With a stroke of the pen on June 27, Bishop Gerald Barnes made official a new Priest Pension Fund that is intended to provide a measure of financial security for diocesan priests in their retirement.
Under the new fund, diocesan priests are eligible to receive the full benefit pension at the retirement age of 65, if they have given 25 years of active ministry. They can receive a partial benefit at age 65 if they have served less than 25 years, based on their number of years in active ministry. Priests pay into the pension fund on a monthly basis and a parish assessment also provides income for the fund.
“We have, we believe, enough to cover the needs of the guys for the foreseeable future,” said Father Steve Porter, who has led a group of diocesan priests in the development of the fund over the past year.
Until now, diocesan priests had been part of a joint priest pension fund with the Diocese of San Diego.
Full story at Inland Catholic Byte.