(1) A retirement pension trustee providing operational management services shall provide the participants of business that establishes a default option scheme with information on the following matters, as prescribed by Presidential Decree:
1. Current status of asset allocation and risk and profit-making structures of the relevant default option management plan;
2. Matters specified in paragraphs (2) through (5);
3. Other matters prescribed by Presidential Decree regarding the operation of the default option scheme.
(2) A participant shall select one of the default option management plans on which information is provided under paragraph (1) as the one applicable to himself or herself: Provided, That where the type of operation specified in Article 21-2 (1) 2 is only selected as a default option management plan, the details of operation specified in item (a) or (b) of the same subparagraph shall be included therein.
(3) Where a participant who falls under any of the following subparagraphs fails to voluntarily select an operating method, a retirement pension trustee providing operational management services shall notify the participant that the reserve will be operated in accordance with the default option management plan:
1. Where a participant joins the defined contribution plan;
2. Where four weeks elapse from the expiration date of operation method of the reserve voluntarily selected by the participant pursuant to Article 21 (1).
(4) Where a participant fails to select an operating method voluntarily within two weeks from receipt of notice under paragraph (3), a retirement pension trustee providing operational management services shall operate the reserve of the relevant participant by the default option management plan. In such cases, it shall be deemed that the participant has voluntarily selected the default option management plan as an operating method.
(5) A participant who operates the reserves by the default option management plan may voluntarily select an operating method of the reserve pursuant to Article 21 (1) at any time.
(6) A retirement pension trustee providing operational management services may change the default option management plan upon obtaining approval from the Minister of Employment and Labor. In such cases, the reserves of the participant operated by the relevant default option management plan may be operated in accordance with the default option management plan that is modified through the procedures prescribed by Presidential Decree, such as notification to the participant.
(7) The publication of operational status of the default option management plan and the rate of returns, the notice of a termination method, the revocation of approval and transfer of accumulated funds accompanied thereto, and other matters necessary for operation of the default option scheme shall be prescribed by Presidential Decree.[This Article Newly Inserted on Jan. 11, 2022]