Most plan transactions and information requests can be made 24 hours a day, 7 days a week through this website by selecting Account or by calling the Information Line at 844-360-MDCP (844-360-6327).

In each case, account access is restricted by use of your Social Security Number and password. Your password is assigned by Voya and mailed to your home address. Upon initially accessing your account, you may establish your own unique username and password.

Transactions completed before 3 p.m. Central time will be processed the same day. Transactions completed after 3 p.m. Central time will be processed the next business day. The only exception is deferral changes, which will become effective as soon as administratively possible, but no earlier than the first payroll of the month following the month of your election.

If you would like to speak with a Customer Service Associate, call the Information Line at 844-360-MDCP (844-360-6327). Customer Service Associates are available from 7:00 a.m. to 7:00 p.m. CT, Monday through Friday, except on New York Stock Exchange holidays.

Contribution Limits
You may contribute between 1% and 80% of your monthly gross compensation on a before-tax or Roth after-tax basis, provided the amount does not exceed the current IRS annual contribution limits of $22,500 in 2023, and thereafter as indexed for inflation. Please refer to www.voya.com/IRSlimits for current limitations. Learn more about the differences between before-tax and Roth after-tax contributions at www.voyadelivers.com/roth or by downloading this comparison.

Roth Contributions
Roth contributions are made on an after-tax basis. This means your Roth contributions are taxed before they’re invested. In exchange for paying taxes now, you may be able to withdraw your Roth contributions and any earnings tax-free when you retire (qualifying factors apply). You’re trading a current tax benefit for a future tax benefit, but does this trade-off make sense for you? It primarily depends on whether you think your federal income tax rate will be higher at retirement, or lower.

Roth contributions may be especially beneficial to younger employees who may be in a lower tax bracket because they can take advantage of the lower tax rate now and have the benefit of time to allow any earnings on Roth contributions to grow (tax-free) while avoiding paying higher taxes in the future when more income might be earned. It is also important to consider that most governmental employees retiree with a pension that can be 50% of more of their final average salary and that pension distributions will be taxable, in addition to a percentage of social security benefits that may be earned.

Learn more about the differences between before-tax and Roth after-tax contributions by considering the information in this comparison/flyer.

Catch Up Contributions
Employees who have not contributed at the maximum deferral rate may be permitted to make extra "Special 3-Year Catch Up" contributions to the Plan in the three years prior to attaining their normal retirement age. The total amount of contributions (normal and catch-up) cannot exceed IRS contribution limits ($45,000 in 2023). If you are interested in participating in the catch-up program, please contact the Information Line at 844-360-MDCP (844-360-6327).

Employees who are age 50 or older, and contribute to the annual limit, may also be eligible to contribute an additional $7,500 in 2023 and thereafter as indexed for inflation. Please refer to www.voya.com/IRSlimits for current limitations.

You may not participate in the Age 50 and Over Catch-Up and the Special 3-Year Catch Up described above in the same calendar year. You may change your contribution amount or stop contributions at any time through the Contributions section of this website (note, to access this section, you first need to log in to your Voya account) by selecting Change Contributions or by calling the Information Line at 844-360-MDCP (844-360-6327).

One-time Deferral Changes
If you wish to make one-time deferral changes for back pay, sick leave, terminal leave, etc., on a specific payroll date, you may refer to the attached payroll deduction schedule to make your election.

If you wish to change your deferral amount after your one-time election, you must call or log back in within the window for the next payroll cycle.

You will be sent a confirmation either by mail or email depending on your preferences.

You may consolidate your retirement savings by rolling other tax-deferred accounts into the City of Milwaukee 457 Deferred Compensation Plan. If you have a 403(b), 457, or 401(k) that you established with a previous employer, or a pre-tax IRA, you may move those investments into your Deferred Compensation account.If you are eligible to receive a Global Pension Settlement, the City of Milwaukee allows you to invest any portion of it in your Deferred Compensation account.

You can request rollover information and forms by calling the Information Line at 844-360-MDCP (844-360-6327) or through the Forms section of this website.

You can choose to allocate your contributions, in 1 percent increments, adding up to 100 percent, in any combination of the core funds:

If you choose a Target Date fund you must invest at least 75% to that fund.

Target Retirement Date

• Target Date Income Fund
• Target Date 2025 Fund
• Target Date 2030 Fund
• Target Date 2035 Fund
• Target Date 2040 Fund
• Target Date 2045 Fund
• Target Date 2050 Fund
• Target Date 2055 Fund
• Target Date 2060 Fund
• Target Date 2065 Fund

New Target Date Funds, available January 1, 2020

Stable Value

• Stable Value

Fixed Income

• Actively Managed Income

Domestic Stock

• Passive US Equity

Global Stock

• Actively Managed Equity

International Stock

• Passive International Equity

Other

• Schwab Self-Directed Brokerage Account Fact Sheet
• Charles Schwab Pricing Guide for Retirement Plan Accounts
• PCRA Pricing Summary

To learn more about the Schwab Self-Directed Brokerage Option visit www.schwabpcra.com

To sign onto your Schwab Self Directed Brokerage or to open a new account please select this link Schwab Self-Directed Brokerage.

