CT - Retirement Fund for Religious set for Dec. 14

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Retirement Fund for Religious set for Dec. 14

ARCHDIOCESE - Catholic parishes in the Archdiocese of Cincinnati will conduct the 21st annual appeal for the Retirement Fund for Religious on December 14.

In 2007, this appeal, which is conducted by the Natioal Religious Retirement Office (NRRO) of the U.S. Conference of Catholic Bishops in Washington, DC, distributed $23 million in basic grants that benefited 482 of the nation's Catholic religious institutes of women and men.

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The Archdiocese of Cincinnati cotributed $925,000 last year. Among those religious institutes in the archdiocese that received grants made possible by this appeal were the Ursulines of Cincinnati, the Sisters of Notre Dame de Namur, the Monastery of St. Clare and the Comboni Missionarie, all of Cincinnati.

Many religious institutes that are well known and revered for their ministry in the archdiocese but are headquartered elsewhere, including the Oldenburg Franciscans, benefit through grants that are directed to the institutes' motherhoses. Since the first national annual appeal took place in Catholic parishes in 1988, NRRO has raised more than $550 million.

The Retirement Fund for Religious collection has been the most successful appeal in U.S. Catholic Church history. Donations have nabled NRRO to seed and stabilize retirement funds at religious institutes, leverage local fundraising and assist capital campaigns. Grant awards have assisted investment and supported collaboration among religious institutes and helped ensure quality of ife and adequate health care for thousands of women and men religious formerly at risk.

During the past two decades, however, the gap between assets available for retirement and the cost of living/health care for elderly women and men religious has widene from $2 billion to $9 billion and is expected to grow. In 2023 the combined Social Security benefits of all retired religious is projected to be $184 million a year, but cost of care will total more than $1.6 billion annually

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More than 37,000 Catholic reigious are now past age 70. More than 4,900 women and men require skilled nursing care. While costs for care in a skilled nursing facility in the United States average more than $55,200 annually, religious institutes have kept their average cost of skille nursing care to $51,361. The average Social Security benefit for religious women and men is approximately one-third of that paid to the average U.S. beneficiary.

"The statistics we provide reflect very real human need," said Precious Blood Sister Janice ader, NRRO executive director. "NRRO is in the midst of intense planning for its next 10 years of service. This planning will design expanded partnerships and initiatives with religious institutes for addressing the ongoing challenges of elder care, thus nabling religious institutes to remain viable in their ministries which are so important to the church."

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