Op-Ed: A 14.8% year didn’t fix it
New Jersey's pension fund reported a final, unaudited return of 14.82% for the fiscal year ended June 30, and the state has budgeted a record $7.3 billion contribution for fiscal 2027. CalPERS reported 14.8% . A strong year is welcome news, but it repairs none of the rules that dug the hole, and Congress shouldn't let one talk it out of writing a minimum standard for public pensions. I've spent more than 30 years in institutional investment management and work as an expert witness in fiduciary cases, where the questions always concern process: what the fiduciary knew, what he weighed, and what he wrote down. Results come later. Any coach knows the same thing. I've coached youth rugby for years and a blowout win over a weak opponent is great for morale but does little to improve the defense. The numbers show how little a great year changes. Equable Institute projects the national funded ratio at 85.0% for fiscal 2026, the best since 2009 if it holds, with $1.13 trillion still unfunded. Employers now contribute a record 31.83 cents of every payroll dollar, and only 9.42 cents of that funds new benefits. The rest services old debt. New Jersey's state-administered
