Piper Jaffray & Co. issued a report last week warning of the potential investment risks in Puerto Rico if it does not address its pension fund challenges.

Puerto Rico’s retirement fund has the lowest funding level  in the country at 9.8%, according to the report. The island’s employee retirement system, which has 247,010 active participants and retirees, had an unfunded obligation of $17 billion and a funding level of only 9.8% as of June 30, 2009.

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