If you're moving your Gusto 401(k) plan to a different provider, you need to complete a transfer packet made up of two pieces: the plan transfer form and a resolution. This article outlines the information you'll need for each section.
Important: Gusto Retirement cannot proceed with the plan transfer until the forms are fully completed.
Here is the information you'll need to complete the form:
Plan sponsor (company) — Name of the company
Plan name (found in plan document) — Name of the 401(k) plan at Gusto Retirement
Name of trustee — Name of the trustee for this plan (found on the Settings page of your 401(k) administrator dashboard)
Trustee email — Email address of the trustee for this plan
Name of authorized contact person (if other than trustee) — Optional. Name of an alternate contact for this transfer.
Authorized contact email — Optional. Email address of the alternate contact for this transfer.
Plan transfer date — Last pay date Gusto Retirement will collect contributions. The next contributions made to the plan will need to be collected by your new 401(k) service provider. This date should be on or after the last pay date Gusto Retirement collected contributions.
New plan administrator — Plan administrators are responsible for managing the day-to-day operation of the plan. Provide the name and contact information at your new provider. It may be the same as the recordkeeper or custodian/broker.
New recordkeeper — Recordkeepers track assets in retirement plans. Provide the name and contact information at your new provider. It may be the same as the plan administrator or custodian/broker.
New custodian/broker — Custodians/brokers work for a brokerage company and serve as representatives for clients' trading investment products. Provide the name and contact information at your new provider. It may be the same as the plan administrator or recordkeeper.
Wiring instructions for transfer of plan assets — The information needed to wire assets to your new provider. Work with your new service provider to make sure this information is accurate to avoid delays in the transfer of assets.
Signature of plan trustee — Have the trustee sign the form
Date — Date that the form is signed
Your transfer packet includes a resolution document. The resolution you fill out depends on whether your plan is merging into another plan or transferring as a deconversion (regular transfer).
Remove the sample/disclaimer from the top of the document, then fill in the following:
Name of authorized representative — In paragraph 1, this can be anyone at the company with authorization to speak on its behalf
Name of company — In paragraph 1, this is the name of the company
Date — The date in paragraph 1 is the date the company adopted the resolution, typically the date the resolution was signed
Merging plan name — In paragraph 2, this is the name of the plan at Gusto Retirement (typically [Company Name] 401(k) Plan)
Merging plan start date — The date in paragraph 2 is the effective date of the merging plan (the plan leaving Gusto Retirement), found in the plan document
Plan sponsor of surviving plan name — In paragraph 3, this is the name of the plan sponsor of the plan at your new provider
Surviving plan name — In paragraph 3, this is the name of the surviving plan (the plan that the merging plan is merging into at the new provider). Ask the new provider what to put here.
Plan start date — The date in paragraph 3 is the effective date of the surviving plan (the plan that the merging plan is merging into at the new provider). Ask the new provider what to put here.
Plan merger date — The date in paragraphs 4 and 5 should match the "date of last contributions with Gusto Retirement" that you provide on your plan transfer form
Remove the sample/disclaimer from the top of the document, then fill in the following:
Name of authorized representative — In paragraph 1, this can be anyone at the company with authorization to speak on its behalf
Name of company — In paragraph 1, this is the name of the company
Date — The date in paragraph 1 is the date the company adopted the resolution, typically the date the resolution was signed
Plan name — In paragraph 2, this is the name of the plan at Gusto Retirement (typically [Company Name] 401(k) Plan)
Plan start date — The date in paragraph 2 is the effective date of the plan leaving Gusto Retirement (found in the plan document)
Plan transfer date — The date in paragraph 4 should match the "plan transfer date" that you provide on your plan transfer form. As a reminder, both of these dates should be the date of last contributions with Gusto Retirement.