Tim Walz, the Democratic vice presidential candidate, stands out among modern political candidates due to the simplicity of his financial life. His financial disclosure form, released by the Federal Election Commission, reveals modest and straightforward finances compared to many politicians who have accumulated wealth in the private sector. Walz reported an income of $210,287 from his role as governor of Minnesota and holds a bank account with between $15,000 and $50,000 in cash. Notably, he has no debts, homes, rental properties, individual stocks, or bonds.
Despite his simple financial holdings, Walz does have a few retirement savings accounts. He disclosed having between $100,000 and $250,000 in a 2030 target date retirement fund, up to $15,000 in a Vanguard midcap index fund, and up to $15,000 in a State Street short term investment fund. As a result of his long career in public service as a schoolteacher, National Guard member, and congressman, Walz is entitled to pension income, although the exact amount is not specified in his disclosure.
Walz is currently eligible to receive $1,111 a month from the Teacher’s Retirement Association of Minnesota. It is unclear how much his pension income may increase due to his tenure as Minnesota governor, as Minnesota state law allows for additional earnings under the retirement plan. Additionally, Walz will also be eligible for Social Security benefits and a pension as a former member of the US House of Representatives, neither of which need to be reported on the disclosure form under FEC rules.
During his campaign, Walz has addressed the issue of pensions, emphasizing the importance of defined benefit pension plans. He cited a Wall Street Journal article suggesting that he may be wealthier than believed because of his pension entitlements. Despite facing criticism for having a defined benefit pension plan, Walz believes that it is a vital resource that he wishes every American could have access to. Overall, Walz’s financial disclosure showcases a modest financial portfolio that contrasts with the substantial wealth often found among political candidates.
