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In Puerto Rico, Teachers' Pension Fund Works Like a Ponzi Scheme
The New York Times; subscription may be required Link to more items from this source
Mar. 9, 2017
"In Puerto Rico ... the pension funds are so short of cash that money contributed by working teachers basically flows straight out to retirees. None of Puerto Rico's current teachers can expect to get their money back, because the fund is due to run out of money in 2018, long before they retire.... [T]his structure is legal in Puerto Rico because of a complicated series of changes in the law brought about in recent years by the island's financial crisis."

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