Former state school employee Helberg paid in $221K to teachers' pension fund, could collect $4.93M in retirement

Former state school employee Kenneth Helberg, who retired in June 2016, saved $221,072 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Helberg would collect as much as $4.93 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Helberg received $103,711 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Helberg will have already received $320,560 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.