Bill would hold out-of-staters' PFDs

Fairbanks Daily News-Miner ^ | Thursday, April 01, 2004 | The Associated Press

[Jet Jaguar]

JUNEAU--Alaskans living outside the state would have to return before they could continue receiving dividends from the Alaska Permanent Fund, under new legislation introduced in the state House.

If Alaskans return to live for at least a year, the state would then pay them all their missed checks, under House Bill 547.

The state would save about $20 million by cutting off military personnel, congressional staffers, college students and others who might never return to live in Alaska.

Roughly 17,000 people live outside the state but qualify as Alaska residents under the dividend program.

Proponents of the bill say it would keep the money in the state and could lure back college students and highly trained members of the military

[Keith in Iowa]

Cutting off military people would be a very bad idea. I hope they rethink that one.

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[taxcontrol]

Not as bad as you might think. After reading the article, I could see a scenario where a person goes off to the military and signs up for 4 & 6 year hitches, then asks for a 2 year tour in Alaska.

During th 10 years they were away, they would build up money, arive back in Alaska, stay the required 1 year, collect all past due monies. Then repeat.

This would have the indiviudal collecting something like 170,000 the first time, then another 170,000 the second time just as they were retiring. Assuming the individual was wise and stuck the money into some kind of savings / investment account, they would be looking at 50% military pay plus having about $500,000 in the bank drawing about $40,000 per year on top of the military pay.

If the person started at 18, by the time they were 45, they could be comfortable for the rest of their lives WITHOUT working, assuming they controled their expenses.

[taxcontrol]

Whoops spoke too soon.

The dividen amount would be about $1,800 per year so after 10 years the past due amount would only be about $18,000.

Self correction - research BEFORE writting
Please ignore the previous.