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Laws › Act on the Guarantee of Employees' Retirement Benefits › CHAPTER IV DEFINED CONTRIBUTION PLANS

Act on the Guarantee of Employees' Retirement Benefits — Article 23 (Establishment of Defined Contribution Plan Participated by at Least Two Employers)

근로자퇴직급여 보장법 제23조

This English translation is based on the Korean text effective 2022-07-12. The Korean law has since been amended (current version effective 2026-09-18) — check the Korean original.

Where a retirement pension trustee intends to suggest to establish the same defined contribution plan for at least two employers, he or she shall obtain approval from the Minister of Employment and Labor for each of the following matters:

1. Standard rules for the defined contribution plan including the following matters:(a) Matters set forth in the subparagraphs of Article 19 (1);(b) Other matters prescribed by Presidential Decree;

2. Standard contracts for operational management services and asset management services, which contain the matters prescribed by Presidential Decree.

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