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Archives 51 priests beneficiaries of retirement plan

Decemeber 21, 2022

The 40 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, 11 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.

This Christmas, parishes are asked to contribute 75% of the Christmas collection to the Plan, with the parish keeping the balance. Parishes may also take a second collection solely for its benefit as Christmas is on Sunday in 2022.

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 2022-23 to fund the Plan.

On July 1, 2022, an increase of $30 in the monthly benefit paid to retired priests of the diocese became effective.

It is the diocese’s goal to provide a pension increase when able to do so.

Estimated pension payments in this fiscal year amount to one million dollars. One hundred percent of the cost of health insurance for retired priests is also funded through the Plan, the budget in 2022-23 for this benefit is $270,000.

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 investments of the Priests’ Retirement Fund decreased over a one-year period from $11,356,662 on June 30, 2021 to $9,259,130 on June 30, 2022. 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 Diocese’s Executive Director of the Development Office, 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!

– Michael J. Tooley
Diocesan Fiscal Officer

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