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Summary of Material Modification (SMM)
Practical Law Glossary Item 1-502-8098 (Approx. 3 pages)
Glossary
Summary of Material Modification (SMM)
A written summary that informs participants and beneficiaries of changes to either:
- Their rights and obligations under an employee benefit plan subject to the Employee Retirement Income Security Act of 1974.
- Other information that is required to be provided in a summary plan description.
A summary of material modification must be furnished not later than 210 days after the plan year in which the changes are adopted but does not need to be provided if the relevant changes are described in a timely summary plan description. For a model SMM that notifies participants and beneficiaries of changes to a retirement plan, see Standard Document, Summary of Material Modifications (SMM) for Retirement Plans.