Retirement Plan ID: Milwaukee
Plan Password: sdba
Please note, the Retirement Plan ID and Plan Password are case sensitive.

You may change your fund elections at any time through the Manage Investments section of this website by selecting Change Elections or by calling the Information Line at 844-360-MDCP (844-360-6327).

Transactions completed before 3 p.m. Central time will be processed the same day. Transactions completed after 3 p.m. Central time will be processed the next business day.

You may change your investment elections for future contributions and you may move money between investment options any time.

Fund to fund transfers

• Allows you to transfer a percent or amount out of one fund and a percent into one or more funds.
• Transfers must be made in 1% increments.
• You cannot transfer money from one investment option to another and back to the original option in the same day.
• You can choose one transfer election to apply across Non-Roth and Roth after-tax assets or you can choose separate elections for all Non-Roth and Roth after-tax assets.
• Fund to fund transfers to the self-directed brokerage account must be completed by asset type (Non-Roth and Roth after-tax) as separate self-directed brokerage accounts are required for Roth and non-Roth balances.
• To move assets into or out of a Target Date Fund you must use the Reallocate balance transaction.

One-Time Account Rebalance

• Allows you to change the way your current balance is invested across all funds.
• The "One-Time Account Rebalance" transfer transaction must be in whole percentages and in increments of 1%.
• If reallocating into a Target Date Fund you must reallocate at least 75% to the fund.

A confirmation statement will be mailed to your home address or sent to your secure e-mail box within this website for each change that you make.

Transactions completed before the close of the New York Stock Exchange (normally 3:00 p.m. Central time) will be processed at Voya the same business day. Transactions completed after the New York Stock Exchange closes will be processed at Voya the next business day. You may cancel a transaction if you do so before 3:00 p.m. Central time on the same business day the transaction was made.

As a City of Milwaukee Deferred Compensation Plan participant, you can choose to have your account automatically rebalanced quarterly, semi-annually or annually. Rebalancing can help you manage risk by maintaining the percentage of stocks, bonds and short-term investments you elected based on your retirement goals. Using this feature will also allow you to keep your investment strategy on track.

You may automatically rebalance your account by going to the Manage Investments section of this website and choosing "Automatic Account Rebalancing" or by calling the Information Line at 844-360-MDCP (844-360-6327) and use the automated telephone system. After entering your Social Security number and password, select "Transfers", then "Rebalance Your Account".

The following types of withdrawals* are available through the Plan while still employed:

• Unforeseen Emergency Withdrawal: Unforeseen Emergency Withdrawals are permitted for unexpected, severe financial emergency, including unreimbursed medical expenses, the loss of a participant’s property, any similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the employee.
• De Minimis Option: Participants who are still employed and who meet the following criteria may make a one-time request to withdraw up to 100 percent of their account balance for any reason:
  • Have not contributed to the Plan for at least two years, and
  • Have a total account balance of $5,000 or less.
• Rollover Withdrawals: If you have previously rolled money into your Plan account, you can take a withdrawal of your rollover balance at any time. You can make this request by going to Account>Withdrawal. No forms are required.

• Age 70½ Withdrawal: Upon reaching age 70½, you may withdraw funds from your account while still employed.

If logged in, you can request a withdrawal through this website under Account>Withdrawal or by calling the Information Line at 844-360-MDCP (844-360-6327). If you would like to withdraw the Roth portion of your account as part of a Deminimus withdrawal, please call the Information Line at 844-360-MDCP (844-360-6327).

Withdrawals from the Plan may be subject to 20% federal tax withholding, and state and local taxes may also apply. Any portion of a withdrawal attributable to qualified Roth after-tax contributions (but not earnings (unless you are age 59½ or older and meet the 5-year rule on first contribution) are not subject to tax withholding. If you are younger than age 59½, a 10% early withdrawal penalty may apply. The withholding rules for distributions also apply to rollover money from other plans.

*Transactions completed before the close of the New York Stock Exchange (normally 3:00 p.m. Central time) will be processed at Voya the same business day. Transactions completed after the New York Stock Exchange closes will be processed at Voya the next business day. You may cancel a transaction if you do so before 3:00 p.m. Central time on the same business day the transaction was made.

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 online or via form.
• You may elect Recurring RMD payments (if you are over age 73).
• 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

RMD Flyer

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.

Administrative Fee

• 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.

Investment Fees

• 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.

Loans:

• 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.

Expedited Delivery:

• A $50 fee is charged to your account for each expedited delivery.

Self Directed Brokerage through Schwab:

• 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.

Voya Retirement Advisors Professional Management:

• 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.

Fee Schedule: Please note that your Self Directed Brokerage balance and loan balances, if applicable, are not included in this calculation.

