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Article Structure

Dos and Don'ts

When filling out the Maryland 193 form, it's important to follow specific guidelines to ensure a smooth process. Here are some dos and don'ts to keep in mind:

  • Do provide accurate personal information, including your full name and Social Security number.
  • Do select only one distribution type to avoid confusion.
  • Do ensure that the financial institution's name and address are correct.
  • Do sign and date the form to validate your request.
  • Do keep a copy of the completed form for your records.
  • Don't leave any required fields blank; all information is necessary for processing.
  • Don't attempt to submit multiple trustee-to-trustee distributions at once.
  • Don't forget to contact the receiving institution to confirm they accept the rollover.
  • Don't ignore the instructions for optional account number entry; it can help with processing.

Following these guidelines can help ensure your rollover process is efficient and successful.

Misconceptions

  • Misconception 1: The Maryland 193 form is only for retirees.

    • This form can be used by both retirees and employees who are withdrawing accumulated contributions or other funds from their retirement accounts.

  • Misconception 2: You can only make one distribution per year.
  • Misconception 3: The form is only applicable to traditional IRAs.

    • The Maryland 193 form can be used for various types of accounts, including Roth IRAs and eligible employer plans, not just traditional IRAs.

  • Misconception 4: You do not need to provide a Social Security number.

    • The form requires the individual's Social Security number to process the distribution, making it essential to provide this information.

  • Misconception 5: You can submit the form without verifying your information.
  • Misconception 6: The form does not require a signature.
  • Misconception 7: You can disregard the instructions if you are familiar with the process.

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Key takeaways

When filling out the Maryland 193 form, there are several important considerations to keep in mind. Here are key takeaways to ensure a smooth process:

  • Accurate Information: Ensure all personal details, such as your name, Social Security number, and contact information, are accurate. Mistakes can lead to delays.
  • Distribution Type: Clearly select the type of distribution you are requesting. Options include withdrawal of accumulated contributions or a lump sum deferred vested benefit.
  • Payment Selection: Choose how you want to receive your funds. You can opt for a flat dollar amount or all federal non-taxable funds.
  • Trustee-to-Trustee Transfers: Understand that SRA will only process one trustee-to-trustee distribution. If you need to move funds between accounts, verify with the receiving institution first.
  • Timely Submission: After completing the form, promptly submit it to the State Retirement Agency at the provided address to avoid any processing delays.
  • Financial Institution Details: Provide accurate information about the receiving financial institution. This includes the name, address, and account title to ensure the check is properly issued.
  • Assistance Availability: If you have questions while completing the form, do not hesitate to contact a retirement benefits specialist for help. Their support can clarify any uncertainties.

By following these takeaways, you can navigate the Maryland 193 form process more effectively, ensuring that your retirement funds are managed according to your preferences.

Guidelines on Utilizing Maryland 193

Completing the Maryland 193 form is a straightforward process that requires careful attention to detail. This form is essential for initiating a trustee-to-trustee distribution for rollovers. By following the steps outlined below, individuals can ensure that their information is accurately submitted to facilitate the transfer of funds to their designated financial institution.

  1. Begin by filling out Section I of the form. Start with your last name, first name, and middle initial.
  2. Enter your Social Security number, followed by your daytime phone number and home address, including city, state, and ZIP code.
  3. Indicate the type of distribution you are requesting by checking the appropriate box. Options include withdrawal of accumulated contributions, voluntary funds, lump sum deferred vested benefit, death benefit, or withdrawal of DROP account.
  4. Choose your payment selection by checking one of the two options: either a designated flat dollar refund amount or all federal non-taxable funds.
  5. Understand that the account balance will be made payable to your designated IRA or Eligible Employer Plan. Acknowledge that two checks may be issued: one to you and another to the receiving institution.
  6. Sign and date the form to confirm your understanding and agreement to the distribution conditions.
  7. Proceed to Section II, which must be completed by your financial institution. They will verify the information provided in Section I.
  8. Have your financial institution fill out their name, address, and the depositor account title where the check will be made payable.
  9. Optionally, provide your account number at the financial institution.
  10. Your financial institution will also check the appropriate box to affirm the type of plan designated by you, ensuring it aligns with the requirements for accepting the rollover.
  11. Finally, the representative from your financial institution must print or type their name, sign, and date the form, including their area code and telephone number.

Form Preview Example

MARYLAND STATE RETIREMENT AGENCY

120 EAST BALTIMORE STREET

BALTIMORE, MARYLAND 21202-6700

TRUSTEE-TO-TRUSTEE DISTRIBUTION FORM

 

 

 

 

 

 

 

 

FOR ROLLOVERS

 

RETIREMENT USE ONLY Form 193 (REV. 4/13)

 

 

SECTION I

 

 

 

 

 

 

 

To be completed by Payee and forwarded to Payee’s financial institution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Last Name

First

M.I.

