Welcome to the City of Milwaukee!
An exciting and important part of your career and employment journey is accessing employee benefits, such as the ability to participate in the City’s Deferred Compensation Plan—a critical component of your financial wellness and future retirement goals. While it may feel premature to think about your retirement at this stage in your career, I can assure that it is never too early to start saving and planning. To quote Albert Einstein, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.”!
Please take the time to watch these orientation presentations and view our Plan Highlights Brochure to help you learn about this important benefit and features of the City’s Deferred Compensation Plan:
To help our employees stay on a path to a more secure future, the City of Milwaukee utilizes Automatic Enrollment for eligible* new employees. New employees must decide whether to enroll in the Plan or “opt out” by the deadline noted in the Automatic Enrollment Notification letter that was mailed to you shortly after your start date with the City of Milwaukee/HACM/RACM/WCD. Should you decide to opt out of the Plan or contribute less than 3% of your pre-tax pay, you will be subject to the Plan’s Annual Account Elections and Enrollment Period, which occurs during the City’s Open Enrollment period in fall. All participants have control over their elections at all times; however, if you 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.
(*please note—protective service employees who are subject to collective bargaining do not participate in the Plan’s Automatic Enrollment program)
Employees who do/did not make an election by the deadline are enrolled in the Plan by default at a 3% before tax savings rate and invested in an age-appropriate target date fund.
HOW TO MAKE YOUR ELECTION:
You may make your election by:
1. Schedule a one-on-one phone consultation with a local Voya® representative to assist you with your election decision. Upon completion of your appointment, you will receive 10 Healthy Rewards Points!
2. Log on at www.milwaukeedcp.com. A personal identification number (PIN) to allow you access to the website will be mailed to you shortly after receipt of your Automatic Enrollment Notification letter.
3. Call 1-844-360-6327 – a Voya Customer Service Representative will assist you with your elections.
Local Voya representatives are available to meet with you to answer any questions you have. To schedule your phone consultation with a local Voya® representative and receive 10 Healthy Rewards points, call 844-360-6327 or visit https://bookvf15.timetap.com/ to utilize our online scheduler tool.
The Deferred Compensation Plan provides the convenience of pre-tax or Roth payroll deductions, a variety of investment options to help build your retirement dollars to fit your investment objectives, fee-conscious rates and the ease of combining previous employer retirement plans into your City of Milwaukee account. Carefully consider all of the features offered by the plan as well as fees, charges and expenses, tax implications, and the type of available underlying investment options before making an investment-related decision.
Beth Conradson Cleary (she/her)
City of Milwaukee 457(b) Deferred Compensation Plan