Now that the presidential election is over what benefits are in store for President Obama once he leaves office?
November 21st, 2016 by JBWK
Submitted by Richard B. Donaldson Jr.
Under the Former Presidents Act passed in 1958, the president receives a taxable lifetime pension equal to the annual rate of pay for the heads of executive branch departments, like cabinet secretaries. The amount is currently $205,700 and is set annually by Congress. In addition, in the first 7 months after leaving office, the ex-president receives transition expenses to assist in moving back into private life. This amount is determined by Congress too.
There is money for an office and staff at any location he chooses for the first 30 months in the amount of $150,000 annually thereafter dropping to $96,000 annually. Travel expenses for the President and up to 2 of his staff are also provided when he is acting as an official representative of the U.S. Lifetime Secret Service protection is provided for the president, his spouse and children until they reach the age of 16. Former Presidents and their spouses, widows, and minor children are afforded treatment in military hospitals. Former Presidents are also traditionally granted, at taxpayer expense, state funerals with military honors. Presidential Libraries are funded by private donations. These benefits, compared to the perks routinely received by Fortune 500 company executives, seem modest indeed. Maybe that is why they refer to holding office as “public service.”
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