By Adam Andrzejewski for RealClearPolicy
When Dr. Fauci decides to retire, his federal pension and post-employment benefits will cost taxpayers over $350,000 each year. Dr. Fauci is already the highest paid federal employee, and soon his retirement package will exceed most working Americans’ salaries.
Federal employees with Fauci’s length of service can retire to earn “80 percent of [their] high-3 average salary, plus credit for [their] sick leave,” according to the U.S. Office of Personnel Management. The last three published years of his salary — 2018: $399,625; 2019: $417,608; and 2020: $434,312 —can be used calculate his potential retirement earnings.
If he’d left federal service at the end of FY2020, figuring 80% of his highest three-year average, would mean a federal pension of $333,745 a year, plus cost-of-living increases (($1,251,545/3) x 80% = $333,745). However, Fauci’s unpublished current salary is at least what it was in 2020. Therefore, his retirement pay would be closer to $347,500 a year. (($1,302,936/3) x 80%).
Additionally, Dr. Fauci is likely eligible for an annuity, paid out by the federal government. After serving 10 years, federal employees are eligible for “2 percent of [their] high-3 average salary for each year.”
Dr. Fauci has surpassed the 10-year-minimum work requirement, and if he retired last year he could have added an extra $8,344 a year (($1,251,545/3) x 2% = $8,344). If he leaves at the end of this month, that figure is likely closer to $8,575 a year in annuity payments, assuming his salary did not go down in 2021.
All this adds up to over $350,000 in total yearly compensation starting at nearly $1,000 per day and over $1 million during his first three-years of retirement.
Syndicated with permission from RealClearWire.
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