A point on POMV

Letter to the editor

Posted: Thursday, February 05, 2004

The Alaska Permanent Fund Corporation Board of Trustees' proposed Percent of Market Value (POMV) method is not related to the dividend as stated in Monday's newspaper.

However, both the headline and the opening paragraph of the story the Empire published say that the outreach program APFC hopes to conduct would promote a new way to calculate the dividend. The language in House Joint Resolution 26 and Senate Joint Resolution 18 only places a limit on the amount that could be appropriated from the Permanent Fund each year, and does not include any reference to the statutes that contain the dividend calculation formula.

POMV is simply a management tool that will help protect the Permanent Fund for the future. The board of trustees has been consistent in repeating that how the earnings of the Fund are used is up to our elected officials. The board members have not and will not take a stand on this issue in their capacity as Trustees.

I encourage your readers to visit our Web site at www.apfc.org to learn more about POMV.

Robert Storer

Executive Director

Alaska Permanent Fund Corporation

Editor's note: Although House and Senate resolutions on the percent of market value method do not include any reference to the dividend, passage of the POMV plan would most likely cause the Legislature to review the statutes that cover what's available for distribution of the fund, which includes dividend payments.

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