SAN JUAN, Puerto Rico — Puerto Rico officials Wednesday unveiled a plan to raise the island’s retirement age and employee contributions to strengthen a pension with a funding level lower than any U.S. state.
The commonwealth’s Government Employees Retirement System had 6.8 percent of the assets needed to cover $25.5 billion in projected obligations to current and future retirees, according to the most recent actuarial report.
By comparison, Illinois had about 43 percent of needed assets, the weakest funding ratio among states, data compiled by Bloomberg show.
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