Senate Passes Legislation to Pay Down Debt

Press Release

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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