(1) Any retirement pension trustee may operate an individual retirement pension plan.
(2) A person falling under any of the following subparagraphs may establish an individual retirement pension plan: <Amended on Apr. 13, 2021>
1. A person who has received lump-sum benefits under a retirement benefit scheme;
2. A participant of a defined benefit plan, a defined contribution plan, or a SME retirement pension fund plan, who intends to additionally establish an individual retirement pension plan at his or her own expense;
3. A person prescribed by Presidential Decree as requiring a stable source of old-age income, such as a sole proprietor.
(3) A person who has established an individual retirement pension plan under paragraph (2) shall pay the contributions under the individual retirement plan at his or her own expense: Provided, That the amount to be contributed shall not exceed the limit prescribed by Presidential Decree.
(4) Articles 21 and 21-2 through 21-4 shall apply mutatis mutandis to the operating method of the reserves of individual retirement pension plan and the provision of information on the operation of the reserves. In such cases, "defined contribution plan" shall be construed as "individual retirement pension plan". <Amended on Jan. 11, 2022>
(5) Matters relating to eligibility requirements of recipients for each type of benefit of an individual retirement pension plan as well as early withdrawal shall be prescribed by Presidential Decree.