Mike Pence has saved little for retirement. Luckily he works for the government.
This is the first in a series about the Trump Cabinet and the fortunes of its members.ike Pence doesn’t have all that much to his name. He doesn’t appear to own a home, and he hasn’t saved much besides $65,000 in index funds, at most, and a bank account holding less than $15,000.
“Most people don't get that kind of golden handshake,” says Grover Norquist, president of the right-leaning Americans for Tax Reform. “It's a good deal for Congress and it's not a good deal for taxpayers.” With no significant business experience, he ranked among the Capitol’s poorer members, with few assets besides stock in an Indiana gas station and convenience store chain called Kiel Bros. Oil Co. Pence likely inherited the shares from his father, who was an early employee. The future vice president helped out at Kiel Bros. growing up, but he never went into the business. In the early 2000s, the company had grown to more than 200 locations and Pence’s brother Greg was president.
Pence would further benefit from an act of Congressional self-dealing. A 1986 federal law based pension payouts for members of Congress and their staffers on a higher percentage of their annual pay than regular federal workers’ pensions. Pence voted in favor of closing this benefit for future Congressmen in 2012, though he remains one of many lawmakers grandfathered into the older, more lucrative pensions.
Then there’s his state pension. Pence left Congress in 2013 to become governor of Indiana. He served a single term in the statehouse before being elected vice president. For those four years of gubernatorial work, he’s entitled to 30% of his salary for the rest of his life. Pence earned nearly $112,000 in his final year as governor, so Indiana will owe him around $35,000 per year starting at age 62, an income stream worth at least $500,000.
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