City of Milwaukee Deferred Compensation Plan
From the outset of the COVID-19 pandemic, the City of Milwaukee Deferred Compensation Plan (MDCP) management has been taking proactive steps to ensure the safety of its staff members while continuing to provide service to our members and beneficiaries. Our MDCP City Hall office is currently closed, as are the onsite meeting locations for one-on-one appointments with a local Voya representative, in accordance with recently issued statewide “Shelter in Place” Orders. Please be assured that MDCP’s essential operations are continuing and your benefits will not be impacted by the Coronavirus pandemic. Telephonic appointments with our local Voya representatives will replace in-person one-on-one appointments (which will still count towards earning Healthy Rewards points) and can be scheduled via our Online Scheduler. Online Financial Wellness presentations will be made available as soon as possible. Check back regularly, as we will be providing updates as this situation evolves.
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.
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.