MASSACHUSETTS
Boston Herald

Thursday, March 19, 2015

By: Erin Smith

The Archdiocese of Boston is facing another mounting financial crisis, with a staggering $74 million in unfunded pensions for priests — and a growing number of aging clergy heading into retirement, the Herald has learned.

The archdiocese currently has enough funds on hand to cover only about 37 percent of its more than $117 million in retirement obligations for priests, according to its fiscal 2014 financial filings for priest retirement benefits in the Clergy Health and Retirement Trust.

“It’s not a looming crisis. It’s happening right now,” said Charles Zech, director of the Center for Church Management and Business Ethics at Villanova University.

“The numbers jump out at you in Boston because they’re so large, but most dioceses are struggling with this,” Zech said. “Priests are living longer than anticipated, and they haven’t been as smart in investing as…