If you're moving your Gusto 401(k) plan to a new provider — whether as a straight transfer or a merger with an existing plan — we'll work with you to make the process as smooth as possible. The entire process typically takes around 60 – 90 days.
To move your plan to another 401(k) service provider, follow these steps:
Contact Gusto Retirement Sponsor Support to let us know you're moving to another 401(k) provider. Reach out as soon as possible to start the process.
Our representatives will initiate the transfer or merger in the system, which kicks off the process.
Look for a task in your dashboard requesting your new provider's information. You will typically need to provide:
New plan contacts
Wiring information
Date of last contribution to Gusto Retirement
Merger date (if applicable)
Once the task is accepted, our team will generate a timeline for the transfer or merger process. This includes the blackout period and liquidation date.
These dates are typically two months out from the request to transfer or merge, but may vary based on the date of the last contributions with Gusto Retirement.
This timeline will also appear in your dashboard for reference.
The new provider will need to send blackout notices to participants. These notices need to go out at least 30 days and no more than 60 days before the start of the blackout period.
We will liquidate the investments and wire the assets to the new provider based on the timeline provided.
We will generate reports for the new provider, which will be in the Resource Library for you to share with the new provider.
There are typically residual dividends that will be sent two months after the original asset transfer to the new provider. You will get an email when new reports are available in the Resource Library.
Important: If the last contribution date to Gusto Retirement is not the end of the plan year, we will not be responsible for any compliance testing associated with the plan year in which you transfer or merge.