An Order to increase the monthly stipend of the Retirement Board members to $375.00 and to establish a monthly stipend of $250.00 for the City Treasurer.

The City of Amesbury operates its own retirement system overseen by a five-member Retirement Board and a full-time Administrator. The board oversees 260 retirees and 300 active members, with an investment portfolio exceeding $70 million. Board members have received a monthly stipend of $250 since 1999, and the City Treasurer—who also serves as Treasurer for the Retirement Board—currently handles monthly bank statements and signs off on investments without compensation.

This order asks the City Council to raise the Retirement Board members’ monthly stipend to $375 and to establish a $250 monthly stipend for the City Treasurer. The change would compensate for duties beyond routine oversight and administration and would take effect upon passage.