Strengthen the Priest Retirement Fund $3,200,000
The Priest Retirement Fund provides a dignified retirement for our priests who have spent their lives in service to God. Twelve more priests are expected to retire in the next 10 years. This represents 35 percent of our active, diocesan priests. This campaign will ensure that we meet our ongoing obligation to our current and future priests.
Who is covered by the Priest Retirement Fund?
The fund covers only priests who have been incardinated into the Diocese of Lake Charles. Religious order priests receive retirement benefits from their religious communities.
How much is the fund?
There was $1,447,925 as of December 31, 2015.
Why is it not fully funded?
There are four main factors that contributed to the retirement fund being lower than projected.
- Priests are living longer.
- Parish assessments were conservative.
- Healthcare costs continue to increase.
- During the recent economic downturn, investments yielded lower-than-projected returns.
Do priests pay into social security?
Yes, the I.R.S. classifies priests as self-employed. Therefore, our priests pay their own social security.