Use this article to understand why your Gusto 401(k) account cannot be fully closed and what options are available to you.
Due to Internal Revenue Service (IRS) requirements, we cannot fully delete, cancel, or deactivate your Gusto 401(k) account—even if you no longer have funds in the plan.
Your participant account must remain accessible for a period of time after you leave the company that sponsored your plan. This allows us to:
Provide legally required notices
Process any contributions that may be owed to you
The IRS requires us to maintain information about your plan account for 6 years, plus the current year.
Many plan activities occur after the end of the plan year (typically the calendar year), and additional transactions may be necessary in the following year.
Notice requirements apply to both current and former plan participants—including those who have distributed their funds or did not contribute to the plan. These notices may include:
Form 1099-R for distributions (typically posted in January following the year of distribution)
Summary Annual Reports (typically issued by September of the year following the report)
Summary of Material Modifications
Records regarding any corrective or trailing contributions for your account
If you no longer want to participate in your Gusto 401(k), you have a few options:
Stop contributing: You can cancel your contributions at any time
Withdraw your funds: If you still have money in your account, you may be eligible to request a distribution. Learn more about the distribution process and qualifications.
Unsubscribe from non-essential emails: Contact our participant support team to opt out of non-plan-specific communications