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How are priest retirement benefits funded in the Detroit Archdiocese?
Catholics in the Archdiocese of Detroit support retired diocesan priests through allocations from parish operating budgets, an annual special collection, and gifts designated to the Priests’ Pension Plan. Investments funds grow in years when the markets perform well and are reduced when the market declines.
Since 1994, parishes have been assessed an annual amount to support the Priests’ Pension Plan. The current annual assessment is $15,644 per priest serving the parish. In this manner, every parish has a role and responsibility in supporting the retirement of the priests who generally minister to the parish faithful. Other institutions in the Detroit Archdiocese benefitting from the services of archdiocesan priests, such as Sacred Heart Major Seminary and archdiocesan Central Services, are assessed in a similar manner for each priest assigned a substantial amount of his time in these ministries.
Since September 2006, every parish in the Archdiocese of Detroit may take up an annual special collection each fall to help pay its priest assessment, called: With Thanks for Their Service in Christ.
During the fiscal year ending June 30, 2018, the Plan assessed parishes and institutions which have archdiocesan priests assigned to them was $3,867,978.