00                            HOUSE BILL NO. 315                                                                          
01 "An Act relating to the qualifications and confirmation of appointees to the Board of                                   
02 Trustees of the Alaska Permanent Fund Corporation; and providing for an effective                                       
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 37.13.050(a) is amended to read:                                                                   
06 (a)  The Board of Trustees of the Alaska Permanent Fund Corporation consists                                            
07 of six members appointed by the governor. Two of the members must be heads of                                           
08 principal departments of state government, one of whom shall be the commissioner of                                     
09 revenue. Four members shall be appointed by the governor from the public and may                                        
10 not hold any other state or federal office, position or employment, either elective or                                  
11 appointive, except as a member of the armed forces of either the United States or of                                    
12 this state. The public members of the board shall be separately confirmed by a                                      
13       majority of the members of the legislature in joint session.                                                  
14    * Sec. 2. AS 37.13.050(b) is amended to read:                                                                      

01            (b)  The four public members of the board must be residents of this state and                            
02       have recognized competence and wide experience in finance, investments, or other                                  
03       business management-related fields.                                                                             
04    * Sec. 3. AS 37.13.060 is amended to read:                                                                         
05 Sec. 37.13.060. Term of office. The public members of the board shall be                                              
06 appointed for terms of six [FOUR] years, and they may be reappointed subject to                                 
07 confirmation by a majority of the members of the legislature in joint session. The                                  
08 terms of the public members shall be staggered so that not [NO] more than one term                                  
09       of a public member expires each year.                                                                             
10    * Sec. 4. AS 37.13.070(b) is amended to read:                                                                      
11 (b)  A vacancy on the board shall be [PROMPTLY] filled by appointment by                                                
12 the governor within 30 days after the vacancy occurs and the appointee must be                                      
13 confirmed by a majority of the members of the legislature in joint session. An                                      
14 appointee to a vacancy shall hold office for the balance of the term for which the                                      
15 appointee's predecessor on the board was appointed. If a vacancy occurs while the                                   
16 legislature is not in session, the governor may appoint an interim board member                                     
17 who shall exercise the powers of the board member until the next session of the                                     
18 legislature, at which time the name of the interim board member shall be                                            
19       presented to the legislature for confirmation.                                                                
20    * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to                          
21 read:                                                                                                                   
22 APPLICABILITY. (a) The changes to AS 37.13.050(a) and AS 37.13.050(b) made in                                           
23 this Act do not apply to members of the Board of Trustees of the Alaska Permanent Fund                                  
24 Corporation who are serving on the effective date of this Act.                                                          
25 (b)  Members of the Board of Trustees of the Alaska Permanent Fund Corporation                                          
26 who are reappointed under AS 37.13.060 on or after the effective date of this Act shall be                              
27 confirmed by a majority of the members of the legislature in joint session.                                             
28    * Sec. 6. This Act takes effect December 1, 2026.