Alaska renews benefit payment contract

Posted: Wednesday, July 09, 2008

JUNEAU - JPMorgan has a new contract with the state to handle benefit payments for Alaskans receiving state-funded assistance.

The company, which announced the renewal on Tuesday, says it will handle distribution of payments to more than 23,000 households eligible for help.

The company supplies families with debit cards that grant access to the funds.

The company says debit cards reduce costs of delivering checks as well as costs associated with security and fraud.

Cheryl Kagee, of the Alaska Department of Health & Social Services, says the state remained with JPMorgan because the company offered the best value to the state.

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