Department of Revenue Reports Strong Close to Fiscal Year 2024
Department of Revenue Reports Strong Close to Fiscal Year 2024
Wednesday, August 21, 2024 (Anchorage, AK) – The Treasury Division of the Alaska Department of Revenue closed a strong fiscal year 2024 with overall gains of $4.6 billion across the State’s Retirement System of $43 billion including the State’s other managed assets of $9 billion.
The Treasury Division in total oversees $52 billion in State assets for Alaskans. The Treasury Division is staffed by professionals in portfolio management, accounting, operations, compliance, and cash management. These professionals assist fiduciaries and the Revenue Commissioner in achieving investment objectives while managing the risk profile for state operating and retirement funds. Most of the funds are managed internally by state portfolio managers who focus on delivering both excess returns and administrative cost savings.
Investments under the fiduciary oversight of the Commissioner of Revenue of $9 billion, gained $580 million – the highest level in 10 years, meaningfully contributing to State revenue. Overall investment performance for these direct state funds was strong, with long-term funds gaining more than 13%. Additionally, preliminary performance for the retirement plans exceeded 9%, surpassing actuarial expectations.
“The team at Treasury has done a tremendous job taking care of Alaskans and their retirement assets,” said Commissioner Crum. “Not only have our near-term returns been very high, but the combined retirement fund investments have just hit the decade mark of beating our benchmark by more than 50 basis points, as well as outperforming peers during that same timeframe.”
More information on the Treasury Division investment program is available at: https://treasury.dor.alaska.gov/home/investments.
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Media Contact: Aimee Bushnell, (907)465-6829, aimee.bushnell@alaska.gov