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Session: State Capitol, Room 411 Juneau, AK 99801-1182 Phone: (907) 465-2689 Fax: (907) 465-3472 Send E-Mail Interim: 345 W Sterling Highway, Suite 102 Home, AK 99603 Phone: (907) 235-2921 Fax: (907) 235-4008 |
Bill Increases Flexibility, Reduces Risk, Aims to Increase Returns
| For Immediate Release: May 7, 1999 | |
| Contact: | Representative Gail Phillips at (907) 465-2689 |
Juneau -- The Alaska House of Representatives Friday unanimously passed House Bill 156, which modernizes the operations of the Alaska Permanent Fund Corporation (APFC) by revising the corporation's "legal list" of permissible investments.
"These revisions are aimed at providing increased investment flexibility, reduced risk, and, hopefully, increased returns for our Permanent Fund," said Representative Gail Phillips (R-Homer), Chair of the Legislative Budget and Audit Committee, which sponsored HB 156. "This list of revisions was presented to the LB&A Committee by the APFC on March 23rd, and the members present voted unanimously to introduce it without revision in both the House and Senate."
HB 156 allows the APFC trustees to invest up to 5% of Fund assets to make or retain greater asset class commitments than currently allowed; and/or invest in individual securities or instruments that are not expressly committed. However, the "legal list" approach is maintained and current asset allocations, while modestly expanded, remain in place.
HB 156 now moves to the Senate for consideration.
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= Gail Phillips, 69 K