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This is no longer the case. Since the reforms of 1968, the title of Monsignor is retained after the death of the pontiff.Another think to note about the title of Monsignor that is very interesting. Upon the death of the Holy Father all Monsignors lose their title. It is then at the will of the next Holy Father to re-grant that title to them. This is the usual courtesy but there are at times some that the Holy Father will not grant.
dioceseoflacrosse.com/files/MonsBkgd.pdf