This Month's News
Health Insurance Reminders
• NON-MEDICARE MEMBERS: (includes retirees, spouse, and/or dependents): If you have elected or are continuing City of Milwaukee health benefits coverage for 2025, you will receive a new United Healthcare (UHC)/OptumRx card. Contact information for UHC/OptumRx is on the back of your card. Other benefit phone numbers, including UHC/OptumRx are also located on page 22 of the 2025 Retiree Benefits Guide. The ERS does not send out health/prescription drug cards. If you are new to UHC/OptumRx for 2025 and do not receive a new UHC/OptumRx card by December 31st, please contact UHC directly at 1-800-841-4901. Please be advised that updated 2025 premium deductions, if applicable, will go into effect with the December pension payment.
• MEDICARE MEMBERS: If you are continuing City of Milwaukee health benefits coverage and prescription drug coverage through UHC and UHC MedicareRx Part D for 2025, you will not receive a new UHC or UHC MedicareRx Part D cards for 2025. If you are new to UHC and UHC MedicareRx Part D for 2025 you will receive two new cards from UHC. The ERS does not send out health or prescription drug cards to Medicare members. If you do not receive the two cards by December 31, 2024 please contact UHC at 1-800-841-4901 or UHC MedicareRx Part D at 1-866-465-0572. Please be advised that updated 2025 premium deductions, if applicable, will go into effect with the December pension payment.
• MPS, MATC, MMSD, UNITED WATER SERVICES, AND VEOLIA RETIREES: The ERS office does not handle your health insurance. Please do not call ERS with health insurance questions if you retired from one of the above listed agencies. If you have questions or concerns, you should call the agency directly.
• POLICE AND FIRE RETIREES METLIFE VISION/ DENTAL COVERAGE VIA SOURCE ONE (aka the “Retired Public Safety Officers Insurance Premium Deduction Program.”): The ERS office does not administer this benefit. If you have questions or concerns regarding this benefit, please call Source One at 414-220-9900.
Investment Update
The City of Milwaukee Pension Fund had a return of 4.8%, net of fees, in the third quarter of 2024. This return underperformed the Fund’s blended benchmark by approximately 0.1%. Cooling inflation data and a softening, though still strong, labor market led to falling interest rates during the quarter, culminating with the Federal Reserve lowering its policy rate by 50 basis points in September. This was a good environment for both stocks and bonds. The Fund’s public equity allocation was up 7.3%, net of fees, for the quarter. The Fund’s fixed income allocation gained 5.3%, net of fees, mainly driven by falling interest rates. The Fund’s absolute return allocation was up 2.5%, net of fees. As of September 30, 2024, the Fund was outperforming its benchmark, net of fees, over numerous longer time periods, including the trailing 3, 5, 10, 15, and 20-year time periods. The market value of the Fund on September 30, 2024 totaled approximately $6.06 billion.