After reviewing the Records Management certification course I set out to create the Cutoff notification email workflow described in the video and accompanying guide. Everything worked as designed except if I had two hyperlink mergefields in the email only one would function. If I fixed that one so that it worked, the other link would no longer function.
After much frustration, extensive online research and exhaustive trial and error this is the solution I found: Add SET fields with the MERGEFIELDS inside the HYPERLINK field. I have attached a document outlining the steps (including screenshots) to this post.
Hopefully this helps anyone else attempting to create a word document using multiple hyperlink mergefields.