11-06-2013, 10:52 AM
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see you later, I'm gone
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Join Date: Oct 2002
Posts: 14,141
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http://www.foxnews.com/us/2013/09/18...te-oil-wealth/
Quote:
Nearly every Alaska resident will receive a check for $900, as this year's share of the state's oil wealth.
This year's payout wasn't expected to be much because of the recession.
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The amount of each person's dividend is based on a five-year rolling average of worldwide investment markets that were hard-hit far outside Alaska. This year, the calculation means the checks likely won't amount to much, certainly nowhere near the record payout of $2,069 in 2008.
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This year's average includes 2009, a recession year when the fund posted a $2.5 billion net loss in statutory net income.
Last year's dividend was $878 per person, the lowest since 2005.
The dividends are distributed annually to residents who have lived in Alaska for at least one calendar year. The amount based on a five-year average of the $47 billion Alaska Permanent Fund's investment earnings, so this year's average includes 2009, a recession year when the fund posted a $2.5 billion net loss in statutory net income.
Alaska wasn't as hurt by the recession, but the Permanent Fund Corp. has a diversified portfolio, and it took a beating when markets plunged in the U.S and worldwide.
State officials have said that as long as 2009 is part of the five-year calculation, the amount will be on the lower end. After this year, 2009 will drop from the equation.
Last year's dividend was $878, the lowest amount since 2005 and the ninth-lowest in the program that began more than three decades ago. The 2011 dividend was $1,174.
The Permanent Fund was established in 1976 after North Slope oil was discovered. The state began distributing money from the fund to residents in 1982.
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