Alaska Statutes
Alaska Stat. § 37.13.145 (2026)
Disposition of income
✓ current as of July 2026
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Sec. 37.13.145. Disposition of income.
(a) The earnings reserve account is established as a separate account in the fund. Income from the fund shall be deposited by the corporation into the account as soon as it is received. Money in the account shall be invested in investments authorized under AS 37.13.120.
(b) At the end of each fiscal year, the corporation shall transfer from the earnings reserve account to the dividend fund established under AS 43.23.045, 50 percent of the income available for distribution under AS 37.13.140.
(c) After the transfer under (b) and an appropriation under (e) of this section, the corporation shall transfer from the earnings reserve account to the principal of the fund an amount sufficient to offset the effect of inflation on the principal of the fund during that fiscal year. However, none of the amount transferred shall be applied to increase the value of that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District) on July 1, 2004. The corporation shall calculate the amount to transfer to the principal under this subsection by
(1) computing the average of the monthly United States Consumer Price Index for all urban consumers for each of the two previous calendar years;
(2) computing the percentage change between the first and second calendar year average; and
(3) applying that rate to the value of the principal of the fund on the last day of the fiscal year just ended, including that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District).
(d) Notwithstanding (b) of this section, income earned on money awarded in or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District), including settlement, summary judgment, or adjustment to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned on the money, or on the earnings of the money shall be treated in the same manner as other income of the Alaska permanent fund, except that it is not available for distribution to the dividend fund, for transfers to the principal under (c) of this section, or for an appropriation under (e) of this section, and shall be annually deposited into the Alaska capital income fund (AS 37.05.565).
(e) The legislature may not appropriate from the earnings reserve account to the general fund a total amount that exceeds the amount available for appropriation under AS 37.13.140(b) in a fiscal year.
(f) The combined total of the transfer under (b) of this section and an appropriation under (e) of this section may not exceed the amount available for appropriation under AS 37.13.140(b).
(a) The earnings reserve account is established as a separate account in the fund. Income from the fund shall be deposited by the corporation into the account as soon as it is received. Money in the account shall be invested in investments authorized under AS 37.13.120.
(b) At the end of each fiscal year, the corporation shall transfer from the earnings reserve account to the dividend fund established under AS 43.23.045, 50 percent of the income available for distribution under AS 37.13.140.
(c) After the transfer under (b) and an appropriation under (e) of this section, the corporation shall transfer from the earnings reserve account to the principal of the fund an amount sufficient to offset the effect of inflation on the principal of the fund during that fiscal year. However, none of the amount transferred shall be applied to increase the value of that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District) on July 1, 2004. The corporation shall calculate the amount to transfer to the principal under this subsection by
(1) computing the average of the monthly United States Consumer Price Index for all urban consumers for each of the two previous calendar years;
(2) computing the percentage change between the first and second calendar year average; and
(3) applying that rate to the value of the principal of the fund on the last day of the fiscal year just ended, including that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District).
(d) Notwithstanding (b) of this section, income earned on money awarded in or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District), including settlement, summary judgment, or adjustment to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned on the money, or on the earnings of the money shall be treated in the same manner as other income of the Alaska permanent fund, except that it is not available for distribution to the dividend fund, for transfers to the principal under (c) of this section, or for an appropriation under (e) of this section, and shall be annually deposited into the Alaska capital income fund (AS 37.05.565).
(e) The legislature may not appropriate from the earnings reserve account to the general fund a total amount that exceeds the amount available for appropriation under AS 37.13.140(b) in a fiscal year.
(f) The combined total of the transfer under (b) of this section and an appropriation under (e) of this section may not exceed the amount available for appropriation under AS 37.13.140(b).
Notes of Decisions
Cited in 4
cases, 1993–2017 · leading case: Wielechowski v. State, 403 P.3d 1141 (Alaska 2017).
Wielechowski v. State, 403 P.3d 1141 (Alaska 2017). “145(b) for transfer by the Alaska Permanent Fund Corporation on June 30, 2016, estimated to be $1,362,000,000, 695,-650,000 is appropriated from the earnings reserve account (AS 37.13.145) to the dividend fund (AS 43.”
Hickel v. Cowper, 874 P.2d 922 (Alaska 1994). “27 A similar analysis applies to the permanent fund earnings reserve account (earnings reserve account), AS 37.13.145. This fund is established as a separate account within the permanent fund under the authority of the last sentence of Article IX, § 15 of the Alaska…”
State, Dep't of Revenue, Permanent Fund Dividend Div. v. Cosio, 858 P.2d 621 (Alaska 1993). “AS 37.13.145(b). The other half of annual income is currently reinvested in the fund directly or in the earnings reserve account of the fund.”
Exxon Corp. v. Heinze, 32 F.3d 1399 (9th Cir. 1994). “045(e) (1991) (current version at Alaska Stat. § 37.13.145 (d) (1992)). 5 The legislature also enacted a section providing that the amendment would be automatically repealed if the Alaska Supreme Court held that eligibility to receive Permanent Fund dividends under the unamended…”
— Alaska Stat. § 37.13.145(a) — 2 cases
Wielechowski v. State, 403 P.3d 1141 (Alaska 2017). “145(b) for transfer by the Alaska Permanent Fund Corporation on June 30, 2016, estimated to be $1,362,000,000, 695,-650,000 is appropriated from the earnings reserve account (AS 37.13.145) to the dividend fund (AS 43.”
Hickel v. Cowper, 874 P.2d 922 (Alaska 1994). “27 A similar analysis applies to the permanent fund earnings reserve account (earnings reserve account), AS 37.13.145. This fund is established as a separate account within the permanent fund under the authority of the last sentence of Article IX, § 15 of the Alaska…”
— Alaska Stat. § 37.13.145(b) — 3 cases
Wielechowski v. State, 403 P.3d 1141 (Alaska 2017). “145(b) for transfer by the Alaska Permanent Fund Corporation on June 30, 2016, estimated to be $1,362,000,000, 695,-650,000 is appropriated from the earnings reserve account (AS 37.13.145) to the dividend fund (AS 43.”
State, Dep't of Revenue, Permanent Fund Dividend Div. v. Cosio, 858 P.2d 621 (Alaska 1993). “AS 37.13.145(b). The other half of annual income is currently reinvested in the fund directly or in the earnings reserve account of the fund.”
Hickel v. Cowper, 874 P.2d 922 (Alaska 1994). “27 A similar analysis applies to the permanent fund earnings reserve account (earnings reserve account), AS 37.13.145. This fund is established as a separate account within the permanent fund under the authority of the last sentence of Article IX, § 15 of the Alaska…”
— Alaska Stat. § 37.13.145(c) — 1 case
Hickel v. Cowper, 874 P.2d 922 (Alaska 1994). “27 A similar analysis applies to the permanent fund earnings reserve account (earnings reserve account), AS 37.13.145. This fund is established as a separate account within the permanent fund under the authority of the last sentence of Article IX, § 15 of the Alaska…”
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