Federal stimulus checks are nowhere in sight, but states are doing their bit to help in one form or another. The Alaska Permanent Fund Dividend is one such payment that many people can expect to receive in the coming week. This annual dividend is funded by state mineral revenues.
When To Expect The Dividend
As noted above, the Alaska Permanent Fund Dividend is an annual payment, and the state has already distributed most of the payments for 2022. One group of applicants, however, are still waiting for their payment – those with the application status “Eligible-Not Paid” on Sept. 6, 2023.
Alaska will distribute the payment to these people on Sept. 14, 2023. The dividend amount for 2022 is $3,284 (up to $13,000 for a family of four). The state has yet to announce the dividend amount for 2023, but the payment is expected to start going out in October.
Those who filed their 2023 dividend applications electronically, requested direct deposit and have their application in “Eligible-Not Paid” status on September 21, will get the payment on Oct. 5, 2023.
It must be noted that applications for 2022 and the prior year found to be eligible will also be paid on the same day (October 5). Those who updated their banking or address information by Aug. 31, 2023 could get the payment in October as well.
Similarly, 2023 and prior year applications in “Eligible-Not Paid” status on Oct. 18, 2023 will get the payment on Oct. 26, 2023. This includes applications filed electronically and through paper, requested direct deposit and check payments.
Alaska Permanent Fund Dividend: Who Will Get It?
Alaska generally accepts applications for the dividend from January 1 to March 31 of each year. Although the state doesn’t accept late applications, there are some exceptions.
You can check the status of your application by visiting myPFD. It is vital that applicants have their current address in the application. Those who file their application electronically can sign into myPFD to update their address online or fill out the Address Change Form and send it to the state Department of Revenue.
To get the Alaska Permanent Fund Dividend, the applicant must have lived in the state and intend to live there indefinitely. Also, the applicant must not have been convicted of a felony and not have claimed residency in another state during the dividend year.
Alaska’s Permanent Fund Dividend uses the state mineral revenues to send dividends to residents each year. Concerns, however, have been raised over the Permanent Fund earnings reserve, which is used to pay for government services and dividends to residents.
A couple of months back, the Alaska Permanent Fund CEO Deven Mitchell noted that the spendable portion of the fund could run out by the summer of 2027. State Sen. Bert Stedman, however, assured last month that the Legislature won’t allow the earnings reserve of the Alaska Permanent Fund to run dry over the next four years.