Gov. Bruce Rauner says he's "pretty excited" over the possibility that state lawmakers will pass a pension reform law this year.

Illinois' contribution to the state's largest public-pension fund is expected to increase by more than $400 million next year after the board overseeing the account, trustees with the Teachers' Retirement System, lowered its expected rate of return on investments. The move could lead to higher taxes or massive cuts to education and social services.  Gov. Bruce Rauner says this could have a devestating impact on Illinois' current budget structure.

The state budget impasse means that high school seniors choosing a college are now having to take the school’s financial stability into account.

Illinois has more than $100 billion in pension debt. So far, attempts to fix it have been mostly illegal.

Governor Bruce Rauner will use his State of the State address Wednesday to present a deal for pension relief and highlight efforts to reduce Illinois' prison population, according to documents obtained by Illinois Public Radio.