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Senate Passes Legislation to Pay Down Debt

Press Release

Location: Juneau, AK

Governor Sean Parnell today praised the Senate for passing House Bill 385, his legislation to pay down Alaska's unfunded pension liability. The governor's bill provides a $3 billion deposit into Alaska's retirement trust funds, lowering the state's annual payments and dropping annual state spending.

"I commend the Senate, especially Co-Chairs Senators Pete Kelly and Kevin Meyer as well as Vice-Chair Anna Fairclough, for passing HB 385 and acting to better secure Alaska's future," Governor Parnell said. "With this legislation, we are strengthening the state's triple-A bond rating and ensuring future generations are not saddled with this debt."

The bill now goes back to the House for concurrence on the Senate changes.

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