The archdiocesan Priests' Pension Plan covers many, but not all of the living costs incurred by its senior priests. The archdiocesan Plan helps provide for the basic living expenses of senior priests. Priests in the Detroit Archdiocese are encouraged to ensure they are properly enrolled in Social Security and urged to regularly set aside some of their income for personal retirement savings in individual retirement accounts (IRAs), annuities, or other financial vehicles for retirement. Priests also are encouraged to periodically discuss their finances with qualified, licensed financial advisors.
Senior priests experiencing financial difficulties because of health care expenses can apply to the archdiocesan Vicar for Clergy for expenses incurred beyond those covered by insurance such as for dental treatments, hearing aids, and counseling. Funds used for these purposes do not come from the Priests' Pension Plan but from other archdiocesan resources including the Priest Health Fund.