According to Marca , Alaska residents receive a stimulus check through the state’s Permanent Fund Dividend (PFD) program, which shares the economic benefits generated from investments made with the state’s oil revenues. Created in 1976, the Alaska Permanent Fund was designed to manage the state’s mineral royalties, and it continues to be a significant resource for Alaskans. Eligible residents receive a payment of $1,312 each year as part of this program.
How Payments Are Distributed
The PFD payments can be delivered through direct deposit or checks. For convenience and faster processing, most residents choose direct deposit, as it eliminates the wait for checks to arrive in the mail. To continue using the same bank account from the previous year, applicants simply need to select “same account as last year” during the application process.
Direct deposit updates were accepted until August 31 for the mass payment, but residents can still update their bank information up to a week before any monthly disbursement dates.
Missing 2023 PFD Payment?
If you haven’t received your 2023 PFD payment and believe you qualify, it’s essential to contact the Department of Revenue to verify your payment status and ensure there are no issues with your application.
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How is the PFD Payment Calculated?
The amount of the annual PFD payment is calculated based on the number of eligible applicants in a given year, as well as half of the statutory net income averaged over the five most recent fiscal years. This calculation also takes into account available funds, which are adjusted by prior year dividend obligations, PFD operating expenses, and other state program allocations.
The Alaska Permanent Fund Corporation is responsible for managing the principal balance of the fund, investing it to ensure the dividends can continue benefiting Alaskan residents for current and future generations.
The PFD program reflects Alaska’s commitment to sharing its mineral wealth with residents, providing an essential financial resource for many.
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