Alaska 33rd Legislature (2023-2024) Status: Enacted

SB 98 — An Act requiring the Alaska Permanent Fund Corporation to manage the power cost equalization endowment fund; requiring the Alaska Permanent Fund Corporation to publish certain reports relating to the power cost equalization endowment fund; relating to the Alaska Permanent Fund Corporation's management and investment of the power cost equalization endowment fund; and providing for an effective date.

Last action — (H) FN3: (REV)

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 08, 2023. Enacted.

Signed by Governor Mike Dunleavy (Republican) on October 16, 2023.

Prognosis

Advancing 54% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Mixed recorded votes

    3 passed, 3 failed in recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

77 added · 100 removed

Plain-language change summary

The recent changes to Bill SB 98 specify that the Alaska Permanent Fund Corporation will not only manage the power cost equalization endowment fund, but also require it to publish regular financial reports regarding the fund’s investments and expenditures. This addition enhances transparency by informing the legislature about how the fund is being managed financially. This matters because it ensures that there is oversight and accountability in the management of the fund, which can directly impact energy costs for Alaskans.

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Latest
33-LS0493\A SENATE BILL NO.
LAWS OF ALASKA Source Chapter No.
98 IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-THIRD LEGISLATURE - FIRST SESSION BY THE SENATE FINANCE COMMITTEE Introduced:
CSSB 98(FIN) _______ AN ACT Requiring the Alaska Permanent Fund Corporation to manage the power cost equalization endowment fund;
3/8/23 Referred:
requiring the Alaska Permanent Fund Corporation to publish certain reports relating to the power cost equalization endowment fund;
Finance A BILL FOR AN ACT ENTITLED "An Act relating to the power cost equalization endowment fund;
relating to the Alaska Permanent Fund Corporation's management and investment of the power cost equalization endowment fund;
and relating to the Alaska Permanent Fund Corporation." BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
and providing for an effective date.
* Section 1.
_______________ BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
THE ACT FOLLOWS ON PAGE 1 Enrolled SB 98 AN ACT Requiring the Alaska Permanent Fund Corporation to manage the power cost equalization endowment fund;
requiring the Alaska Permanent Fund Corporation to publish certain reports relating to the power cost equalization endowment fund;
relating to the Alaska Permanent Fund Corporation's management and investment of the power cost equalization endowment fund;
and providing for an effective date.
_______________ * Section 1.
(a) The corporation shall manage the power cost equalization endowment fund.
(a) The corporation shall manage the power cost equalization endowment fund using the same investment objective and asset allocation as the corporation uses in managing the Alaska permanent fund subject to AS 37.13.120.
(b) The corporation shall (1) manage the power cost equalization endowment fund as provided under AS 42.45.080;
(b) The corporation shall (1) at least quarterly, prepare a financial report showing investment -1- Enrolled SB 98 revenue and expenditures, including the allocation of the cash assets of the power cost equalization endowment fund among investments;
(2) at least quarterly, prepare, publish, and distribute to the legislature a financial report showing investment revenue and expenditures, including the allocation of the cash assets of the power cost equalization endowment fund among investments;
and (2) annually prepare financial statements in accordance with generally accepted accounting principles consistently applied, and an audit report prepared by a certified public accountant.
the corporation shall deliver the report to the senate secretary and the SB0098A -1- SB 98 New Text Underlined [DELETED TEXT BRACKETED] 33-LS0493\A chief clerk of the house of representatives and notify the legislature that the report is available;
(c) After preparing a financial statement or report, the ration shall publish and deliver the financial statement or report to the Alaska Energy Authority, the Department of Commerce, Community, and Economic Development, the senate secretary, and the chief clerk of the house of representatives, and notify the legislature that the financial statement or report is available.
and (3) annually prepare, publish, and distribute to the legislature financial statements prepared in accordance with generally accepted accounting principles consistently applied, and an audit report prepared by a certified public accountant;
