A new analysis paper offers a menu of possible solutions, with a two-part constitutional amendment as the most durable repair.
The trustees of the Alaska Permanent Fund Corp. are seen during a quarterly meeting on Friday, Feb. 16, 2024.
If financial markets crash, Alaska could be in crisis as soon as July 1, the start of the state’s fiscal year.“If it turns … we’re in boiling water on July 1 this year,” he later added. This means that the earnings reserve could soon run out of money, which would be catastrophic for the state. The text of the paper was not immediately available, but its top recommendation is a double-barreled constitutional amendment that would combine the two accounts of the Permanent Fund into one, then put a hard cap on the amount of money that could be withdrawn in a given year.
An internal analysis by the Permanent Fund Corp. indicated a higher risk, but Allen said that even a 5% chance of a “doomsday” scenario is alarming.“What if there was a 1 in 20 chance that you broke your leg when you walked across the room?” he asked.“No matter how bad the market gets, you’re going to be able to pay out something,” he said.
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