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The Danvers Retirement Board unanimously approved a $12,833,016 FY27 budget, including $12,378,100 in actuarially determined appropriations and $454,916 for retirement staff operations and personnel.
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The approved budget sets the retirement system’s funding and operating plan for FY27. The board also approved moving the administrator position from Grade 16, Step 9, to Grade 17, Step 8, effective January 1, 2026. Members selected Murphy, Hesse, Toomey & Lehane for the primary legal services contract, with Sacco & Collins designated as special counsel for conflicts of interest. The board also approved transferring $2 million into the cash account to meet operating cash needs.
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