Welcome to the City of Milwaukee Deferred Compensation Plan
The City of Milwaukee Deferred Compensation Plan (MDCP) is a voluntary tax-advantaged governmental 457(b) plan that allows you to save a portion of your salary now so you can enjoy it later in retirement. You decide how much to save, how to manage your taxes for retirement, and how to invest.
Whether you’re an active employee or retired participant, we’d love for you to stay in touch! Below are various ways you can access your MDCP services.
Visit our City Office (We’ve Moved!)
The Deferred Compensation Plan’s office has moved office locations. Our new location is in the 809 Broadway Office Building, room 104. This office location will house our Deferred Compensation department staff and will also be the new home of in-person downtown Voya consultation appointments, which will take place on Mondays and Wednesdays. Feel free to stop by to say “hi” or get any of your questions answered!
Log in to www.milwaukeedcp.com anytime to access your account information or make contribution changes. Visit this website for detailed information about the Plan and benefits.
Contact Us with Inquiries or Questions
Email the MDCP at [email protected], call 844-360-6327 to speak to a Voya Customer Service Representative or call our MDCP staff at 414-286-5541.
One-on-One Voya Consultations (Earn Healthy Rewards Points!!)
Due to the popularity of hybrid consultation options, we will continue to offer a variety of ways for you to connect with at a local Voya educator so that you can check in on your Deferred Compensation benefits while earning healthy rewards points (10 points per visit, up to 30 points per person). These options include: in-person (at the Research Dr. Voya office on Tuesday and Thursdays, and at our downtown 809 Broadway office on Monday and Wednesdays), telephonic and zoom consultations. Please visit the online scheduler to learn more information about available appointments with our local Voya educators: https://bookvf15.timetap.com
Financial Wellness Presentations (Earn Healthy Rewards Points!!)
Financial Wellness presentations are now available online (each successfully completed presentation is worth 5 Healthy Rewards points!). Access these presentations (when it conveniently works for you!) here: http://voyadelivers.com/mdcp/presentations/ Additionally, Departments and City-affiliated organizations (composed of Plan participants) are welcome to contact us to schedule an in-person or virtual Financial Wellness Presentation.
The City of Milwaukee Deferred Compensation Plan is a Section 457(b) defined contribution retirement plan offered by the City and is administered by a Board of eleven members and is staffed by an executive director, plan coordinator and administrative assistant.
The mission of the MDCP is to facilitate and help City of Milwaukee employees save assets adequate and appropriate to enable them to retire at the desired time, to retire with dignity, and to enjoy sufficient income throughout retirement via a tax deferred savings plan under Section 457(b) of the Internal Revenue Code.
IS YOUR BENEFICIARY INFORMATION UP-TO-DATE?
Have you designated a beneficiary for your Deferred Compensation benefits yet? Even if you chose a beneficiary when you first enrolled in the DCP, you may want to verify that your choice is up to date. Circumstances change and your beneficiary designation should reflect that change. Designating a beneficiary to receive the assets in your account in the event of your death can make a difficult time for someone you care about a little easier. Also, please remember that your Deferred Compensation beneficiary designation is separate from your benefits with the Employes’ Retirement System (e.g., pension and group life insurance)—when updating your beneficiaries, please be sure to update all of them. You can update your Deferred Compensation beneficiary by either logging in to your online account or by completing the form and submitting it per the instructions. The link to the beneficiary form can be found below, as well as the link to all forms.
It only takes a few minutes to pass your assets on to the people you intend.