Chicago City Wire

Chicago City Wire

Thursday, February 27, 2020

Former state university employee Callaway paid in $19K to pension fund, could collect $247K in retirement

Schools

By Local Labs News Service | Apr 1, 2019

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Former state university employee Gregory Callaway, who retired in March 2019, saved $18,739 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Callaway would collect as much as $246,630, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Callaway received $5,184 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Callaway will have already received $21,689 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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