Article 2 (Definitions)

① The meanings of terms used in this Act shall be as follows. <Amended by Act No. 17188, Apr. 13, 2021; Act No. 18722, Jan. 11, 2022; Act No. 19359, Mar. 17, 2026> 1. "Worker" means a worker as defined in Article 2 (1) 1 of the Labor Standards Act. 2. "Employer" means an employer as defined in Article 2 (1) 2 of the Labor Standards Act. 3. "Wages" means wages as defined in Article 2 (1) 5 of the Labor Standards Act. 4. "Average wage" means average wage as defined in Article 2 (1) 6 of the Labor Standards Act. 5. "Benefit" means an annuity or lump sum paid to a worker under a retirement benefit system or a personal retirement pension system pursuant to Article 25. 6. "Retirement benefit system" means a defined benefit retirement pension system, a defined contribution retirement pension system, a small and medium enterprise retirement pension fund system, and a severance pay system pursuant to Article 8. 7. "Retirement pension system" means a defined benefit retirement pension system, a defined contribution retirement pension system, and a personal retirement pension system. 8. "Defined benefit retirement pension system" means a retirement pension system in which the level of benefit to be received by a worker is predetermined. 9. "Defined contribution retirement pension system" means a retirement pension system in which the level of contributions to be borne by the employer for the payment of benefits is predetermined. 10. "Personal retirement pension system" means a retirement pension system established to accumulate and manage lump sums paid by a subscriber or contributions paid by an employer or subscriber, according to the subscriber's choice, and in which the level of benefits or contributions is not predetermined. 11. "Subscriber" means a person who has subscribed to a retirement pension system or a small and medium enterprise retirement pension fund system. 12. "Reserve funds" means funds accumulated by contributions paid by an employer or subscriber to pay benefits when a payment event, such as the retirement of a subscriber, occurs. 13. "Retirement pension provider" means a person registered pursuant to Article 26 to perform the operation management and asset management duties of a retirement pension system. 14. "Small and medium enterprise retirement pension fund system" means a system that provides benefits to workers by creating and operating a joint fund with contributions paid by employers and workers of two or more small and medium enterprises to support the stable old-age security of workers of small and medium enterprises (limited to businesses employing less than 100 full-time workers; hereinafter the same shall apply). 15. "Pre-designated investment system" means a system where, if a subscriber does not select the method for operating reserve funds, the reserve funds are operated according to a pre-designated investment method. 16. "Pre-designated investment method" means an investment method approved pursuant to Article 21-2 (1) for operating reserve funds under the pre-designated investment system.