Retirement Benefits for PresidentsJul 7th, 2015 | By Sharon Shaw Elrod MSW EdD | Category: Senior Moments Blog
Former Presidents Act Explained
The Former Presidents Act (FPA) was passed in 1958 and called for a number of benefits for United States Presidents upon departure from the White House. At that time, there were only two former presidents still living… Hoover and Truman. Eisenhower was President, and he was the first to be covered under the FPA when he left office.
After the President leaves office, he/she receives a pension that is equal to what other heads of executive branch departments are paid. In 2014, it was $201,700. Her/his spouse can also receive a lifetime annual pension of $20,000 if they don’t have any other statutory pensions.
Additional Benefits Provided
Additional benefits, paid for by taxpayers, include:
- Transition monies: These funds are for expenses incurred as the President leaves office, and is available for seven months. It pays for office space, staff salaries, communication services, printing and postage.
- Staff and Office Expenses: The Administrator of General Services Administration provides money for private office staff and office needs. Each retired President can receive up to $150,000 annually for the first 30 months for staff salaries, and $96,000 thereafter.
- Medical Insurance: Former presidents may receive medical treatment in military hospitals, which they pay for at rates set by OMB (Ofice of Management and Budget). If a President has served two terms, he/she may buy health insurance under the Affordable Care Act.
- Former presidents are entitled to Secret Service Protection for life.
Details of the FPA can be found in Wikipedia, with references provided for accuracy.
Dr Sharon Shaw Elrod