Alaska will give each resident more than $2,000 next month as the annual payout from an oil wealth trust fund, as a state revenue official announced this week.

About 645,000 residents will receive the payout from The Alaska Permanent Fund, said Jerry Burnett, deputy commissioner for the Alaska Department of Revenue.

In order to be eligible to receive the money, Alaska residents must have lived in the state an entire calendar year and it is estimated that this payout keeps many low-income Alaskan families out of poverty.