No, Priests’ Pension Plan funds are used solely to provide benefits for retired priests of the Detroit Archdiocese and to administer the Plan. Effective March 1, 2007, Priests’ Pension Plan funds were separated from the Loan Deposit Program (LDP). Prior to that time, Priests’ Pension Plan funds were invested in the Archdiocese of Detroit’s LDP and earned a standard interest rate that applied to all funds in the LDP.
Plan assets, separately accounted from other finances of the Detroit Archdiocese, are invested to obtain a market rate of return. These assets are subject to market activity and, while taking on the risk of loss of principle, can accrue the rewards of being an invested fund. All Plan assets must be used for the sole purpose of providing benefits to the priests of the Archdiocese of Detroit and to administer the Plan.