Former state university employee Califano paid in $109K to pension fund, could collect $1.53M in retirement

By Local Labs News Service

Feb 1, 2019

Former state university employee Joseph Califano, who retired in January 2019, saved $109,221 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Califano would collect as much as $1.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Califano received $32,124 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Califano will have already received $134,396 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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