Photo: AP

Puerto Rico is drowning in debt—$70 billion worth—but it would be wrong to think that only those in Puerto Rico would be affected by some of the measures being suggested to manage the situation.

Bondholders, both in Puerto Rico and in the rest of the U.S. as well, will be in for a tough time if some of the strategies suggested are used—and that will weigh on both plan participants and retirees, since their retirement accounts may be laced with Puerto Rican bonds.

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