There are fees associated with the recordkeeping and administration of the Plan. See below. The City of Milwaukee is focused on keeping these fees as low as possible.
- The fee that you pay for administrative services provided by Voya Financial (“Voya”) is $50 per year, or approximately $4.17 per month. These fees are deducted directly out of your Milwaukee Deferred Compensation Plan (“MDCP”) account, are reflected on your statement, and are visible in Activity History when reviewing your account through the participant website (www.milwaukeedcp.com). Prior to the transition to Voya, an annual per-participant fee of $20 was deducted directly out of your account to cover administrative services. Any additional administrative expenses that exceeded the funds raised from this $20 were paid out of the investment management fees within the individual investments. As a result of the transition to Voya, these administrative fees were not only reduced, but they are now more visible to you as a participant in the MDCP. For more detailed information on fees associated with the MDCP, you may review the MDCP Fee Disclosure.
- Each investment option charges an investment management fee, which participants pay directly by having the fee deducted from the investment option’s return. Please see the Investments section of this website for each investment option's fees.
- A $75.00 nonrefundable loan application fee is charged for each loan. The fee is deducted directly from your account and not the loan proceeds.
Self Directed Brokerage through Schwab:
- A $50 fee is charged to your account for each expedited delivery.
Voya Retirement Advisors Professional Management:
- With the SDBA, you may invest up to 75% of your account balance in a broad range of investments. The investments in the SDBA are subject to a $50.00 annual fee.
- Account transaction fees and commissions may also apply.
- There is no charge for using Online Advice. There is also no charge for an initial advice consultation and no obligation to enroll in Online Advice.
- If you decide to enroll in the Professional Management program, your account will be charged according to the tiered fee schedule below. As an example, if your account balance is $10,000, you would be charged an annual fee of 0.55% ($55), which would be charged in monthly increments.
|For Account Balances
|Up to $100,000
||.55% (55 basis points annually)
||.40% (40 basis points annually)
|Amounts over $250,000
||.25% (25 basis points annually)
Please note that your Self Directed Brokerage balance and loan balances, if applicable, are not included in this calculation.