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April 2014

MPS Voluntary Retirement Savings Plans:  Current tax laws provide significant opportunities to save before-tax and/or after-tax dollars for retirement.  If you participate in both the 403(b) and 457 plans (below) you may contribute up to the basic annual limit of the lesser of $17,500 or 100% of compensation to each plan in 2014.

MPS 403(b) Plan - Similar to a 401(K) plan, this 403(b) plan allows you to make voluntary before-tax and/or after-tax Roth contributions via payroll deduction.  For more information contact one of the following plan vendors:

ING Life Insurance and Annuity Company (414) 256-2187

MetLife (414) 541-4490

TIAA-CREF National Contact Center 1-800-842-2273 or Enrollment Hotline 1-800-842-2888

WEA TSA Trust 1-800-279-4030 or (414) 259-1990

457 Program - Under this Program, employees can make before-tax and/or after-tax Roth voluntary contributions.  The IRS annual contribution limits for this program are in addition to (not offset by) the 403(b) IRS annual contribution limit.  The earnings on your contributions to this Program are also tax deferred.  Upon withdrawal, your contributions and earnings are subject to ordinary federal and state income taxes.  This Program is administered by and funds are held in trust by the State of Wisconsin - Employee Trust Funds (ETR).  Great-West Retirement Services is the ETF appointed service provider for the WDC 457 Program and their number is 877-457-9327 or website www.wdc457.org


Posted by benefits on 3/31/14 5:10:38 PM in project Benefits
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  • - Including links to the websites of MPS benefit plan vendors.
  • Retirement/Pension
  • - Including a link to the City of Milwaukee (ERS) and State (WRS) Employee Retirement Systems.
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    Milwaukee Public Schools, Wisconsin’s largest school district, is expanding college and career readiness efforts and continuing to implement innovative reforms that give every student the opportunity to succeed. MPS’ high-quality school options for 3-year-olds to high school seniors feature school climates in which positive behavior is reinforced; certified, highly-trained teachers; 21st-century learning technology for students; and curriculum aligned to the rigorous Common Core State Standards, which set a clear, high bar for the topics students must master at each grade level. MPS’ graduation rate is 14 points higher than the rate for the Class of 2000, its The Class of 2013 earned $24 million in scholarships and the district is home to some of the state’s best high schools according to the Washington Post and U.S. News and World Report. Visit mpsmke.com/news to learn more about MPS.


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