Get Form 5: Application For Withdrawal Of Accumulated Contributions - Sra State Md
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How to fill out the Form 5: Application For Withdrawal Of Accumulated Contributions - Sra State Md online
Filling out the Form 5: Application For Withdrawal Of Accumulated Contributions is an important step for users who wish to withdraw their accumulated contributions from the Maryland State Retirement Agency. This guide offers step-by-step instructions to assist you in completing this process online with clarity and support.
Follow the steps to fill out the form efficiently and accurately.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Begin filling out your personal information. Enter your date of birth in the designated fields, ensuring to clarify the month, day, and year.
- Next, provide your Social Security number, followed by your name in the designated areas. Ensure to fill in your home address, including the street number, city, county or Baltimore City, state, and zip code.
- Indicate your daytime phone number and the name of the agency where you last worked before your resignation or termination.
- Fill in your resignation or termination date, ensuring that if this date is less than 12 months from the date you sign the form, you will need to return the completed form to your employer for further information.
- Respond to the questions regarding disability claims and employment status during a leave of absence. Indicate if you are transferring to a new agency by providing the agency's name if applicable.
- Choose your refund option by checking the appropriate box that corresponds to your desired method of receiving your funds, ensuring you also complete any additional forms if required.
- Indicate your residency status in Maryland, which will affect tax withholding.
- Read the surrounding notices and agreements carefully. Acknowledge and confirm your understanding by signing in the presence of a notary.
- After completing all sections of the form, review your entries for accuracy. You can then save any changes, proceed to download, print, or share the form as needed.
Complete your Form 5 application online today to ensure a smooth withdrawal process.
In Maryland, early withdrawal from a 401k can result in a 10% federal penalty, in addition to state taxes. This penalty applies to withdrawals made before the age of 59½. Understanding the implications of early withdrawal is crucial, and using the Form 5: Application For Withdrawal Of Accumulated Contributions - Sra State Md can help you navigate the process effectively.
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