05/02/2026
Key Component of the: The Vault (Constitutional PFD Reserve): A dedicated, constitutionally protected account where 50% of the annual Permanent Fund earnings are deposited specifically for dividends.The Shield (75% Lock): A high-threshold voting requirement (supermajority) that prevents a simple legislative majority from diverting these funds for general government spending.Restoring the 50/50 Rule: Returning to the statutory formula established by Jay Hammond, ensuring half of the draw goes to residents and half to state services.Legislative & The SB26 Problem: Senate Bill 26 (2018) changed how the state uses Permanent Fund earnings by capping the annual draw, but it did not constitutionally protect the dividend size, leading to the recurring legislative battles and vetoes seen in recent years. Path to Enactment: To make this permanent, it requires a Constitutional Amendment, which must pass the House and Senate by a two-thirds majority before being approved by voters in a general election.Separation of Powers: This structure mirrors the existing separation of powers by using a "check" (the 75% vote) to balance the legislative power of the purse.
Stephens Plan on how to further protect the PFD Payout with a Vault and a Shield..See the diagram below..
