City of Milwaukee 457 Deferred Compensation Plan

Withdrawing Money after Separation of Service

If you leave your employer, retire, or become permanently disabled, you have several options for receiving the money in your Plan account.*
  • You may elect to have your benefit paid in a single lump sum payment.
  • You may elect to have your benefit paid in a partial payment.
  • You may elect installment payments via form.
  • You may elect to roll over the balance to another qualified 403(b), or governmental 457 Plan, if the Plan accepts rollovers from other Plans; or to an IRA. Note: The rules governing distribution provisions may be different than the distribution rules in other qualified plans. A plan’s withholding rules for distributions may apply to rollover money from other plans. Prior to rolling money over, you may want to check with the plan receiving the money about any changes that may affect the distribution options of the rolled-in money.
  • If you have an outstanding loan, you must repay that loan prior to making a lump sum distribution request or the loan will be defaulted.
If logged in, you can request a withdrawal through this website under Account>Withdrawal. Withdrawal choices and rules can be complex. You are encouraged to talk with your tax advisor or financial planner before deciding how to take your withdrawal. Prior to making any withdrawal decisions, you should call the Information Line at 844-360-MDCP (844-360-6327).

*Withdrawal from the Plan will be subject to 20% federal tax withholding. Ordinary income taxes may apply. State and local taxes and withholding may also apply.

Withdrawal Options