Slide 46 of 84

Transfers out may occur if the personal income, after adjusting for inflation, declines in real terms. There have been four such transfers in the 22 years of the fund's existence. Also when unemployment is high, transfers may come out in a quarter when unemployment exceeds 8 percent. Such transfers are used for capital spending and job stimulation. There also can be emergency transfers; a super majority vote of the legislature is required for this type of transfer.