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Archives Priests’ Retirement Plan provides benefits for 46 priests of the diocese

Dec. 17, 2014

By Michael J. Tooley
Diocesan Fiscal Officer

The 36 retired priests of the diocese who currently receive pensions from the Priests' Retirement Fund will be direct beneficiaries of the generosity of Catholics in the North Country who contribute to their parishes in the Christmas collection.

Also, 10 priests age 70 and older who remain active in their ministry in the Diocese of Ogdensburg are receiving partial retirement benefits.

Your gift this year will help support not only priests currently receiving support from the Priests' Retirement Fund but also benefits to be paid to future retirees.

The Priests' Retirement Fund of the diocese receives 75% of the Christmas Collection proceeds given to each parish, as compared to 100% the past three years. While your gift helps pay pensions to retired priests, it will also help the diocese make provisions for pensions for other priests as they retire in the future.

Actuarial studies are performed annually to assure the diocese is preparing for its future obligations to retired priests. The firm of Frank J. Walters and Associates has determined that adequate provisions are being made in 2014-15 to fully fund the Plan.

The Priests' Retirement Fund of the diocese currently pays monthly pensions to 36 retired priests and 10 active priests eligible for a partial retirement benefit. Estimated pension payments in this fiscal year amount to $793,400.

Effective July 1, 2014, retired priests in the diocese received an increase of $40 per month in their pension benefit. It is the diocese's intention to provide a pension increase in every year in which the diocese is able. Ninety-five percent of the cost of health insurance for retired priests is also funded through the PRF.

Retired priests of the diocese receive pensions from the Social Security system. Because priests' income is typically modest, their Social Security pensions are not large and most rely heavily on pensions from the diocese for a good portion of their financial support.

The value of the investments of the Priests' Retirement Fund increased over a one-year period from $11,128,546 to $12,524,557 on June 30, 2014. The diocese's Investment Advisory Committee, diocesan administration, and the investment portfolio's investment managers closely monitor monies invested in support of the Plan.

The Priests' Retirement Fund of the diocese is also assisted through extraordinary gifts. Information about gift opportunities to benefit the Priests' Retirement Fund is available from the Development Director of the Diocese, Scott Lalone. He can be reached in Ogdensburg at (315) 393-2920 or through e-mail to slalone@rcdony.org.
Your personal generosity to the Christmas collection in your parish will support all retired priests of the diocese and benefit longer term the diocesan and religious priests serving you today. Your priests, retired and active, will appreciate your support tremendously!

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