(d) Net income from the power cost equalization endowment fund may not be included in the computation of net income or market value available for distribution or appropriation under AS 37.13.140.
the corporation shall deliver the report to the senate secretary and the chief clerk of the house of representatives and notify the legislature that the report is available.
(c) Net income from the power cost equalization endowment fund may not be included in the computation of net income or market value available for distribution or appropriation under AS 37.13.140.
AS 42.45.070(a) is amended to read:
AS 42.45.080(a) is repealed and reenacted to read:
(a) The power cost equalization endowment fund is established as a separate fund of the corporation [AUTHORITY].
The fund consists of (1) legislative appropriations to the fund that are not designated for annual expenditure for the purpose of power cost equalization;
(2) accumulated earnings of the fund;
(3) gifts, bequests, contributions of money and other assets, and federal money given to the fund that are not designated for annual expenditure for power cost equalization;
and (4) [REPEALED] * Sec.
3.
AS 42.45.080 is amended to read:
Sec.
42.45.080.
Powers and duties of the corporation [COMMISSIONER OF REVENUE].
The corporation [COMMISSIONER OF REVENUE] is the fiduciary of the fund.
* Sec.
In managing the fund, the corporation [COMMISSIONER] shall (1) have the same powers and duties as are provided in AS 37.10.071;
3.
and (2) hold and invest the fund subject to AS 37.13.120 [APPLY THE PRUDENT-INVESTOR RULE WHEN INVESTING THE FUND;
AS 42.45.080(c) is amended to read:
THE "PRUDENT-INVESTOR RULE" AS APPLIED TO INVESTMENT ACTIVITY OF SB 98 -2- SB0098A New Text Underlined [DELETED TEXT BRACKETED] 33-LS0493\A THE FUND MEANS EXERCISING THE JUDGMENT AND CARE UNDER THE CIRCUMSTANCES THEN PREVAILING THAT AN INSTITUTIONAL INVESTOR OF ORDINARY PRUDENCE, DISCRETION, AND INTELLIGENCE EXERCISES IN THE DESIGNATION AND MANAGEMENT OF LARGE INVESTMENTS ENTRUSTED TO IT, NOT IN REGARD TO SPECULATION, BUT IN REGARD TO THE PERMANENT DISPOSITION OF FUNDS, CONSIDERING PRESERVATION OF THE PURCHASING POWER OF THE FUND OVER TIME WHILE MAXIMIZING THE EXPECTED TOTAL RETURN FROM BOTH INCOME AND THE APPRECIATION OF CAPITAL].
(c) On June 30 [JULY 1] of each year, the corporation [COMMISSIONER] shall determine (1) the [MONTHLY] average ending market value of the fund for the previous three closed fiscal years;
(b) In managing the fund, the corporation [COMMISSIONER] shall (1) consider the status of the fund's capital and the income generated on both current and probable future bases;
(2) determine the appropriate investment objectives;
(3) establish investment policies to achieve the objectives;
and (4) act only in regard to the best financial interests of the fund.
(c) On July 1 of each year, the corporation [COMMISSIONER] shall determine (1) the monthly average market value of the fund for the previous three closed fiscal years;
(a) Five percent of the amount determined by the corporation [COMMISSIONER OF REVENUE] on July 1 of each year under AS 42.45.080(c)(1) may be appropriated for the following purposes:
(a) Five percent of the amount determined by the corporation [COMMISSIONER OF REVENUE ON JULY 1 OF] each year under AS 42.45.080(c)(1) may be appropriated for the following purposes:
(2) reimbursement to the corporation [DEPARTMENT OF REVENUE] for the costs of establishing and managing the fund;
(2) reimbursement to the corporation [DEPARTMENT OF REVENUE] for the costs of [ESTABLISHING AND] managing the fund;
Show all 55 changed rows (15 more)
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Latest
* Sec.
Enrolled SB 98 -2- * Sec.
In AS 42.45.070 - 42.45.099, SB0098A -3- SB 98 New Text Underlined [DELETED TEXT BRACKETED] 33-LS0493\A (1) "corporation" means the Alaska Permanent Fund Corporation established in AS 37.13.040;
In AS 42.45.070 - 42.45.099, (1) "corporation" means the Alaska Permanent Fund Corporation established in AS 37.13.040;
SB 98 -4- SB0098A New Text Underlined [DELETED TEXT BRACKETED]
* Sec.
6.
AS 42.45.080(b) is repealed.
* Sec.
7.
The uncodified law of the State of Alaska is amended by adding a new section to read:
TRANSITION.
On July 1, 2023, (1) the commissioner of revenue shall transfer the balance ofthe power cost equalization endowment fund established in AS 42.45.070 to the Alaska Permanent Fund Corporation established in AS 37.13.040;
and (2) the corporation shall begin managing the fund.
* Sec.
8.
This Act takes effect July 1, 2023.
-3- Enrolled SB 98
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Action History

  1. (H) FN3: (REV)

