Report: Tim Walz Richer Than Net Worth Suggests

Democrat vice presidential candidate Tim Walz's pensions from his teaching, military, and political careers have left him with more money than his net worth might suggest, according to a report.

Walz's campaign wouldn't comment on his finances, except to confirm that he pulled $135,000 from his retirement savings in 2023 to pay for his daughter Hope's college education, reported The Wall Street Journal.

"He has a good retirement fund. It's not luxurious, but it's designed for someone who has been a public servant for most of his life," said Richard Painter, a professor at the University of Minnesota Law School who headed the White House ethics office under President George W. Bush.

Walz, governor of Minnesota, is scheduled to release additional finances soon through the Federal Election Commission, as is required within 30 days of becoming a candidate.

A recent Axios report indicated that he does not have stocks or own his own home.

The Walzes have decades of teaching experience. The governor stopped teaching at around the time he was elected to the House in 2006, while his wife Gwen Walz worked in the public schools for more than 20 years.

They each listed Minnesota teachers' pensions on a 2019 disclosure form Walz filed while in Congress, with a combined value of between $16,000 and $65,000.

According to the Teachers Retirement Association of Minnesota, retired teachers in the state draw an average annual pension of about $27,600, which adjusts for inflation.

The Walzes also listed retirement plans for Minnesota state employees, having a combined value of $65,000 and $15,000.

Meanwhile, Tim Walz, who is now 60, turns 62, he will be entitled to a pension of about $35,000 a year because of his years as a congressman.

The payment drops slightly lower, at $32,000 yearly, for a benefit continuing over both of the couple's lifetimes, said Demian Brady, vice president of research at the nonprofit National Taxpayers Union Foundation.

Walz could have taken a lower pension starting at 56, but likely did not, as it's not listed on his tax returns for 2021 and 2022.

He was also able, while in Congress to contribute to the government's Thrift Savings Plan, wich resembles a 401(k) plan and matches up to 5% of pay. This was the plan used to pay Hope Walz's college bills at Montana State University, the campaign confirmed.

Walz's payday could climb if he's elected as vice president, as he could keep contributing to the Thrift Savings Plan, and his pension from Congress will increase.

In addition, Walz qualifies for a pension from the Army National Guard after serving for 24 years. He retired on May 16, 2005, just before running for Congress.

The payout comes to about 10% of a Guard member's highest averaged three years of pay, translating in Walz's case to about $8,200 a year.

Military retirees also qualify for lifetime health insurance for themselves and their spouses.

As governor, Walz was required to add 6% of his annual pay to the Minnesota State Retirement System's Unclassified Plan, another 401(k) style offering. The state matches that with a 6.25% contribution. As Walz earns $127,629 a year as governor, the contributions between him and the state may have reached more than $75,000 last year.

Once Walz is no longer employed by the state, he can opt to get a fixed monthly check from the state, withdraw the money, or roll it over to an IRA.