William Atwood, executive director of the Board of Investment, who confirmed that obama was an Illinois state senator from 1997 to 2004 before winning election to the U.S. Senate. He is a participant in the General Assembly Retirement System in Illinois.
The Romney campaign pointed us to that pension fund’s holding in an entity that is part of Advent International. Advent has described itself as “one of the world’s most global private equity firms” and has buyout offices in 16 countries.
Atwood confirmed that the pension fund has invested $30 million in one of Advent’s limited partnerships, Advent International GPE VI-A. That partnership was organized in the Cayman Islands, Atwood said. Public filings back that up.
David S. Miller, a tax attorney with Cadwalader, Wickersham & Taft LLP in New York said,
It’s “entirely accurate” for Romney to say that Obama’s pension plan has investments in foreign companies and through a Caymans trust, Miller said. Technically, it’s a Cayman-based partnership, but that’s a trivial difference, he added.
Obama also said Romney’s pension was bigger than his but that is another obama lie
As far as size? Well it seems Obama’s PUBLIC pension is bigger than Romney’s
From the standpoint of a public pension, Obama is well-heeled.
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.
As for Romney’s pension, 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.
Imagine a man willing to work for nothing to better his state, how many men can you find in this world of this character, I can assure you obama isn’t one of them.
So while Romney appears headed for a happier retirement financially, he’ll be footing his own bill — unless, of course, he wins next month.
read the truth meter article HERE and cnbc