Senator Stedman gives a session update during May Festival visit

With the adjournment of the Legislature on May 12, Senator Bert Stedman, R-Sitka, talked to The Pilot during the Little Norway Festival about the session.

The legislature realized they have to restructure the Alaska Permanent Fund (APF) and Senate Bill 26 does that.

Stedman was one of 13 senators who voted in favor of the legislation. With a $2.5 billion deficit the APF has to be protected.

He has favored that idea for a long time because it would limit payouts and gives the public the opportunity to look at its structure.

The bill sets a 5.25% draw for the first three years and then would go...