What does Summary of Material Modifications mean?

Summary of Material Modifications (SMM) definition

Under the Employee Retirement Income Security Act of 1974 (ERISA), pensions providers must provide a summary of material modifications any time a change is a material modification to the policy. Material modifications include plans to reduce or remove benefits, changes to the responsibilities on individuals enrolled in the scheme and changes to the eligibility criteria.

SMMs need to be provided within 210 days after the end of the plan year in which the modifications were made. If the modifications made are reductions in the level of service or benefits provided, then the SMM needs to arrive within 60 days.

A related term is Summary Plan Description.

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© HR Zone Ltd 2024

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