Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Procurement topic
No spam. Unsubscribe anytime.
Danvers Retirement Board awards actuarial contract to KMS and approves FY27 budget and administrator pay grade change
Summary
The Board unanimously selected KMS for actuarial services, approved the FY27 budget of $12,833,016 and moved the Retirement Administrator position from Grade 16 step 9 to Grade 17 step 8 effective Jan. 1, 2026.
Trustees unanimously approved several administrative and fiscal items at the Jan. 7, 2026, Danvers Retirement Board meeting, including awarding the actuarial services contract to KMS, approving personnel actions, and adopting the FY27 budget.
Board members reviewed RFP ranking grids for actuarial services and agreed that KMS was the most advantageous proposer. Rodney Conley moved to award the contract to KMS with successful negotiation; Vincent Malgeri seconded, and the motion passed unanimously.
The Board also approved routine administrative items: minutes from Nov. 26, 2025; November cashbooks; bills payable warrants; and purchases and sales reviewed at the meeting. Trustees approved new hires and department appointments as presented (start dates and replacement details recorded in the minutes).
On compensation, the Board voted to move the Retirement Administrator position from Grade 16 step 9 to Grade 17 step 8 effective Jan. 1, 2026, with a subsequent move to step 9 on July 1, 2027; the motion was made by Rodney Conley and seconded by Vincent Malgeri and passed unanimously.
Trustees approved the FY27 appropriation and operating budget totaling $12,833,016 (appropriation $12,378,100; personnel and operational $454,916). Heather Russo moved to approve the total budget with Vincent Malgeri seconding; the motion carried unanimously.
The Board also reaffirmed approval of Administrator Cory Grace’s travel expenses for the Fall MACRS conference. The meeting adjourned; the next board meeting is scheduled for Jan. 28, 2026.
Next steps: Staff will finalize the negotiated contract with KMS, implement approved personnel changes, and reflect budget approvals in the town appropriation process.
