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.
As you are a terminated employee and have a 401(k) balance remaining, you will NOT be able to roll over your balance into the new Hope Media Group 403(b) Plan. However, you should make arrangements to roll over your Way Media 401(k) plan balance before 11/15/2022 to either an IRA provided by Envoy Financial or some other qualified retirement plan. Otherwise, if you do not respond by November 12, 2022, your balance in the plan will be sent to you as a check and treated as a taxable distribution.
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.
We realize all of this may be confusing, but we have partnered with Envoy Financial to offer guidance for this transition. Envoy advisors and representatives are standing by, ready to help answer any questions regarding your transition of these 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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