Perpetuate the Gift FAQs
What is “Perpetuate The Gift”?
Perpetuate The Gift is simply the annual appeal that supports our Diocesan Priests’ Retirement Fund. It signifies the beautifully unending and total commitment of our priests to our spiritual salvation, and our contribution to their retirement.
Who is eligible to receive benefits from the Priests’ Retirement Fund?
A priest who is 70 years of age or has served the diocese for 40 years is eligible to receive retirement benefits. We currently have 89 retired priests and 87 active priests whose average age is 50 years old. And, when you look at the numbers, we have a lot more priests who are either retired or approaching retirement age than those who are in the first half of their careers.
Who oversees the Priests’ Retirement Fund?
The fund is overseen by the Priests’ Retirement Fund Board, which is a subcommittee of the Finance Council of the Diocese of Toledo. The Board is composed of priest representatives, both active and retired, professionals in the actuarial fields and plan administration. The plan administration and actuarial professionals are present at all board meetings.
How are the funds invested?
The funds are invested with professional fund managers in socially responsible investments, as defined by the United States Council of Catholic Bishops (USCCB). Oversight is provided by the custodian, Priests’ Retirement Board, Diocesan Investment Committee and Diocesan Finance Council.
Don’t we already support the retired priests through the Collection for Retired Religious?
No, the Collection for Retired Religious does not benefit our diocesan priests. The funds for the Collection for Retired Religious support priests, brothers and sisters of the various religious communities throughout the United States.
Doesn’t the parish already make a contribution to the Priests’ Retirement Fund?
Yes, each parish has always provided support for the Fund. But please remember, all contributions to the Perpetuate the Gift appeal between October 1, 2017 and December 31, 2017 will reduce—dollar-for-dollar—the amount the parish contributes to the fund.
What are the typical living expenses for a retired priest?
When a priest retires, his living expenses actually increase. A retired priest is responsible for his personal expense such as food, clothing, car, housing and utility costs, and medical expenses. While a priest is active, his housing expenses are paid by the parish, school, or diocesan institution to which he is assigned. When he retires, he must provide for his own housing needs.
It is important to know that many of our priests designate the Priests’ Retirement Fund as a beneficiary of their estate.
What is a typical retirement income for a retired priest?
The income for a retired priest is generally derived from three sources: Priests’ Retirement Fund pension, Social Security payments, and personal savings. While most individuals split their FICA tax with their employer 50/50, diocesan priests are considered self-employed by the IRS, so each priest pays the entire 15.3% FICA tax out of his own salary.
How can I make a gift?
A gift of cash or check can be placed in your parish collection or sent to:
Perpetuate The Gift
PO Box 954
Toledo, OH 43697
Online gifts by credit card or direct debit can be made at www.toledodiocese.org. Click on Give!
To make a gift of stock or obtain information regarding a planned gift, please contact the Catholic Foundation at 419.244.6711.