been distributed annually to eligible residents through the PFD program. Live Events This year's payment marks a 30 percent increase from the $1,312 check issued in 2023. Eligibility requirements To qualify for the 2024 payment: Applicants must have lived in Alaska for the full 2023 calendar year. They must not have claimed residency in another state or country or received residency-based benefits elsewhere since December 31, 2023. Applicants must not have been convicted or incarcerated for a felony or certain misdemeanors during the eligibility period. Residents must not have been absent from Alaska for more than 180 days in 2023, with some exceptions. The application deadline for the 2024 dividend closed on March 31. Applications for the 2026 dividend will open between January 1 and March 31, 2026. Roughly 600,000 Alaskans receive the dividend each year. The payments are intended to support residents with basic needs, especially during times of economic hardship or high utility costs. Others use the funds to cover heating costs during Alaska's long winters. While the federal government ended its pandemic-era stimulus checks, Alaska's PFD remains a rare form of recurring direct cash support. To check payment status, residents can visit and log in via MyAlaska. FAQs What is the purpose of the stimulus check? A stimulus check is a direct payment from the government to individuals, designed to boost spending and provide financial relief, especially during economic downturns or emergencies. Are other states offering stimulus-style or guaranteed income payments? While Alaska's Permanent Fund Dividend is unique for being statewide and funded by natural resources, similar local programs include: The Magnolia Mother's Trust (Mississippi): Provides $1,000 per month for 12 months to low-income Black mothers, the longest-running guaranteed income program in the US. Abundant Birth Project (California): Offers pregnant people of color in San Francisco up to $1,000 monthly for 12-18 months to improve maternal and child health. Who typically receives stimulus checks? Stimulus checks are usually targeted at low- to middle-income individuals and families, although eligibility can vary based on income, residency, and tax filings.
Yahoo
28-03-2025
- Business
- Yahoo
Monday is the last day Alaskans can apply for the 2025 Permanent Fund dividend
Mar. 28—Alaskans have until Monday, March 31, to file for their 2025 Alaska Permanent Fund dividend. Online filers have until 11:59 p.m. Alaska time on Monday to turn in their application, while mailed applications need to be postmarked no later than March 31. Additional information and a link to the online application is available at Monday is Seward's Day, a state holiday. PFD division offices will be open to the public to collect applications between 9 a.m. and 4 p.m. The approximate size of this year's dividend likely won't be known until the end of the legislative session in May as state lawmakers craft a budget. Eligibility requirements for the annual dividend include having resided in Alaska during all of the previous calendar year, not being convicted of or incarcerated for a felony, and not traveling out of the state for more than 180 days, except for certain allowable absences. By Friday morning, more than 564,000 Alaskans had already applied for the dividend, according to the Alaska Department of Revenue. Last year, the state paid out dividends to 624,489 eligible Alaskans at a cost of more than $1 billion. Since 2017, the size of Permanent Fund dividend has been determined through an annual debate in the Alaska Legislature. The amount hasn't followed the dividend formula set in state statute since 2016, with a growing portion of Permanent Fund earnings used to pay for state services amid dwindling oil revenue. chart visualization The exact dollar amount of the payment, which depends on the number of Alaskans who file for the check, is typically announced in September. Last year's payment included a $1,403.83 dividend and a $298.17 energy relief check for every eligible Alaskan, for a combined $1,702. An energy relief check is not expected this year.