Social Security

#

 

 

 

 

 

 

 

 

-

-

 

 

 

 

 

 

 

 

 

 

 

MISCELLANEOUS:

 

 

Day Time Phone #

 

 

 

( )

-

-

 

 

HOME ADDRESS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ext

 

 

 

 

CITY:

STATE:

ZIP:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TYPE OF DISTRIBUTION: Check [4] Distribution Type:

Withdrawal of Accumulated Contributions (Form 5)

Withdrawal of Voluntary Funds (Form 742)

Application for Payment of Lump Sum Deferred Vested Benefit (Form 742.1)

Death Benefit (Surviving Spouse of Employee or Retiree) (Form 745)

Withdrawal of Deferred Retirement Option Program (DROP) Account (Forms 505; 757)

Based on the distribution option I selected on my Withdrawal ofAccumulated Contributions (Form 5), Withdrawal of Voluntary Funds (Form 742), Application for Payment of Lump Sum Deferred Vested Benefit (Form 742.1), Death Benefit Claim Form (Form 745) or Withdrawal of DROPAccount (Forms 505; 757), I direct the SRAto do the following:

Check [4] only one option to indicate payment selection.

Pay to me my designated flat dollar refund amount of $___________________.

OR

Pay to me all federal “NON-TAXABLE” funds to be determined at time of payment.

AND

The account balance will be made payable to your designated IRA or Eligible Employer Plan. (Note: distributions to a 457(b) governmental plan or a 403(b) tax sheltered annuity may not exceed the taxable amount.)

I understand the Agency may issue two checks to me: one payable to my order and the other payable to the order of the IRA or Eligible Employer Plan that is to receive my distribution. I understand that I am responsible for promptly delivering the check for my distribution directly to the IRA or Eligible Employer Plan for processing, and I agree to do so.

SRA will not process more than one trustee-to-trustee distribution. Thus, if you want to move funds between IRA’s and/or Eligible Employer Plans, contact the IRA or Eligible Employer Plan to which you are making the direct rollover to deter- mine whether transfers are allowable.

I understand and agree to the above distribution conditions.

PAYEE (Signature)

DATE

If you need assistance in completing this application, telephone a retirement benefits specialist at 410-625-5555 or toll-free at 1-800-492-5909.

SECOND PAGE ALSO MUST BE COMPLETED

SECTION II

(TO BE COMPLETED BY FINANCIAL INSTITUTION FOR PURPOSE OF ROLLOVER)

Verify Information in Section I.

Send completed form to: State Retirement Agency, 120 East Baltimore Street, Baltimore, Maryland 21202-6700

Payee’s Name: ______________________________________ Payee’s Social Security No. _________________- -

NAME AND ADDRESS OF FINANCIAL INSTITUTION/ACCOUNT

Name: ___________________________________________________________________________________

Address: _________________________________________________________________________________

City: _________________________________________ State: ________________ Zip: __________________

DEPOSITORACCOUNTTITLE:Inordertoproperlypreparethecheck,theRetirementAgencyneedsthenameofthefinancialinsti- tution/account into which the check will be made payable. Enter in the spaces below this information, up to 34 characters.The check payable to your designated financial institution/account will carry the notation “DIRECT ROLLOVER,” and will contain the name for the individual indicated in Section I. For IRA’s, the check will read payable to: [Information Below] as trustee of IND. RET. ACCT of [Payee in Section I]. For Eligible Employer Plans, the check will read payable to: [Information Below] FBO [Payee in Section I].

ENTER THE PAYEE’S ACCOUNT NUMBER (OPTIONAL):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The arrangement selected by the Payee is: (Check [4] one):

 

 

 

 

 

 

 

Check [4] Box to Affirm that Plan Separately

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional IRA

 

 

 

 

 

 

 

Eligible Employer Plan

 

 

 

 

 

 

 

Accounts for After-Tax Contributions & Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Qualified plan under §401(a), including

 

 

 

 

 

 

 

Check indicates plan separately accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a 401(k) plan

 

 

 

 

 

 

 

for after-tax contributions and earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

§403(a) qualified annuity

 

 

 

 

 

 

 

Check indicates plan separately accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roth IRA

 

 

 

 

 

 

 

 

 

 

 

for after-tax contributions and earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

§403(b) tax sheltered annuity

 

 

 

 

 

 

 

Plan may NOT accept after-tax contribu-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

tions from a 401(a) qualified plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

§457(b) governmental plan

 

 

 

 

 

 

 

Plan may not accept after-tax contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I confirm that the payee, account number and title are correct. Further, I confirm that the plan designated by the payee is (or is intended to be) an IRA, or an Eligible Employer Plan which includes a plan qualified under section 401(a) of the Internal Revenue Code, including a 401(k) plan, profit sharing plan, defined benefit plan, stock bonus plan, and money purchase plan; a section 403(a) annuity plan; a section 403(b) tax sheltered annuity; or an eligible section 457(b) plan maintained by a governmental employer (governmental 457 plan), that the plan designated may accept such payment (including any after-tax contributions, if applicable) and that I am authorized to act on behalf of the designated plan and will accept the direct rollover for the payee and account for it as required by the Internal Revenue Code.

