City of Milwaukee - File #: 250942

• File #: 250942
• Version: 0
• Type: Resolution
• Status: In Council-Adoption
• File created: 9/23/2025
• In control: FINANCE & PERSONNEL COMMITTEE
• Title: Resolution relating to amendments to the City of Milwaukee Deferred Compensation Plan Master Agreement to allow for special disaster-related distributions and loans as permitted by SECURE 2.0.
• Sponsors: ALD. SPIKER

Date	Ver.	Action By	Action	Result	Tally
10/8/2025	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Beth Cleary-Conradson, Deferred Compensation Director Director Cleary-Conradson commented on the intent of the file to assist employees during times of special disasters. There was discussion on distribution and loan repayment, income tax implications, and self certification.	Pass	5:0
9/23/2025	0	COMMON COUNCIL	ASSIGNED TO

Number
250942
Version
ORIGINAL
Reference
210466, 231018, 240406
Sponsor
ALD. SPIKER
Title
Resolution relating to amendments to the City of Milwaukee Deferred Compensation Plan Master Agreement to allow for special disaster-related distributions and loans as permitted by SECURE 2.0.
Analysis
This resolution authorizes amendments to the Milwaukee Deferred Compensation Plan Master Agreement to allow participants access to special disaster-related distributions and loans, consistent with Section 331 of SECURE 2.0.
Body
Whereas, The City of Milwaukee established in s. 5-50 of the City Charter a deferred compensation plan which is an eligible deferred compensation plan under s. 457(b) of the Internal Revenue Code; and

Whereas, The plan is supervised by a board and administered pursuant to a written Master Agreement for Plan of Deferred Compensation, which is amended from time to time as required by federal tax law or as deemed advisable by the Common Council; and

Whereas, On July 27, 2021, the Common Council adopted Resolution File Number 210466, authorizing an amendment to the City of Milwaukee Deferred Compensation Plan Master Agreement to permit distributions from participant rollover accounts; and

Whereas, On November 21, 2023, the Common Council adopted Resolution File Number 231018, authorizing an amendment to the City of Milwaukee Deferred Compensation Plan Master Agreement to eliminate the “first day of the month” rule, as permitted by SECURE 2.0; and

Whereas, On July 30, 2024, the Common Council adopted Resolution File Number 240406, authorizing an amendment to the City of Milwaukee Deferred Compensation Plan Master Agreement to allow for emergency withdrawals, as permitted by SECURE 2.0; and

Whereas, Section 331 of SECURE 2.0 authorizes special rules for the use of retirement funds in connection with qualified federally declared disasters, including:

1. Penalty-free disaster distributions up to statutory limits, with repayment rights.

...