Alaskans will soon be nearly $1,900 richer thanks to the yearly payout of oil money they receive via The Alaska Permanent Fund.
Come October, over 641,000 Alaskans will receive payments of the annual sum from the fund, which was created by the state to keep low-income households above the poverty line. On Sept. 17, Governor Sean Parnell revealed that the dividend will be distributed on Oct. 2. The amount for the 2014 Permanent Fund Dividend is $1,884.
While the current sum is the third-biggest amount since the fund began making payments in 1982, and double the $900 payment in 2013, it is much less than the $2,069 given in 2008, which remains the highest amount to date.
"This is all good news for Alaskans," Parnell said at a press conference.
Come Oct. 2, nearly 510,731 applicants will get the dividend in their bank account as a direct deposit. The remaining 88,186 applicants will get their payout via a check that will be mailed to them. The total checks are worth $1.1 billion.
In 2014, nearly 674,538 Alaska residents applied, which is an increase of 1,587 applicants when compared with 2013.
Established in 1976 when residents voted 2-1 to amend the state's Constitution, The Alaska Permanent Fund requires that 25 percent of the revenue from oil and mineral deposits generated by the state be transferred into a savings account. The payout to citizens is done annually and is based on the average earnings of the fund over a five-year span. The principal cannot be tapped.
So who is eligible for the payout? People who have signed-up for the fund must reside in Alaska for at least a calendar year or have been born in the state by Dec. 31 of the preceding year. The oldest applicant this year is 109 years old, Parnell said.
If you're a resident of Alaska and are curious about the status of your application, visit pfd.alaska.gov and click on "myPDFinfo." To access the details an applicant will require their Alaska ID, driver's license or myAlaska credentials.
