What is Summary material modifications?
Summary material modification refers to changes made to an employee benefit plan, most often Summary plan description (SDP) which describes employee's rights, benefits and responsibilities included in ERISA.
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Summary material modification definition
Summary material modification refers to changes made to an employee benefit plan, most often Summary plan description (SDP) which describes employee's rights, benefits and responsibilities included in ERISA. The summary material modification needs to be provided any time a change has been made.
Summary material modification changes
• New benefits
• Removal of an old benefit
• Plan termination
• Change of responsibilities
• Change in information that can be disclosed
• The new classification of retirees etc