What is a Summary of Material Modifications (SMM)?

A Summary of Material Modifications (SMM) for a health plan is a document that outlines important changes or modifications made to the plan's terms, benefits, or other key features. It is required under the Employee Retirement Income Security Act (ERISA) and serves as a way to communicate significant changes to plan participants and beneficiaries. The SMM provides clear and accessible information about the changes that have been made to the health plan, allowing participants to understand how their benefits or coverage may be affected. The document must be distributed to participants within 210 days after the end of the plan year in which the changes were adopted. SMMs are crucial for maintaining transparency and ensuring that participants are informed about any modifications that could impact their health coverage or benefits.

For support in managing your fiduciary responsibilities, visit Fiduciary In A Box.

© 2023 Fiduciary In A Box, Inc. All rights reserved.