This website offers you the most convenient and efficient way to manage your Plan account. Check back as often as you like for the most current information available. The Account section of this website gives you a summary of your account status.

An account statement will be mailed to your home address annually in January. Quarterly statements will be run each April, July, and October, which you can access through your online account. If you have signed up for electronic delivery, you will receive an email notification that your statement is available. You can also run an online statement at any time by logging onto the website and requesting an online statement.

When you turn age 73 and are retired, the law mandates that you begin to take a required minimum distribution (RMD) from your Plan account. The RMD is calculated using your account balance as of the last day of the previous year.

1. If you turned 73 in the calendar year, you have until April 1st in the following calendar year to take your RMD for the current tax year. If you wait until January 1st, you will need to take another RMD by December 31st of that year and will be taxed on both in that year. You will be sent a letter in April each year that will provide you with your RMD amount for that year.



1. If you do not request your distribution during the year it is due, it will be automatically paid out to you. If you wish to change your withholding on your payment, please contact the City of Milwaukee Deferred Compensation Plan Service Center at 1-844-360-6327.



2. You may choose to have the RMD payment distributed either monthly, quarterly, or annually over a period of time not exceeding your life expectancy. Installments cannot be changed; however, you may request a lump-sum distribution at any time. With this option the recurring RMD payments will be recalculated annually in accordance with IRC life expectancy tables.



2. If you are still employed, and you have already begun taking your RMD, you may choose to stop receiving distributions until you retire. If you are receiving installment payments, the Plan will continue these payments unless you notify the City of Milwaukee in writing to discontinue.



3. If you are retired and do not take the RMD in a given year, you will have a penalty of 50% of the amount that should have been distributed.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, a response to the public health crisis and associated economic fallout in the wake of COVID-19, was passed on March 27, 2020. One of the provisions of the CARES Act includes a waiver of required minimum distributions (RMDs) for the entire 2020 calendar year from accounts within 401(a), 401(k), 403(b) or governmental 457(b) plans, or a traditional IRA. You may still request a distribution, however, RMDs will not automatically be paid in 2020.

RMD Flyer

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:

VIA REGULAR MAIL

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

VIA OVERNIGHT DELIVERY

Voya Financial
Attn: City of Milwaukee 457
Deferred
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).

Professional Management by Voya Retirement Advisors, LLC (VRA)
VRA uses information on file about your savings balance, pension benefit (if applicable) and Social Security estimate to develop a retirement income projection for you. If you want to add outside account information like personal savings into your forecast simply click Other Retirement Savings & Income.

The service helps you consider if your savings will be adequate and explore changes that can help ensure that your retirement income will match your retirement expenses.

For online advice, click More Resources and then Voya Retirement Advisors.
With the click of one button you can accept and implement the recommendations, or you can save the recommendations for future consideration. See more information by clicking the above link.

Professional Management
If you prefer to have a professional manage your account, a full-service option is available. A VRA Investment Advisor Representative conducts a retirement assessment for you and recommends investment options to fit your unique situation and retirement goals. If you enroll in this optional service, a fee is deducted directly from your account each month.

Should you enroll in the Professional Management program, you will also benefit from an investment review every 30 days. VRA will make any necessary adjustments to your retirement plan account and keeps you informed of the changes via a retirement update. For a no-obligation retirement assessment, call 844-360-MDCP (844-360-6327) and ask to speak to a VRA Investment Advisor Representative. Call 844-360-MDCP (844-360-6327) if you would like to start or stop the service at any time.

Fees
A tiered fee schedule applies, which includes reduced Professional Management fees for larger account balances, and is as follows:

There are no hidden fees, no commission, and no transaction fees for the program

For more information about the Voya Retirement Advisors please review the Advisory Services Fact Sheet which details the fees associated with the Professional Management. Advisory Services provided by Voya Retirement Advisors LLC. Voya Retirement Advisors, LLC does not give tax or legal advice. If you need tax advice, consult your accountant or if you need legal advice consult your lawyer. For more information, please read the Voya Investment Advisors Disclosure Statement. A Disclosure Statement may be viewed online by accessing Voya Retirement Advisors. You may also request it from a Retirement Advisor Representative by calling 844-360-MDCP (844-360-6327). Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC.

QDRO Center

If you are going through a divorce, and as a result must divide your Retirement Benefit, you must submit an acceptable Qualified Domestic Relations Order (“QDRO”) before the Plan can divide your benefit or account. We know that, for some, drafting a QDRO can be confusing or difficult. If you are not familiar with what is needed to submit an acceptable QDRO, please click on the link below or contact the QDRO information line 904-791-2928. We suggest that you review the Frequently Asked Questions (FAQ's), Glossary of Terms and Model Order procedures before you begin to draft an Order.

Please note that the information provided is not intended to provide legal advice, nor may it be applicable in all cases.

Visit QDRO site

Online-recorded Financial Wellness Seminars