Puerto Rico should consider cutting employee benefits, boosting employee contributions and implementing a special tax to shore up its pension system, according to a report Wednesday from the Center for the New Economy.

The commonwealth’s pension system is 9.8% funded. It has a total liability of $18.9 billion and assets of $1.85 billion, leaving the system with an unfunded obligation of $17 billion as of June 30, 2009. The fund will run out of assets by fiscal 2019.

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