To Plan Participants in the Way Media 401(k) Profit Sharing Plan and Trust:
As a result of the Hope Media/Way Media merger, it has been decided to terminate the Way Media company’s 401(k) Retirement Plan effective 11/15/2022. The last date in which salary deferrals will be accepted into this plan is the 9/23/2022 paycheck.
In accordance with the Plan’s termination and Federal regulations regarding this plan termination, it will be necessary to distribute the assets in this plan directly to you as the account holder. However, you do have the opportunity to roll over your assets in the Way Media 401(k) plan to the Hope Media Group 403(b) Plan provided by Envoy Financial or elsewhere if you wish to prevent taxation on the distribution of this account.
The easiest and fastest way to request a distribution is through the Paychex Retirement Services website at http://www.paychexflex.com. The website walks you through your distribution options and provides you with an instant confirmation number, certifying your entry was received and will begin processing immediately. For step-by-step instructions on how to do this please click on the button below to download the PDF document below.
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Your account is slated to be liquidated and distributed to you on or around November 15, 2022. It is imperative that you make a choice to roll over your plan assets by this deadline. For those employees that wish to roll over their assets to the Hope Media Group 403(b) Plan, please do so in writing by submitting a Rollover Contribution Form to Envoy Financial by end of day November 12, 2022. You can obtain this Rollover Contribution Form by talking with Envoy Financial’s Participant Services at 888-879-1376.
If you have any questions about filling out the form, investment options, purpose, or timing, our Advisors at Envoy Financial stand ready to assist you. Please contact them at 888-879-1376 or click on the link below to schedule an appointment.
If you do not send your written instructions on where to roll over your assets by November 12, 2022, you will be sent a check for the full amount of your Way Media 401(k) Plan balance, minus applicable mandatory tax withholdings, to your address of record as a taxable distribution. Please refer to the Qualified Retirement Plan Distribution Notice section of your Way Media 401(k) Summary Plan Description booklet for additional information regarding the available distribution options and their tax implications.
Since you are still employed, your contributions will continue in the same amount you made into the Way Media 401(k), but now will be deposited into a new Hope Media Group 403(b) Retirement Plan through Envoy Financial as our third-party administrator and recordkeeper. This plan will also accept your Way Media 401(k) Plan balances as a non-taxable rollover event and carries a number of advantages over rolling over to an IRA or other retirement product. Envoy will monitor and help Hope Media Group employees select appropriate investment options on your behalf as a fiduciary, offer Biblically Responsible Investments to aid you in aligning your faith values with your view of the world as a Christ follower and provide stellar service in keeping with our common values as members of the body of Christ. We want to help you prepare for what God may have in store for you after your work career, and Envoy is a leader in the faith-based marketplace in offering retirement and financial offerings to help you meet this future.
We realize all of this is confusing, but we have partnered with Envoy Financial to offer a new successor plan for our Hope Media Group employees, and Envoy advisors and representatives are standing by to help answer any detailed questions regarding your transition of this Way Media 401(k) Plan assets, and what they mean to you in your own personal situation. Please click below if you would like to schedule an individual appointment with an Envoy Stewardship Advisor:
Click Here to Schedule a Meeting with an Envoy Stewardship Advisor or call us at 888-879-1376.
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