How to Cancel Vestwell

To cancel or make changes to contributions or other aspects of your Vestwell account, follow these steps:

Canceling Contributions

• You can cancel contributions from the main contribution screen if the status shows "Processing" or "Submission Started." To do this, select the ellipses under the "Action" column and then choose "Cancel".

Editing Contributions

• If you need to edit a contribution, you must do so before it is processed. You can make changes from the main contribution screen, but only if the contribution is still in the "Processing" or "Submission Started" status.

Managing Employee Contributions

• Employees must change their personal contributions directly in the Vestwell Saver Portal. These changes are automatically sent to Gusto in about 2 business days.

Company Contribution or Plan Changes

• To manage company contributions or review plan settings, always do so in the Vestwell employer portal. This includes any changes to the company’s 401(k) or other retirement plans.

New Hires

• Use Gusto as your system of record for new hires. When you add someone to Gusto, their information automatically syncs to Vestwell. Once they fulfill any eligibility requirements, Vestwell invites them to enroll and their deductions will be automatically added to payroll.

Employee Dismissal

• When an employee is dismissed, use Gusto to update their status. Enter the dismissal date in Gusto, and it will automatically sync to Vestwell, ending the employee’s benefits on the specified date.

Loans

• If your plan allows participants to request loans, employees can request a loan through their Vestwell Saver Portal. Once the loan is approved and the employee reaches the repayment stage, loans must be repaid via payroll deductions. Employers can set up loan repayment deductions in Gusto, and the repayment amount will automatically transmit from Vestwell to Gusto.

Missing Payroll Deductions

• If there are missing payroll deductions, ensure that Gusto is set as your payroll provider in Vestwell. If you have changed your payroll provider since starting your 401(k), contact Vestwell to update this information.

Additional Support

• For any further assistance or to resolve issues, you can contact Vestwell support. If you do not yet have a retirement plan through Vestwell, email them to set up your plan. If you already have a plan, contact Vestwell to integrate it with Gusto or for any other inquiries.