The Paste link option automatically updates the Word document with any changes to the PowerPoint slides.
This feature works the same in all modern versions of Microsoft PowerPoint: 2010, 2013, and 2016.
You can export notes or handouts in your PowerPoint presentation to Word documents for your own use or for distribution to your audience. How to Export Notes and Handouts to Word from Microsoft PowerPoint See Microsoft PowerPoint: Tips and Tricks for similar articles.