- Associated Press - Friday, April 25, 2014

JUNEAU, Alaska (AP) - The Alaska House has authorized a draw of $3 billion from the constitutional budget reserve fund to help address the state’s unfunded pension obligation.

The Legislature approved putting $2 billion toward the teachers’ retirement system and $1 billion toward the public employees’ retirement system.

A three-fourths vote was needed in each the House and Senate to authorize the draw. The vote was 38-0 in the House; 30 votes were needed. The Senate voted 19-0; 15 votes were needed.

Gov. Sean Parnell’s budget director said the constitutional budget reserve fund has more than $12.3 billion in it at the end of March.

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