Puerto Rico officials today 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.

Governor Alejandro Garcia Padilla, a member of the Popular Democratic Party who took office last month, wants to boost the 6.8 percent funding level of the commonwealth's largest retirement system. The plan will run out of assets in 2014, according to the Government Development Bank for Puerto Rico, the fiscal agent of the self-governing commonwealth.

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