(1) In cases of a business employing less than 10 ordinary employees, if the employer establishes an individual retirement pension plan with the consent, or at the request, of individual employees, it shall be deemed to have established a retirement benefit scheme for the relevant employees, notwithstanding Articles 4 (1) and 5.
(2) In establishing an individual retirement pension plan under paragraph (1), the following shall be complied with:
1. Where the employer selects a retirement pension trustee, he or she shall obtain the consent of individual employees: Provided, That he or she may select the retirement pension trustee for himself/herself, if requested by the employees;
2. The employer shall contribute, in cash, at least 1/12 of the total annual wages of each participant to the participant's account of individual retirement pension plan;
3. A participant shall be allowed to contribute additional amounts at his or her own expense, apart from those contributed by the employer;
4. The employer shall regularly pay contributions as prescribed in subparagraph 2 to the participant's account of an individual retirement pension plan at least once every year. In such cases, the latter part of Article 20 (3) and Article 20 (4) shall apply mutatis mutandis to the payment of interest on arrears of contributions, the payment of which is delayed;
5. Any other matter prescribed by Presidential Decree in order to protect employees' entitlement to receive benefits.
(3) Where an employer fails to pay a contribution as prescribed in paragraph (2) 2 for a participant of an individual retirement pension plan when any cause prescribed by Presidential Decree, such as retirement of the participant, occurs, he or she shall pay the contribution and the interest for arrears prescribed in the latter part of paragraph (2) 4 to the relevant participant's account of the individual retirement pension plan within 14 days from the date such cause occurs: Provided, That the due date may be extended by agreement between the parties concerned, in extraordinary circumstances.