Romney – Obama Pension Debate; Foreign Investments, Size?
Remember the moment in Tuesday night’s debate when President Obama and Governor Romney squared off on the issue of their respective pensions and foreign investments therein? Well it seems that in spite of President Obama’s lighthearted and dismissive approach to the question, Governor Romney may have been on to something.
“I don’t look at my pension. It’s not as big as yours so it doesn’t take as long. I don’t check it that often.”
FOREIGN INVESTMENTS?
Many public pension funds have a diversified foreign investment portfolio that includes China. For instance, the California Public Employees Retirement System, or CalPERS, recently announced a $530 million investment in two real estate funds that target China.
PENSION SIZE?
As president, he will receive $191,300 annually for life — win or lose in next month’s election — and receives a travel allotment as well as mailing privileges. Should Obama lose, his presidential pension kicks in immediately after leaving office.
Given that the president enjoys a normal life span, the pension allotment would be worth upwards of $6 million.
The federal budget spends about $3 million annually for the four living ex-presidents. Obama also will get Secret Service protection.
In addition, Obama may be due a nice pension for the eight years he served in the Illinois Legislature as a state senator.
Illinois is infamous for its lavish pension plan for former lawmakers. A Freedom of Information Act request for Obama’s pension amount submitted Wednesday to the General Assembly Retirement System of Illinois was not immediately answered, nor was a call to the Obama campaign.
But what about Romney?
It’s extensively documented that Romney is, well, a rich guy. He earned untold millions —though famously circumspect about releasing tax returns — while leading private equity giant Bain Capital and has a substantial retirement plan.
His Individual Retirement Account could be worth in the neighborhood of $87 million, as documented in an extensive report from the Washington Post.
But as for a strictly public pension? Zip, zero.
Romney only served one term as governor of the Bay State and did not take a salary, so he is eligible for nothing.
So while Romney appears headed for a happier retirement financially, he’ll be footing his own bill — unless, of course, he wins next month. In that case, his nest egg will be even that much bigger than Obama’s.
2012-10-19 18:03:04
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