SUMMARY ANNUAL REPORT FOR
INDEPENDENT NEWSMEDIA INC. USA 401(K) PROFIT SHARING
PLAN
This is a summary of the annual
report Form 5500 Annual Return/Report
of Employee Benefit Plan of lndependent Newsmedia [nc. USA 401(k) Profit Sharing Plan
and Employer Identification Number 51-0072172/Plan Number 001 for
the plan year 07/0l/2024 through 06/30/2025. The Form 5500
annual report has been filed with the Employee Benefits Security Administration, as required under the Employee
Retirement Income Security Act of 1974 (ERISA). Your plan is a single
employer, defined contribution plan with the following characteristics: profit
sharing, code section 40l(k) feature, code section 40l(m) arrangement, total participant-directed account, pre-approved pension.
Basic Financial Statement
Benefits under the plan are provided
by insurance contracts. Plan expenses were $514,997. These
expenses included
$26,531 in administrative expenses and $488,466 in benefits paid to participants and beneficiaries, and $0 in other expenses. A total
of 195 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to
receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$6,341,123 as of the end of the plan year, compared to $5,614,681 as of the beginning of the plan year.
During the plan year the plan experienced a change in its net assets of $726,442.
This change includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the
plan's assets at the end of the year and the value of
the assets at the beginning of the
year or the cost of assets acquired during the year. The plan had total income of$1,241,439, including employer contributions of$70,386, employee contributions of$386,020, and earnings from investments of$727,l52.
Your Rights to Additional Information
You have the right to receive a copy of the full
annual report, or any part thereof, on request. The items listed below are
included in that report:
l. An accountant's report.
2.
Financial
infonnation and information on payments to service
providers.
3.
Assets held for
investment.
4. 4. Insurance information, including sales commissions paid by insurance
carriers.
5. Information regarding
any common or collective trusts, pooled separate
accounts, master trusts or I 03-12
investment entities in which the plan participates.
To obtain a
copy of the full annual report, or any part thereof, write or call
the office of Wanda Ford-Waring, who is a representative of the plan administrator, at l l 0 Galaxy Drive, Dover, DE 1990 l and
phone number, 800-426-4 l 92. The charge to cover copying costs will be
$5.00 for the full annual report, or $0.25 per page for
any part thereof.
You also have the right to
receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both.
If you request a copy of the full annual report from the
plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs
given above does not include a charge
for the copying
of these portions of the report because these portions are furnished
without charge.
You also have the legally protected right to examine the annual report at the main office of the plan: 110 Galaxy Drive, Dover, DE 19901, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. The annual report is also available online at the Department of Labor website www.efast.dol.gov.
