The Priests’ Retirement Fund is the retirement plan for the 21 retired priests of our diocese. Considering that the 25% of the Christmas collection is given to it, I thought you would like to have an overview of how it works and why. Here are the funding sources for that pension fund:
a) 15 dollars of every Mass donation. b) The entire 20 dollars of duplicate Masses celebrated by a priest on a single day (as for example, when I do the weekday Mass and two nursing home Masses). c) 25 % of the Christmas and Easter collection. d) The excess of the Priests Benefit Fund Collection taken up in the summer. e) Donations – such as the diocesan CWL, Knights of Columbus councils, individuals and bequests.
The invested total at the end of 2011 was $3,176,456. There has been an increase of $1,683,605 in the last four years. As all of you all well aware, interest rates are very low so the interest from the Priests Retirement Fund currently would pay for approximately11 retired priests. Each retired priest gets approximately $12,500 a year plus their health care (Greenshields) payments, extra help with nursing home costs and health expenses or rental help, etc. The final amount depends on the degree of need. Unless there are health issues, a Peterborough diocesan priest can retire after 40 years of service but is normally asked to continue until approximately 75 years of age.
It is our hope to gradually get the retirement fund up to the level where we can stop the annual collection and lower the percentage of the Christmas and Easter collection.
Thank you for your support for these retired Shepherds of the Faithful. After their years of service wherein they received very low pay, they rely on your care and generosity for frugal and dignified support in their retirement years.