HB 373: "An Act relating to investments of the permanent fund; relating to investments made by the Alaska Permanent Fund Corporation; relating to regulations adopted by the Alaska Permanent Fund Corporation; and providing for an effective date."
00 HOUSE BILL NO. 373 01 "An Act relating to investments of the permanent fund; relating to investments made by 02 the Alaska Permanent Fund Corporation; relating to regulations adopted by the Alaska 03 Permanent Fund Corporation; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 37.13.120(c) is amended to read: 06 (c) The board shall invest at least 25 percent of fund assets in a stock 07 market index that tracks the stock performance of 500 companies listed on stock 08 exchanges in the United States selected primarily based on stock market 09 capitalization [MAINTAIN A REASONABLE DIVERSIFICATION AMONG 10 INVESTMENTS UNLESS, UNDER THE CIRCUMSTANCES, IT IS CLEARLY 11 PRUDENT NOT TO DO SO. THE BOARD SHALL INVEST THE ASSETS OF 12 THE FUND IN IN-STATE INVESTMENTS TO THE EXTENT THAT IN-STATE 13 INVESTMENTS ARE AVAILABLE AND IF THE IN-STATE INVESTMENTS 14 (1) HAVE A RISK LEVEL AND EXPECTED RETURN
01 COMPARABLE TO ALTERNATE INVESTMENT OPPORTUNITIES; AND 02 (2) ARE ELIGIBLE FOR INVESTMENT OF FUND ASSETS 03 UNDER (a) OF THIS SECTION]. 04 * Sec. 2. AS 37.13.206(a) is amended to read: 05 (a) The board may adopt regulations to carry out the purposes of this chapter 06 [AND SHALL ADOPT REGULATIONS UNDER AS 37.13.120(a)]. The provisions 07 of AS 44.62 (Administrative Procedure Act) regarding the adoption of regulations do 08 not apply to regulations of the corporation. 09 * Sec. 3. AS 37.13.120(a) and 37.13.120(e) are repealed. 10 * Sec. 4. This Act takes effect July 1, 2027.