Religious communities receive $28 million toward retirement needs

WASHINGTON—In June, the National Religious Retirement Office (NRRO) distributed $28 million in financial assistance to 360 U.S. religious communities to help underwrite the care of aging members. The funding is made possible by the Retirement Fund for Religious collection, an annual, parish-based appeal benefiting some 30,000 senior religious and their communities.

The latest appeal was held in most U.S. Catholic parishes in December 2018 and raised $27.7 million.

Known as Direct Care Assistance, the funding disbursed represents the bulk of financial assistance distributed by the NRRO. Religious communities combine these funds with their own income and savings to help meet expenses such as prescription medications and nursing care. Over the years, this support has helped many religious communities to stabilize their retirement outlooks.

However, many others continue to struggle with rising retirement costs and the growing number of elder members needing care. In response, the NRRO’s Management Committee increased the amount disbursed for Direct Care Assistance in 2019 from $25 million to $28 million, with the additional funding realized through investments and careful financial management.

“We are exceedingly grateful to concerned Catholics across the United States,” said Presentation Sister Stephanie Still, the NRRO’s executive director. “Their ongoing generosity to the Retirement Fund for Religious allows us to help communities who need immediate assistance in caring for aging members.”

Catholic bishops of the United States launched the Retirement Fund for Religious in 1988 to address the profound lack of retirement funding among the nation’s religious communities. Traditionally, Catholic sisters, brothers and religious order priests—known collectively as women and men religious—served for very low wages that did not include retirement benefits. Today, hundreds of religious communities lack adequate retirement savings.

The NRRO coordinates the annual Retirement Fund for Religious collection and distributes the proceeds to eligible religious communities. It also offers educational programming, services and resources that enable religious communities to evaluate and prepare for long-term retirement needs. The NRRO is sponsored by the Conference of Major Superiors of Men, Council of Major Superiors of Women Religious, Leadership Conference of Women Religious and United States Conference of Catholic Bishops.

Visit https://retiredreligious.org/ to learn more.