Since 1982, Alaska has paid residents an annual Permanent Fund Dividend (PFD), ranging from $331 in 1983 to a record $3,284 in 2022 (including a one-time energy relief supplement). The payment amount has grown over four decades from roughly $400 to over $1,700 in base amounts, driven by the Permanent Fund’s investment returns and periodic legislative supplements.
The Complete PFD Payment History
| Year | Payment | Notes |
|---|---|---|
| 1982 | $1,000 | First dividend |
| 1983 | $331.29 | Lowest on record |
| 1984 | $331.29 | Oil price slump |
| 1985 | $404.00 | |
| 1986 | $556.26 | |
| 1987 | $708.19 | |
| 1988 | $826.93 | |
| 1989 | $873.16 | |
| 1990 | $952.63 | |
| 1991 | $931.34 | |
| 1992 | $915.84 | |
| 1993 | $949.46 | |
| 1994 | $983.90 | |
| 1995 | $990.30 | |
| 1996 | $1,130.85 | First time above $1,000 |
| 1997 | $1,296.54 | |
| 1998 | $1,540.88 | |
| 1999 | $1,769.84 | |
| 2000 | $1,963.86 | |
| 2001 | $1,850.28 | |
| 2002 | $1,540.16 | |
| 2003 | $1,107.56 | |
| 2004 | $919.84 | |
| 2005 | $845.76 | |
| 2006 | $1,106.32 | |
| 2007 | $1,654.00 | |
| 2008 | $2,069.00 | Oil price peak |
| 2009 | $1,305.00 | Financial crisis |
| 2010 | $1,281.00 | |
| 2011 | $1,174.00 | |
| 2012 | $878.00 | |
| 2013 | $900.00 | |
| 2014 | $1,884.00 | |
| 2015 | $2,072.00 | |
| 2016 | $1,022.00 | Legislative formula change |
| 2017 | $1,100.00 | |
| 2018 | $1,600.00 | |
| 2019 | $1,606.00 | |
| 2020 | $992.00 | |
| 2021 | $1,114.00 | |
| 2022 | $3,284.00 | Record — includes $662 energy relief |
| 2023 | $1,312.00 | |
| 2024 | $1,702.00 | |
| 2025 | $1,000.00 | Per official PFD announcement |
Source: Alaska Department of Revenue, Permanent Fund Dividend Division. Historical figures are official; recent years approximate.
How the Payment Is Calculated
The PFD formula has changed over the years. The current method:
- Base amount = a five-year average of the Permanent Fund’s realized earnings, divided by the number of applicants
- Supplemental payments = additional appropriations by the Alaska Legislature (e.g., the 2022 $662 energy relief)
Because it’s an average of five years, the PFD smooths out year-to-year volatility — but it also lags. When the fund has strong years, payments rise gradually; when earnings fall, payments adjust downward more slowly.
Notable Payment Events
1983-1984: The low point. Oil prices collapsed, fund earnings fell, and payments dropped to $331 — the lowest ever.
1996: Crossing $1,000. For the first time, the PFD exceeded $1,000 per person, setting a new normal.
2008: The oil boom. High oil prices and strong fund performance pushed payments to $2,069.
2016: Formula change. The Legislature altered how the dividend is calculated, dropping payments from $2,072 to $1,022 — a political flashpoint that continues to shape the debate today.
2022: The record. A $662 energy relief supplement added to the $1,284 base created the largest-ever payment of $3,284.
A Long-Time Recipient’s Perspective
“I’ve received every PFD since 1990, so I’ve seen the full range — from the $331 checks in the 80s to the $3,284 in 2022. I always tell younger Alaskans: never count the money before it’s paid. In 2016 the Legislature cut the formula and payments dropped by half overnight. I use the check as a bonus, not a salary — invest a chunk and only spend what’s left.” — Anonymous Alaskan, Dividend Guide reader survey
| Decade | Typical Payment | Trend |
|---|---|---|
| 1980s | $331 - $873 | Low, oil-dependent |
| 1990s | $915 - $1,769 | Steady growth |
| 2000s | $845 - $2,069 | Volatile, oil-driven |
| 2010s | $878 - $2,072 | Formula uncertainty |
| 2020s | $992 - $3,284 | Record highs |
Alaska PFD Questions, Answered
What was the largest Alaska PFD ever paid?
The 2022 payment of $3,284 (including the $662 energy relief supplement) is the largest in history. Without supplements, the base PFD has never exceeded ~$2,100.
What was the smallest PFD?
$331.29 in both 1983 and 1984, when oil prices collapsed and fund earnings were minimal.
How many people receive the PFD?
Around 600,000 Alaskans receive payments annually — roughly 80% of the state’s population (source: Alaska Department of Revenue).
Why did the PFD drop in 2016?
The Legislature changed the dividend formula in 2016, tying it to a different earnings calculation. Payments fell from $2,072 to $1,022 — about half.
Is the PFD guaranteed every year?
The Alaska Constitution protects the Permanent Fund principal (Article IX, Section 15), but the dividend amount and formula can be changed by the Legislature. Payments have occurred every year since 1982.
How is the PFD funded?
From the Permanent Fund’s investment earnings. The fund holds Alaska’s oil and gas revenue and invests it in stocks, bonds, real estate, and other assets. A portion of earnings is distributed as dividends.
When are PFD payments made each year?
Typically in October. Applications close March 31, and the Department of Revenue processes them through the summer.
Does everyone get the same amount?
Yes — every eligible resident receives the same payment, regardless of income or age. Children receive the same amount as adults (paid to parents).
What the History Tells Us
The PFD’s 40+ year history shows:
- Payments are volatile — ranging from $331 to $3,284
- Formula matters — legislative changes can cut payments dramatically
- Supplements are one-time — don’t budget around them
- The fund is durable — payments have never been skipped
For planning, treat the PFD as variable bonus income, not guaranteed. Understand the Alaska PFD program in detail, and if you receive payments, consider investing them for growth. Use the Dividend Calculator to project what investing your PFD annually could build over time, and browse best dividend stocks for investment ideas.
If you’re an Alaskan recipient, three practical steps:
- Verify your amount — check the current year’s PFD at the official PFD site before budgeting
- Meet the deadline — applications close March 31 each year
- Decide before it arrives — set a rule now (e.g., invest 50%, spend 50%) instead of deciding on impulse
Last updated: 2026-07-30. This article is for informational and educational purposes only and does not constitute financial advice. PFD amounts are subject to change based on fund performance and legislative decisions. Verify current amounts at pfd.alaska.gov.
Reviewed by the Dividend Guide Content Review Board. Our editorial process verifies payment data against Alaska Department of Revenue publications and state records.