Hanrahan went 1-4 with a 1.83 ERA while saving 40 games for the Pirates in 2011, helping the team to a 15-game improvement over 2010. The 30-year-old right-hander made $1.4 million last season. Hanrahan posted that he "couldn't be happier" on his Twitter feed.
In addition to his salary, he can earn $50,000 in performance bonuses based on games finished: $10,000 each for 40 and 45 and $15,000 apiece for 50 and 60.
Morton revitalized his career in 2011, going 10-10 with a 3.83 ERA though he tailed off late in the season. The 28-year-old, who made $441,000 last year, had hip surgery in October but is expected to be ready for opening day.