Summary of Material Modifications

What is the Summary of Material Modifications?


‘Summary of Material Modifications’ or ‘SMM’ refers to the documented summary that needs to be provided by the pension providers, in case any changes are made to the materials. The materials in this context refer to the benefits provided to the pensioners, the responsibilities entrusted to them as well as the eligibility criteria to be a part of the pension scheme.


It is generally furnished as a notice by the plan administrators to the pensioners or any other interested party. As per law, it needs to be provided within 210 days or 30 weeks after the end of the plan year in which the changes were adopted.


However, in the case wherein the benefits have been reduced, the SMM needs to be furnished and distributed to the scheme holders within 60 days of the changes.

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