Rorate Caeli has confirmed that the Holy Father has issued new protocol on naming monsignors.
First of all, anyone who currently holds the title of Monsignor will not lose their title. The new rules now require that a priest be 65 years old and a diocesan priest. Members of religious orders are no longer eligible.
Above is the cassock a monsignor is supposed to wear. It is just a black cassock with purple trim and a purple fascia. The biretta (not shown) is black with a purple pom. It is exactly the same as a bishop's house cassock except that no shoulder cover and pectoral cross are worn.
Where I live, there are too many monsignors who don't even practice the Catholic Faith! Most sit on the their rear ends in pant suits and don't care about the salvation of souls. They don't even deserve the title!