Article 13 (Establishment of Defined Benefit Retirement Pension Scheme)

An employer intending to establish a defined benefit retirement pension scheme shall, after obtaining the consent of or hearing the opinion of the employees' representative pursuant to Article 4(3) or Article 5, prepare a defined benefit retirement pension rules and report it to the Minister of Employment and Labor, including the following matters. <Amended by Act No. 17259, Apr. 13, 2021> 1. Matters concerning the selection of a retirement pension provider 2. Matters concerning participants 3. Matters concerning the participation period 4. Matters concerning benefit levels 5. Matters concerning securing the ability to pay benefits 6. Matters concerning the types of benefits, eligibility requirements, etc. 7. Matters concerning the conclusion and termination of contracts for the performance of management duties under Article 28 and asset management duties under Article 29, and the transfer of contracts upon termination 8. Matters concerning notification of operational status 9. Matters concerning the occurrence of benefit payment events such as participant's retirement, etc., and the procedures for benefit payment 10. Matters concerning the reasons and procedures for the abolition or suspension of the retirement pension scheme, etc. 10-2. Matters concerning the calculation and payment of contributions 11. Other matters concerning the operation of the defined benefit retirement pension scheme as determined by Presidential Decree.