Summary of Material Modification
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A copy of the SMM should be provided to all participants and beneficiaries receiving benefits, who participated in the plan during the plan year.
Additionally, the following categories of individuals should receive a copy of the SMM:
- Employees eligible to make 401(k) deferrals, regardless of whether they elect to make deferral contributions;
- Former employees with account balances in the plan;
- Surviving spouses or other beneficiaries of deceased participants receiving distributions from the plan;
- Alternate payees receiving distributions under a QDRO; and
- Representatives or guardians of incapacitated individuals in any of the above categories.
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