U of C president Harvey Weingarten steps down next January and will receive a pension payout of $4.75 million dollars.
The deal is not a lump sum but is to be paid out over the course of Weingarten's lifetime.
The figure was not made public for several years and that has sparked an investigation by the Auditor General's department.
The chair of the university's board of governor's says not including the full amount was a record keeping oversight that has since been corrected.
"It was a miscommunication between what the obligation that had been incurred in relation to the pension was and the reflection of the same by the financial people and the financial statements," said Board Chair, Jack Perraton.
The president of the Faculty Association at the U of C says the error points to a lack of transparency on campus and the figure itself is hard to swallow during these tough economic times.
"The issue is proportion," said Faculty Association President, Anne Stalker, "let's have the right proportion between the president's benefits and faculty member's benefits and staff at the rest of the university."
The auditor general investigated the oversight and say it is now properly accounted for on the university's financial statements.
