Twenty years of stats show religious retirement needs still great

Published: 2007-08-07

WASHINGTON (CNS) -- Despite steady support by American Catholics for the national Retirement Fund for Religious over the past 20 years, the unfunded liability for the care of elderly U.S. men and women religious continues to grow, according to a new report. Annual national collections since 1988 have raised more than $529 million for the needs of retired religious, with more than $507 million being distributed to more than 500 religious congregations, the June statistical report of the National Religious Retirement Office showed. But a December 2006 survey of 527 women's institutes and 154 men's institutes showed that only 11 percent of women's congregations and 12 percent of men's congregations reported being "adequately funded" for the retirement needs of their members, based on designated assets and the reported cost of care. By contrast, 26 percent of the women's institutes and 19 percent of the men's said their funding for retirement needs came to between 0 percent and 20 percent of the amount needed. At their June 2006 meeting in Los Angeles, the U.S. bishops approved extending the yearly collection until 2017. It had been due to expire in 2007.

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