Sponsor Statement for HB 8

House Bill 8 would give Alaskans an alternative to cashing their annual permanent fund dividend check. They could choose to leave their money in the Alaska Permanent Fund Corporation to be invested along with the Fund; to enjoy a yield of interest they might not have the expertise to earn otherwise. The dividend recipients could elect to participate for as many years as they wish. It would be mandatory that the funds remain in the account in five year increments.

Participation in this program would require an annual fee to be deducted from the earnings of each individual account to compensate for the cost of management and accounting.

This act would benefit many Alaskans -- from supplementing their retirement income to allowing children to save for college or learning the virtue of saving for future enjoyment or need.