PRINT OR TYPE REPRESENTATIVE’S NAME

SIGNATURE OF REPRESENTATIVE

DATE

AREA CODE/TELEPHONE #:

-

-

 

 

 

 

 

PLEASE READ THIS CAREFULLY

All information on this form, including the individual’s social security number, is required. The information is confidential and will be used only to process payment data from the Maryland State RetirementAgency to the financial institution and its agent. Failure to provide the requested information may prevent or delay release or payment.

If you need assistance in completing this application, telephone a retirement benefits specialist at 410-625-5555 or toll-free at 1-800-492-5909.

FORM 193 (4/13) Pg. 2

Common mistakes

  1. Failing to provide complete personal information. This includes missing your last name, first name, or social security number. All these details are essential for processing your request.

  2. Not selecting a distribution type. You must check one option that corresponds to how you want to receive your funds. Skipping this step can lead to confusion and delays.

  3. Incorrectly entering the amount for the flat dollar refund. Ensure that the dollar amount is accurate and clearly written. Any mistakes here can affect the distribution process.

  4. Neglecting to provide the correct financial institution details. The name and address of the institution must be accurate. Errors can result in the check being sent to the wrong place.

  5. Overlooking the need for a signature. Your signature is necessary to confirm that you agree with the terms of the distribution. Without it, your application may not be processed.

  6. Not checking if the receiving account can accept the type of rollover. Make sure that the financial institution can handle the specific type of rollover you are requesting.

  7. Ignoring the requirement to complete the second page. This page is just as important as the first and must be filled out for the rollover to proceed smoothly.

  8. Providing an incorrect or incomplete telephone number. If you need assistance or if there are questions about your application, a valid phone number is essential for communication.

Free Maryland 193 PDF

Learn More on This Form

What is the Maryland 193 Form?

The Maryland 193 Form is a Trustee-to-Trustee Distribution Form specifically designed for rollovers related to retirement accounts. This form is utilized when an individual wishes to transfer funds from a retirement account to an Individual Retirement Account (IRA) or an Eligible Employer Plan without incurring taxes on the distribution. It ensures that the funds are moved directly from one financial institution to another, maintaining their tax-deferred status.

Who should complete the Maryland 193 Form?

The form should be completed by the payee, who is the individual receiving the funds from their retirement account. This includes retirees, employees who have left their jobs, or beneficiaries of deceased members. It is essential that the payee provides accurate personal information and details regarding the distribution type to ensure a smooth transaction.

What types of distributions can be requested using this form?

The Maryland 193 Form allows for several types of distributions. These include withdrawals of accumulated contributions, voluntary funds, lump-sum deferred vested benefits, death benefits for surviving spouses, and withdrawals from the Deferred Retirement Option Program (DROP) account. The payee must select the appropriate distribution type when completing the form.

What information is required on the Maryland 193 Form?

When filling out the Maryland 193 Form, the payee must provide their name, Social Security number, daytime phone number, home address, and the type of distribution being requested. Additionally, the payee must indicate their payment selection, whether they want a flat dollar refund or all federal non-taxable funds. Accurate information is crucial to avoid delays in processing the request.

How does the payment process work after submitting the form?

Once the Maryland 193 Form is completed and submitted, the State Retirement Agency will issue two checks if necessary. One check will be payable to the payee, and the other will be made out to the designated IRA or Eligible Employer Plan. The payee is responsible for delivering the check intended for the financial institution to ensure it is processed correctly.

Can I use the Maryland 193 Form to transfer funds between different IRAs?

No, the Maryland 193 Form only allows for one trustee-to-trustee distribution at a time. If you wish to transfer funds between different IRAs or Eligible Employer Plans, you must first contact the receiving institution to confirm that such transfers are permitted. This step is vital to ensure compliance with regulations and to avoid potential tax implications.

What should I do if I need help completing the Maryland 193 Form?

If you encounter difficulties while filling out the Maryland 193 Form, assistance is available. You can contact a retirement benefits specialist at the State Retirement Agency by calling 410-625-5555 or toll-free at 1-800-492-5909. They can provide guidance and answer any questions you may have about the form or the rollover process.