A special collection for retired diocesan priests, incardinated in the Diocese of San Angelo, has been added to the annual schedule. It will be taken up on the weekend of August 7, 2016. Proceeds will go into the Priest Pension Plan, which provides some income to San Angelo diocesan priests who have given their lives in service to the people here.
“According to our auditors,” said Msgr. Larry Droll, “the Priest Pension Plan is under-funded. This means that if income suddenly ceased, the Plan could not pay all retirees when they reach age 70.”
The current income stream can keep up with present demand; but there is a large gap to fill, when it comes to future risk.
Bishop Michael Sis, on the advice of the Presbyteral Council, has initiated this new collection to add to the strength of the Priest Pension Plan.
The Priest Pension Plan currently has 30 active members, five priests over 70 still employed, and six fully retired members. Diocesan priests who are vested in the Plan begin to receive benefits when they turn 70. Priests may also receive benefits when they have to retire for medical reasons. The institutions for which the employed members work pay a monthly contribution into the Priest Pension Plan and the diocese has also donated some generous amounts over the years. The same monthly contribution is provided by the parish to priests from other dioceses and from religious orders who work in the Diocese of San Angelo; they are covered by the retirement plans of their own diocese or religious order.
Msgr. Droll noted that the Diocese of San Angelo is fortunate to be ordaining a number of new priests each year; this helps with income to the Plan and also increases the ultimate liability according to the actuarial charts.
If parishioners have appreciated the ministry of priests and would like to contribute to their retirement, another good way, besides this collection, is to remember the Priest Pension Plan in one’s Will.
A bequest of any size will help the Plan. Msgr. Droll pointed out that a trust left by an individual from Abilene provides some generous income on a continuing basis.