Big Pension News? Only in Illinois

What's happening in Springfield now regarding the state pension crisis will have a long-term impact on your tax bills and the money the state government can afford to send to local schools. 

Teachers and bus drivers in the suburbs are getting layoff notices and schools are closing in the city of Chicago as the governor projects a cut of $300 million from the state education budget. This week, the Illinois House passed a bill that would trim cost-of-living payments for public retirees. The House previously passed a bill that raises the state employee retirement age incrementally. It's unlikely those measures will pass the Senate, leaving the pension crisis unresolved.

Our friends at Reboot Illinois, a non-partisan news and advocacy website, this week launched "Only in Illinois," a weekly video recap and analysis of key financial issues plaguing the state. The program is hosted by Reboot's chief operating officer, Madeleine Doubek, and executive editor Matt Dietrich.

Want more perspective? IllinoisWatchdog.org suggests the next election will further delay pension reform.

If you have feedback for Reboot Illinois, visit RebootIllinois.com and comment. This post is published throughout the Chicago-area Patch network, and comments are moderated.