(1) The SME retirement pension fund plan shall be operated by the COMWEL.
(2) In order to deliberate and decide on the important matters related to the operation of the SME retirement pension fund plan, an operating committee for the SME retirement pension fund plan (hereinafter referred to as "operating committee") shall be established in the COMWEL.
(3) The president of the COMWEL shall serve as the chairperson of the operating committee.
(4) The operating committee shall be comprised of the chairperson, members in general service of the Senior Executive Service of the Ministry of Employment and Labor who are in charge of duties related to retirement pension, and the following members commissioned by the chairperson. In such cases, the number of committee members including the chairperson shall be at least 10 but not more than 15, and the number of members falling under subparagraphs 2 and 3 shall be the same:
1. The executive vice-presidents of the COMWEL;
2. Persons who represent the employees;
3. Persons who represent the employers;
4. Experts specializing in retirement pension, who have extensive knowledge of and experience in retirement pension and asset management.
(5) The committee members falling under paragraph (4) 2 through 4 who are commissioned by the chairperson shall hold office for a term of three years, and may be appointed consecutively for further terms: Provided, That the term of office for a member newly commissioned to fill a vacancy arising from resignation, etc. shall be the remainder of the term of office of his or her predecessor.
(6) The operating committee shall deliberate and decide on the following matters:
1. Matters relating to the operation plan and guidelines for SME retirement pension fund;
2. Matters relating to the preparation and modification of the standard contract of SME retirement pension fund under Articles 23-5;
3. Matters relating to the level of fees under Article 23-6 (2);
4. Other matters referred by the chairperson to the meetings of the operating committee regarding major matters related to the operation of the SME retirement pension fund plan.
(7) The chairperson may organize an advisory committee to support the operating committee regarding the operation, etc. of the SME retirement pension fund.
(8) Other matters necessary for the composition, operation, etc. of the operating committee shall be prescribed by Presidential Decree.[This Article Newly Inserted on Apr. 13, 2021]