Yahoo
06-02-2025
- Business
- Yahoo
How ‘The Wolf of Wall Street' helps explain Trump's terrible sovereign wealth fund idea
I'll be frank. The phrase "sovereign wealth fund" sounds boring, and given everything else going on right now, I'm sure you'd rather skip this column and go right to the one about the Republican who wants to put Donald Trump on Mount Rushmore or the latest on Elon Musk's takeover of federal systems. But stick with me. I promise by the end I will get to a Leonardo DiCaprio movie, a Manhattan hotel, a 300-foot superyacht and a former head of state currently cooling his heels in prison. Earlier this week, President Donald Trump signed an executive order directing two of his Cabinet secretaries to develop a plan for a sovereign wealth fund, basically the equivalent of a massive brokerage account for the entire country to invest some of its money for the future. Just as we all have different investment strategies, sovereign wealth funds vary. Most of them are about as interesting as your 401(k) plan, and so far coverage has tended to treat Trump's vaguely worded proposal as something like Norway's government pension fund, which responsibly manages $1.7 trillion in assets, or the Alaska Permanent Fund, which pays annual dividends to residents from oil revenue. But this is Trump we're talking about. The chances that a sovereign wealth fund he creates would simply be a boring investment vehicle to safeguard the nation's financial future are about as likely as Warren Buffett's launching a memecoin. So let's look at the worst-case scenario instead. In 2009, Malaysian Prime Minister Najib Razak established the 1Malaysia Development Berhad, or 1MDB, as a sovereign wealth fund with a $1 billion budget. He had the sole authority to sign off on investments and hire and fire board members and managers. One of his confidants, an adviser named Jho Low with no formal position in government, also played a key role. What happened next was later described by the FBI as "the largest kleptocracy case" ever. According to U.S. officials, money from the 1MDB wealth fund was transferred to shell companies and offshore accounts and spent on, among other things, a townhouse in London's posh Notting Hill neighborhood, a $126 million superyacht, the Park Lane Hotel in Manhattan and an Andy Warhol painting of a Campbell's Soup can. Money from 1MDB allegedly also helped fund the DiCaprio movie "The Wolf of Wall Street" — the plot of which, ironically, centers on a stockbroker who defrauds wealthy investors. The scheme unraveled, in part because of news reports in local media and The Wall Street Journal and investigations by the FBI and other foreign law enforcement agencies. The ensuing scandal led to protests and the defeat of Razak's coalition in the 2018 elections. After he left office, hundreds of millions of dollars of his assets were seized, and he was convicted of corruption and sentenced to 12 years in prison, later reduced to six years. So, where do we stand? While Trump has made a big show of signing executive orders, this is yet another example of an order that's just for show until Congress acts. The order specifies that the secretaries of commerce and treasury should come up with a plan in 90 days, which Trump will presumably then forward to Congress to add to the next budget. Normally, I'd say that the details of how the fund is set up would matter a lot, but I'm not sure there's any way this could turn out well. A competently run sovereign wealth fund should be properly insulated from political meddling — you know, like the Federal Reserve, the FBI or the Treasury Department's payment system, three arms of the U.S. government that Trump has either said should be under his direct control or is actively trying to take charge of at the moment. Even if the management were designed to be walled off from the White House, you only need to look at Trump's Cabinet to see the kind of obeisance that he expects to be paid — and you only need to look at the Republican-controlled Senate to see how little pushback he would get to his appointments. Beyond all that, there's the larger question of what this fund is for. The Biden administration considered a sovereign wealth fund to shore up domestic industries important to national security like energy and technology. Other countries use their revenue from resources like oil or rare minerals to support projects aimed at diversifying their economies. But so far, no one has explained exactly what the mission of this fund would be. Trump said during a news conference announcing the executive order that it could be used to buy TikTok. There's no economically strategic reason for the U.S. government to use its assets to purchase a social media app where you can watch MrBeast react to a video of a guy saying "banana" in increasingly ridiculous ways. The reason is entirely political. Trump suggested banning TikTok as a national security threat because of its Chinese ownership in 2020, then reversed his position while campaigning last year. Now that the app is facing a ban unless it's sold, Trump is looking for a political fix to a problem he created. So the best-case scenario is that Trump would like a slush fund that he could use to get out of political jams, and the worst-case scenario is a massive corruption scandal. You don't need to watch "The Wolf of Wall Street" to know that a Trump-run sovereign wealth fund is a bad idea. This article was originally published on
Yahoo
05-02-2025
- Business
- Yahoo
Dunleavy names Binkley to fill vacancy on Alaska Permanent Fund Corp. board
The offices of the Alaska Permanent Fund Corp. are seen Monday, June 6, 2022, in Juneau, Alaska. (Photo by James Brooks/Alaska Beacon) Alaska Gov. Mike Dunleavy has named longtime Republican politician and businessman John Binkley to an open seat on the board that controls the $80 billion Alaska Permanent Fund. The six-person board has been operating with five members since July, when board member Ellie Rubenstein resigned after leaked emails suggested that corporation staff felt pressured by Rubenstein to make certain investments. Binkley, Rubenstein's replacement, has served as a state senator, state representative, and unsuccessfully ran for governor in 2006. The Binkley family is extensively involved in tourism within the Fairbanks area and owns the Anchorage Daily News. In 2020, Binkley served as chair of the state legislative redistricting board. The Permanent Fund Corp.'s board of trustees is scheduled to meet Feb. 12 in Juneau. An annual transfer from the fund to the state treasury accounts for more than half of the state's general-purpose revenue, used for services and the annual Permanent Fund dividend. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
