From the outset of the COVID-19 pandemic, the City of Milwaukee Deferred Compensation Plan (MDCP) has been taking proactive steps to ensure the health safety of its participants and staff while continuing our commitment to serving you and your financial and retirement goals and needs. Our MDCP City Hall office is currently closed to walk-ins, as are the onsite meeting locations for one-on-one appointments with a local Voya representative, until further notice. Below are various ways you can get and stay in touch with us and our services.
Log in to www.milwaukeedcp.com anytime to access your account information or make contribution changes.
Contact Us with Inquiries or Questions
Email the MDCP at DEFCOM@milwaukee.gov, call 844-360-6327 to speak to a Voya Customer Service Representative or 414-286-5541 to leave a message for our MDCP staff.
Scheduled Your Phone Consultation with a Local Voya Rep
Telephonic appointments with our local Voya representatives will replace in-person one-on-one appointments (each appointment is worth 10 Healthy Rewards points) and can be scheduled via our Online Scheduler (https://bookvf15.timetap.com/) or by calling 844-360-6327 and requesting help from a Voya Customer Service Representative to book an appointment.
Online Financial Wellness Presentations
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/
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.
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.
Annual Account Elections and Enrollment Period
October 26 – November 20, 2020
How does this impact YOU?
The City of Milwaukee Deferred Compensation Plan conducts an Annual Account Elections and Enrollment Period every year where certain employees are subject to default enrollment or contribution increases (i.e., full-time employees who are currently not enrolled in the plan or who are contributing less than 3%. Note that this election requirement excludes collectively bargained police and fire employees, less than half-time employees, and employees hired since October 1, 2019). This is done to help more employees save for their retirement. All participants have control over their elections at all times; however, if employees are subject to this default enrollment or contribution increase and do not make any elections or do not specifically confirm current elections, certain default elections will apply.
To make an election: log on to www.enrollmilwaukeedcp.com or call 844-360-MDCP (6327). (Note: election changes made to Deferred Compensation benefits do NOT take place via Member Self-Service.)
For more information:
Login to Your Account
The City of Milwaukee Deferred Compensation Plan (“the Plan”) offers you an easy way to access and make changes to your account online or by phone, including most smartphones, giving you round-the-clock, secure access to your account any time, any place.
Account Access Instructions
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.