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Puerto Rico addresses failing pension system

Puerto Rican officials on Wednesday proposed what they called "severe" cost-saving measures designed to help rescue one of the U.S. territory's public pension systems that is on the brink of collapse.

By Danica Coto | Updated on February 28, 2013

SAN JUAN, Puerto Rico (AP) — Puerto Rican officials on Wednesday proposed what they called “severe” cost-saving measures designed to help rescue one of the U.S. territory’s public pension systems that is on the brink of collapse.

Treasury Secretary Melba Acosta called for increased employee contributions, a higher retirement age and reduced benefits and monthly pensions for certain workers.

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