The state’s pension system keeps coming back for a rematch. It’s not pushing Oregon toward a financial implosion. It should be pushing Gov. Tina Kotek and legislators to talk about it.

Last year the unfunded portion of the money the state owes to satisfy future pension obligations grew by $8 billion to $28 billion, as The Oregonian reported.

The money in the state’s public employees pension system comes from contributions from state employees and public employers and the money earned on those contributions from investments. But investment returns are capricious. Pension funds — just like individual investors — generally did well over the last 10 years. In 2022 there was the war in Ukraine, inflation and more. Investments in the state’s Public Employees Retirement System took a multibillion-dollar hit.

Lawmakers and policymakers for the state’s PERS Board for years have taken steps to keep financial contributions by employers in check. Meager investment returns could complicate those efforts, although consultants for the state have recently become more bullish on the future.

Oregon’s pension fund lost 1.55% of its value last year and has increased only 3.86% this year through August. State officials projected 6.9% gains in each year. Higher expected payroll growth also increased projected liabilities, further widening the funding gap.

So what happens?

It may mean contributions from public employers — school districts, the cities and the state will have to increase again. Across the state, they are already at 25 cents of every payroll dollar. They may need to go up again to help ensure the retirement system has enough money to cover future obligations. That would mean less money available to provide government services and more money into retirement.

Public employees can understandably get nervous when anyone starts jawing about their benefits. They deserve a safe and secure retirement.

Oregon is nowhere near as a bad situation with its state pension system compared to some states. And we know the last thing many legislators want to do is talk about the state pension fund and what may need to be done about it.

We could just close our eyes and cross our fingers and hope investment returns rebound. Or legislators and Gov. Kotek could be forthright with Oregonians about what may be challenges ahead.