  2. (H) FN2: (REV)

  3. (H) FN1: (REV)

  4. (H) FN(S) ATTACHED TO APPROP. BILL HB 39

  5. (H) LEG FINANCE APPROPRIATION MESSAGE 8/28/23

  6. (S) LEG FINANCE APPROPRIATION MESSAGE 8/28/23

  7. (S) EFFECTIVE DATE(S) OF LAW 7/1/23

  8. (S) Signed into law 6/23 CHAPTER 12 SLA 23

  9. (S) 11:45 A.M. 6/15/23 Transmitted to Governor

  10. (H) VERSION: CSSB 98(FIN)

  11. (H) RETURN TO (S), TRANSMIT TO GOV NEXT

  12. (H) EFFECTIVE DATE(S) SAME AS PASSAGE

  13. (H) PASSED ON RECONSIDERATION Y39 N1

  14. (H) RECON SAME DAY UC - IN THIRD READING

  15. (H) SADDLER NOTICE OF RECONSIDERATION

  16. (H) EFFECTIVE DATE(S) SAME AS PASSAGE

  17. (H) PASSED Y39 N1

  18. (H) RETURN TO SECOND FOR AM 3 FAILED Y1 N39

  19. (H) READ THE THIRD TIME CSSB 98(FIN)

  20. (H) ADVANCED TO THIRD READING 5/16 CALENDAR

  21. (H) AM NO 2 FAILED Y1 N38 E1

  22. (H) AM NO 1 FAILED Y1 N38 E1

  23. (H) READ THE SECOND TIME

  24. (H) SESSION CANCELED 5/14 - ON 5/15 CALENDAR

  25. (H) RULES TO CALENDAR 5/14/2023

  26. (H) FN3: (REV)

  27. (H) FN2: (REV)

  28. (H) FN1: (REV)

  29. (H) AM: GALVIN

  30. (H) FOSTER

  31. (H) DP: TOMASZEWSKI, CRONK, HANNAN, STAPP, JOSEPHSON, ORTIZ, EDGMON, D.JOHNSON,

  32. (H) FIN RPT 9DP 1AM

  33. (H) Minutes (HFIN)

  34. (H) Moved Out of Committee -- Recessed to 5/5/23 at 9:30 am --

  35. (H) FINANCE at 01:30 PM ADAMS 519

  36. (H) Minutes (HFIN)

  37. (H) Heard & Held -- Please Note Time Change --

  38. (H) FINANCE at 10:30 AM ADAMS 519

  39. (H) FIN

  40. (H) READ THE FIRST TIME - REFERRALS

  41. (S) VERSION: CSSB 98(FIN)

  42. (S) TRANSMITTED TO (H)

  43. (S) EFFECTIVE DATE(S) SAME AS PASSAGE

  44. (S) PASSED Y16 N3 E1

  45. (S) READ THE THIRD TIME CSSB 98(FIN)

  46. (S) ADVANCED TO THIRD READING 4/25 CAL

  47. (S) FIN CS ADOPTED UC

  48. (S) READ THE SECOND TIME

  49. (S) RULES TO CALENDAR 4/24/23

  50. (S) FN3: (REV)

  51. (S) FN2: (REV)

  52. (S) FN1: (REV)

  53. (S) NR: KIEHL, MERRICK

  54. (S) DP: STEDMAN, HOFFMAN, OLSON, BISHOP

  55. (S) FIN RPT CS 4DP 2NR NEW TITLE

  56. (S) Minutes (SFIN)

  57. (S) Moved CSSB 98(FIN) Out of Committee

  58. (S) FINANCE at 09:00 AM SENATE FINANCE 532

  59. (S) Minutes (SFIN)

  60. (S) FINANCE at 09:00 AM SENATE FINANCE 532

  61. (S) Minutes (SFIN)

  62. (S) Heard & Held

  63. (S) FINANCE at 09:00 AM SENATE FINANCE 532

  64. (S) FIN

  65. (S) READ THE FIRST TIME - REFERRALS

Sponsors

  • Senate Finance · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 64 not signed on

Sponsors (1)

  • Senate Finance

Co-sponsors (0)

None.

Not signed on (64)

64 members have not signed on to this bill.

Show all 64 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subjects

finance energy
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 98?
SB 98 is sponsored by Senate Finance.
What is the current status of SB 98?
This bill has been enacted into law. Introduced March 08, 2023. Enacted.
Where can I track SB 98?
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