PFD contributions are invested in the same Alaska 529 account(s) as the applicant's most recent PFD contribution, unless we are notified otherwise. A change in sponsorAn adult who applies for a Permanent Fund Dividend on behalf of a minor child. on a minor's PFD application does not result in a change of custodianA person who has executed an account agreement or a notice of intent to participate in Alaska 529 where the account holder is a minor, including when the account is funded from an UGMA or UTMA account (provided the custodian is required to act under the terms of the UGMA or UTMA). The custodian is responsible for performing all duties of the account holder, unless otherwise provided in the education savings program or this Plan Disclosure Document. on the Alaska 529 account.

If this is the first time you checked "Yes" on your PFD application, we will allocate your contribution into your Alaska 529 account(s).

You can open an account by checking "Yes" on your PFD application. The PFD applicant will be listed as the account holder and the beneficiary. If the PFD applicant is a minor, the sponsor will be listed as the custodian. Your contribution will be invested in the University of Alaska Portfolio, unless you open an account prior to the PFD distribution date. When opening your account, you will be able to change your investment portfolio, account holder, or custodian; set up your account preferences; and add any banking or additional contribution information. 

To update the allocation of your PFD contribution into one or more accounts, call us at 1-800-478-0003 or send us a detailed letter of instruction. Mail the letter of instruction to Alaska 529 / P.O. Box 17302 / Baltimore, MD 21297-1302. Include the following information:

• The PFD applicant's name and Social Security number, and the sponsor's name if applicable.
• The Alaska 529 account number(s) where the PFD contribution should be invested. If multiple accounts are listed, the percentage of the PFD that should be allocated to each account should be provided.
• The PFD applicant/sponsor's signature.

If you have changed your mind about contributing your PFD, log in to my.alaska.gov and change your PFD election. You may also download the Alaska 529 Add or Withdraw form and mail or fax it to the PFD office.

After your PFD contribution has been posted to your account, you may be eligible for a refund if the PFD contribution established the account. You must submit a PFD Refund form within 90 days after we receive your PFD. If you don’t qualify, you may request a distribution. If the distribution is nonqualified, any earnings may be subject to income taxes and a 10% tax penalty.