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An Inside Look at the Bidens' Retirement Savings Accounts

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What You Need to Know

  • The U.S. Office of Government Ethics form is intended to prevent conflicts of interest in the executive branch.
  • The form gives general descriptions of the holdings of both the official and the official's spouse.
  • The president has a TIAA-CREF Lifecycle Index fund inside a University of Pennsylvania retirement plan.

President Joe Biden and his wife, Jill, have personal experience with owning a wide range of retirement savings arrangements, including variable annuities.

The Bidens provide a snapshot of that exposure in their latest U.S. Office of Government Ethics Form 278 filing.

Presidents and other top federal officials post Form 278 financial disclosure reports in an effort to prevent conflicts of interest. The reports also can give curious financial professionals a rough idea of how top federal officials manage their assets.

The new report shows that the Bidens’ current holdings are similar to the holdings they disclosed a year ago.

Joe Biden, who is 79, has been the president of CeltiCapri, his own S-corporation, since February 2017, when he left his post as former President Barack Obama’s vice president.

He was the Benjamin Franklin Presidential Practice Professor at the University of Pennsylvania from February 2017 until January of his year, when he became president.

He has:

  • An individual retirement account, which holds a U.S. brokerage account with a value of $15,001 to $50,000.
  • A University of Pennsylvania defined contribution plan account, which holds about $15,001 to $50,000 in assets inside a TIAA-CREF Lifecycle Index 2010 Fund.

His wife has:

  • Defined benefit pension plans associated with her teaching career in Delaware and Virginia.
  • Defined contribution plan accounts, in the form of 457 plan accounts and 401(a) plan accounts, associated with her teaching career. The defined contribution plan accounts hold $16,002 to $65,000 in a Target Date 2025 Portfolio.

The Bidens also list a variable annuity from Security Benefit, which holds somewhere between $53,011 and $165,000 in assets, and six whole life policies from Massachusetts Mutual Life Insurance Co. The six MassMutual policies have a total value of $6,006 to $300,000.

Joe Biden borrowed somewhere between $15,001 and $50,000 from the whole life policies in 1983. The loans carry an interest rate of between 5% and 8%.

President Joe Biden (Photo: Chris Kleponis/CNP/Bloomberg)