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DeKalb Times

Saturday, April 19, 2025

Former state university employee Eubanks paid in $134K to pension fund, could collect $2.19M in retirement

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Former state university employee Philip Eubanks, who retired in July 2016, saved $133,994 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eubanks would collect as much as $2.19 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Eubanks received $45,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Eubanks will have already received $142,079 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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