Engaging with the nuts and bolts of retirement planning, the Maryland 746 form emerges as a critical document for individuals navigating their transition into retirement, particularly those affiliated with the State Retirement Agency. This form serves as a bridge between the retiree and the complexities inherent in making informed decisions about retirement payouts. Fundamentally, it acknowledges the receipt of a Safe Harbor Tax Notice — a document mandated by the Internal Revenue Service to be provided to retirees within a specific timeframe before disbursing payments. The notice is designed to educate recipients on the tax implications of their decisions regarding direct rollovers. By signing the Maryland 746 form, retirees affirm that they have not only received this important tax notice but have also had the chance to consult with knowledgeable professionals about their options, thereby making an informed choice on whether to proceed with a direct rollover of their retirement funds or opt for another form of distribution. This form, revamping the communication between the State Retirement Agency and retirees, is anchored in ensuring transparency and comprehension, leading to a smoother transition into retirement. The importance of this form cannot be overstated, as it also outlines the procedural agreement for the timely distribution of funds in alignment with the retiree's directive, acknowledging that such transactions may occur sooner than the standard waiting period following the receipt of the tax notice. Individuals are encouraged to review this form thoroughly and seek advice if any aspects of the form or the implications of their choices remain unclear, with contact information provided for further assistance. This introduction to the Maryland 746 form unearths its significance in laying a foundational layer of understanding and clarity for those on the cusp of retirement, underscoring the importance of informed decision-making in navigating the retirement process.
| Question | Answer |
|---|---|
| Form Name | Maryland Form 746 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | md state retirement forms, maryland form 746, marylasd state retirement form 746, maryland form 746 safe notice |
STATE RETIREMENT AGENCY 120 EAST BALTIMORE STREET BALTIMORE, MARYLAND 21202
ACKNOWLEDGEMENT OF RECEIPT OF SAFE HARBOR NOTICE AND AFFIRMATIVE ELECTION
FOR RETIREMENT USE ONLY FORM 746 (REV. 4/03)
Name: |
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Soc. Sec. No. : |
The Internal Revenue Service has advised the State Retirement Agency (the "Agency") that it must provide you with the Safe Harbor Tax Notice entitled "SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS" no earlier than 90 days and no later than 30 days before a payment is made to you. If, after receiving the Safe Harbor Tax Notice, you affirmatively choose to make or not make a direct rollover, then the distribution may be made to you even if the 30 day period has not expired.
So that you are not required to wait 30 days after receipt of the Tax Notice, the Agency will make the distribution in accordance with Agency procedures to you or to the trustee of your traditional IRA or Eligible Employer Plan upon receipt of this form signed by you to evidence your agreement to the following matters:
1.That you have received the Safe Harbor Tax Notice entitled "SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS" from the Agency;
2.That you have had an opportunity to review it with your tax advisor, accountant, attorney or the IRS and understand your options with respect to receipt of a distribution from the Agency at this time;
3.That you affirmatively chose to make or not make a direct rollover by executing the appropriate Agency form; and
4.That you request the Agency to make a distribution of the funds in accordance with your instructions and you understand that the payment may be made less than 30 days after you received the Safe Harbor Tax Notice.
If you have any questions about this form, before signing it, telephone a retirement benefits counselor at
ALL OF THE ABOVE IS AS AGREED:
Signature:Date:
Address: