In 1996, he was made an Officer of the Order of Canada for "his integrity, commitment to a just settlement and personable rapport".
On January 22, 2018, Prime Minister Justin Trudeau announced Molloy's appointment as the next Lieutenant Governor of Saskatchewan, to succeed Vaughn Solomon Schofield.
[6][7] On May 7, 2019, Molloy's office announced that he had been diagnosed with pancreatic cancer and was stepping away from his post to undergo treatment, with his duties temporarily being taken over by Robert G. Richards, Chief Justice of Saskatchewan.
[9] On July 13, 2019, the Province of Saskatchewan accorded a state memorial service to Molloy in Saskatoon.
Amongst those attending were the Governor General, Julie Payette; the Premier of Saskatchewan, Scott Moe; the federal Minister of Public Safety, Ralph Goodale; former Premier Roy Romanow, who was a classmate of Molloy at the University of Saskatchewan; and Perry Bellegarde, National Chief of the Assembly of First Nations.