Answer "Yes" to the Alaska 529 question on your PFD application.
Finding the spark that fuels the imagination is what life is all about. Whatever career path you or your child might choose, investing a PFD in an Alaska 529 account can help you plan for it.
Use the PFD Planner to see how contributing a PFD can help save for future education expenses.
Assumes that each full PFD amount is $1,000 in the first year, increased 3% annually, and that each PFD amount is deposited at the beginning of the year. The chart also assumes a 6% hypothetical rate of return compounded monthly and a 0.05% program management fee. This chart is for illustrative purposes only and does not predict or project the return of any specific investment option. Investment returns in Alaska 529 will vary and may be higher or lower than this example.
To contribute automatically, answer "Yes" to the Alaska 529 question on your PFD application.
After you submit your PFD application, you will receive a postcard or email confirming your election. In the summer, you'll also receive a letter detailing your account registration, portfolio selection, and more.
We will send you a confirmation letter once we receive your PFD funds.
Reach your education savings goals faster by automatically contributing 100% of a PFD to an Alaska 529 account. Here’s how to get started:
Answer “Yes” on your PFD application to contribute the first half of your PFD and to be entered into the $25,000 Scholarship Account Giveaway.
Enter the routing and account number that we provided in the direct deposit section of your PFD application. After completing this process once, the second half of the PFD will go into your Alaska 529 account each year, unless you change your direct deposit information.
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:
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.
If you didn't opt to save half of your child's PFD for education expenses when filling out your 2021 PFD application, there's still time to make change! Just update your application by logging in at pfd.alaska.gov or download the Alaska 529 Add or Withdraw form and mail or fax it to the PFD office by August 31, 2021.
Alaskans who contribute half of their 2021 PFD will be automatically entered to win a $25,000 scholarship account, funded by the Education Trust of Alaska. The scholarship account can be used at any eligible college, university, or vocational/trade school in the country. Certain restrictions apply; see the full Official Rules for details.
Congratulations Boon Branson, Age 1 of Fairbanks, Alaska.
“I had never looked into 529 accounts before. I saw the box and I was planning to save for college anyway. I thought if some of his money was set aside specifically for college, it would be more likely he would go.”
– Megan Branson, Boon's mom
The drawing for the winner occurred on August 24, 2020.