Committee hears presentation on city deferred compensation plan; proposed 2026 budget holds steady at $543,377

Aldermanic committee members on the Finance and Personnel Committee reviewed the mayor’s proposed 2026 budget item for the City of Milwaukee Deferred Compensation Plan on a mixed in-person and virtual panel, hearing that the plan’s 2026 request is unchanged from 2025.

The deferred compensation program’s 2026 proposed budget is $543,377, with three full-time positions and salaries unchanged, Director Cleary said. “Our mission … is to facilitate and help city of Milwaukee employees to save assets adequate and appropriate to enable them to retire at the desired time, to retire with dignity, and to enjoy sufficient income throughout retirement via a tax deferred deferred savings plan,” Director Cleary said, explaining the program’s goals and outreach.

Why it matters: Deferred compensation is a voluntary, tax-deferred supplemental retirement vehicle for city employees. Committee members pressed staff on…