The looming retirement crisis has been of concern across all sectors of the economy and even the clergy are not immune.
Catholic dioceses across the country need to make sure they have made adequate preparations for their priests to live once they retire. A paper by Robert Nordin of Gabriel Roeder Smith & Co., a consultant and actuarial firm based in Southfield, Mich., looked at the issues that need to be considered.
The company, in conjunction with Laity in Support of Retired Priests, built a model to allow a diocese to see how their retirement systems are working. It takes into account, among other factors, pension plans, Social Security benefits and any personal savings a priest may have set aside.
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