City of Milwaukee 457 Deferred Compensation Plan

Loans from Your Account

For more detailed information about loans, please click here.

You can have up to one loan outstanding at any given time. You may borrow a minimum of $1,000 up to a maximum of $50,000 or 50% of your vested account balance. A one-time, non-refundable $75 loan application fee will be applied to each loan issuance.

You may request a General Purpose loan for up to 58 months, or you may request a Residential Loan for up to 14 years and 10 months.

Interest rates
The interest rate for either a General Loan or a Residential Loan is equal to the prime rate plus 1%, as printed in the Wall Street Journal on the last business day of the prior month.

Timing of payments
Voya will debit your bank account for loan repayments seven business days prior to the end of each month. You will see this reflected in your bank account approximately two business days after the debit is made. The repayment will post to your Deferred Compensation Plan account on the last business day of each month.

Missed Payments
You can submit loan payments, in increments of the payment amount, to bring your loan current if needed. Submit a certified check, cashier's check, or money order to the address below, and include your loan number and last four digits of your SSN on the payment.

Send loan payment(s) to:

Voya Financial
Attn: City of Milwaukee 457
Compensation Plan
PO Box 990071
Hartford, CT 06199


Voya Financial
Attn: City of Milwaukee 457
Compensation Plan
One Orange Way
Windsor, CT 06095
Requesting a loan
To apply for a Loan:
  • Log on to the website and enter your login information. Under the Account tab, click on “Loans,” then “Request a Loan.” Please keep in mind that you have an online tool, the Loan Payment Estimator, which can help you determine your repayment schedule.

Partial Prepayment
You have additional flexibility in your loan repayment options through the Loan Partial Prepayment feature. You may make accelerated loan repayments, provided they are in exact increments of your expected monthly repayment amount. To elect this option, you will need to complete and submit a Loan Partial Prepayment Form. You may also pay the loan back in full at any time by calling the Plan Information Line at 844-360-MDCP (6327).