Puerto Rico proposes overhaul of shaky public pensions

(Reuters) - Puerto Rico's new government on Wednesday proposed raising retirement ages, increasing worker contributions and other changes to a wobbly public pension system that officials hope will help stave off bond downgrades.

Puerto Rico, whose government pension plans have unfunded liabilities of $37.3 billion (24.59 billion pounds), had $38 billion of its debt downgraded in December to near-junk status by Moody's Investors Service.