Instructions on Distributing Required SMM's
Tips on how best to Distribute the Summary of Material Modifications (SMM) to Plan Participants.
The SMM must be distributed to all Plan Participants.
Distribution Instructions: E-Delivery
You may E-Mail notices to actively employed participants provided the following conditions are satisfied:
Please Note: While notices can be provided electronically to terminated participants, the DOL rules pertaining to terminated participants are cumbersome. It is often simpler to mail a hard copy to the participants’ last known address. You may also have services with your provider, Voya Financial, that could be leveraged to mail out required notices.
Record Retention: Retain a copy of the SMM together with the SPD and store these documents with your other permanent plan records.
New Participants: When newly Eligible Employees become Plan Participants, a copy of the SMM along with the SPD should be distributed. Distribution of the SPD and SMM is a Department of Labor requirement.
Distribution Instructions: E-Delivery
You may E-Mail notices to actively employed participants provided the following conditions are satisfied:
- The Participant is expected to use a work-related Email as an integral part of their job duties/responsibilities.
- The Email is sent with "High Importance" or similar. Additionally, the body of the Email should convey the document(s) importance.
- The following statement is included in the correspondence: A hard copy of the document is available, free of charge, upon request.
- You ensure reasonable delivery and receipt – for example, request a read receipt or reply from the Participant.
Please Note: While notices can be provided electronically to terminated participants, the DOL rules pertaining to terminated participants are cumbersome. It is often simpler to mail a hard copy to the participants’ last known address. You may also have services with your provider, Voya Financial, that could be leveraged to mail out required notices.
Record Retention: Retain a copy of the SMM together with the SPD and store these documents with your other permanent plan records.
New Participants: When newly Eligible Employees become Plan Participants, a copy of the SMM along with the SPD should be distributed. Distribution of the SPD and SMM is a Department of Labor requirement.