Since a reform under Pope Francis, the title of monsignor in the Latin Church is granted in practice at a single rank, Chaplain of His Holiness, and normally only to diocesan priests who have already reached their sixty fifth year, ending the older custom of naming younger priests to the honor. Before that change the title had three ranks in ascending order: Chaplain of His Holiness, Prelate of Honor, and Protonotary Apostolic, each carrying slightly different dress privileges such as the color and cut of the cassock trim and, for the highest rank, a distinctive ring.
None of the three ranks confers any sacramental faculty beyond what the man already holds as an ordained priest, and none survives the priest's death or removal from office the way an ecclesiastical office would. The title remains a diocesan bishop's way of recognizing long or notable service, granted at his request and confirmed by the Vatican's Secretariat of State, and it is used before the priest's name in formal address, as in Monsignor followed by his surname, rather than replacing Father in everyday parish life. Bishops themselves are never styled monsignor in ordinary usage, since their own episcopal title already outranks the honorific, so the address is reserved specifically for priests the pope has singled out this way, and a monsignor who is later consecrated a bishop simply drops the earlier title for his new one.