Quantcast

Chicago City Wire

Monday, December 23, 2024

Former principal Preston paid in $188K to teachers' pension fund, could collect $4.88M in retirement

Shutterstock 233512279

Former principal Princetta Preston, who retired in August 2016, saved $188,253 toward a pension over 45 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Preston would collect as much as $4.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Preston received $102,609 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Preston will have already received $208,296 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS