As a retiree of UAA, I read with concern that the State House deleted the $3 billion that governor Parnell had included in his budget to shore up the state retirement systems. For medical reasons I had to retire Outside. Now many readers are likely to say, I don’t care if state retirees lose their pensions, but I’ll bet your care about your dividend check.
If the pension fund becomes insolvent a federal bankruptcy trustee will be appointed. He/she will go after every pot of money Alaska has to pay constitutionally mandated pensions and other state obligations. And what big pot of money does Alaska have the trustee can tap? The Permanent Fund! Then you can say goodbye to those dividend checks.
So even if you don’t give a darn about state retirees, you might want to give your state rep a call to put the $3 billion back in the budget to save your dividend.