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.
"The problem is very severe and the problem is very large," she said. "We have to take quick and forceful action."
The proposal was endorsed by Javier Ferrer, president of the Government Development Bank of Puerto Rico, who said it urgently needs to be approved by the legislature.
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