Khaberni - Former President Joe Biden enjoys the largest taxpayer-funded retirement pension among all American presidents, reaching $417,000 annually, which is more than his salary as president, according to experts.
Vice President of the National Taxpayers Union Foundation, Damien Brady, said in an analysis conducted by the foundation that Biden, at the age of 83, was poised to receive this large amount from two pension funds in his first year as a former president, adding: "It is historically unusual for someone to receive such a large amount as a retirement pension."
When asked about comparing Biden's pension to his predecessors, a tax activist said: "I would say it’s the biggest," estimating this huge annual amount to be almost double what former President Barack Obama received after leaving the White House, and $17,000 more than Biden’s presidential salary of $400,000 annually.
This also reflects Biden's "unique position" of having been a member of the Senate, vice president, and then president, a career path that enabled him to benefit from a "loophole" that allows him to receive multiple taxpayer-funded retirement pensions, according to Brady.
Biden previously described himself as "one of the poorest members of Congress," but he can receive these lucrative payments by doubly benefiting from the benefits prescribed under the Former Presidents Act of 1958 and the civil retirement system for former Senators.
The annual pension in the civil retirement plan is determined based on a formula that takes into account the 44 years Biden spent in the Senate as the Vice President, in addition to the highest three years of salary he received during that period.
Brady explained that "Biden's initial pension could reach $166,374, including $18,186 allocated for the spouse's part of the pension," noting that his estimate assumes Biden sought to maximize his pension during his Senate tenure.
The former president could have received more than $254,000 annually from the civil retirement system if it were not for a maximum annual payment cap of 80% of his highest salary, which was $230,700 annually as vice president and president of the Senate.
Biden was elected to the Senate in 1972, entering office before the retirement plan amendment to make it less generous for new members.
In addition to his pension from his Senate and vice-presidential service, Biden also receives a quarter of a million dollars annually from his presidential pension. Under the 1958 law, the former president's pension must equal the salary of a cabinet minister, which is currently $250,600.
