The Archbishop of Detroit, with the consultation and advice of the archdiocesan Presbyteral Council and the Priests’ Pension Plan Board, has ownership and oversight of the Priests' Pension Plan for the benefit of all priests incardinated in the Archdiocese of Detroit.
The Priests’ Pension Plan Board is responsible for the general administration, management, and operation of the Plan. The Plan’s Board is comprised of the Archbishop, six priests elected by the priests of the Archdiocese, four lay members appointed by the Archbishop, and ex-officio members including the Vicar for Clergy and Consecrated Life, Moderator of the Curia, and the Central Services Director of Finance and Administration. Any incardinated archdiocesan priest in good standing is eligible for election to the Priest’s Pension Plan Board.
Oversight of the Plan’s invested funds is the responsibility of the Archdiocese of Detroit’s Finance Council which monitors the performance of fund managers hired to invest Plan funds. Fund managers are regularly evaluated against benchmarks to ensure proper investing of the funds and successful rates of returns. The Priests’ Pension Plan Board receives a summary of fund activities, although its main responsibility is to review and set policies for the use of fund monies.
Plan contributions are made in accordance with recommendations of independent actuary consultants and modified as necessary.