Under the 1958 law, a former president's pension must be equivalent to a minister's salary in the government, which is currently $250,600. Former President Joe Biden receives the largest taxpayer-funded pension among all U.S. presidents, reaching $417,000 annually, more than his salary as president, according to experts. National Taxpayers Union Vice President Damien Brady, in an analysis conducted by the organization, stated that 83-year-old Biden was eligible for this massive amount from two pension funds in his first year as a former president, adding: "It is historically unusual for a person to receive such a large amount as a pension." When asked to compare Biden's pension with his predecessors, the tax activist said, "I would say it is the largest," as this massive annual amount is estimated to be about twice what former President Barack Obama receives 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" as he was a senator, vice president, and then president, a career path that allowed him to take advantage of a "loophole" enabling him to receive multiple taxpayer-funded pensions, according to Brady. Biden previously described himself as "one of the poorest members of Congress," but he can receive these lucrative payments by taking advantage of the dual benefits of the benefits provided under the Former Presidents Act of 1958 and the Civil Service Retirement System for former senators. The annual pension under the Civil Service Retirement System is determined by a formula that takes into account 44 years Biden served in the Senate as vice president, plus his highest three years of salary during that period. Brady explained that "Biden's initial pension could be as high as $166,374, including $18,186 allocated for the spouse's portion of the pension," noting that his estimate assumes Biden sought to maximize his pension for his Senate tenure. The former president could have received more than $254,000 annually from the Civil Service Retirement System if not for the maximum limit on annual payments being 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 and took office before the pension plan was amended to be less generous for new members. In addition to his pension for his Senate and vice-presidential service, Biden also receives a quarter of a million dollars annually from his presidential pension.
