(1) Each employer shall observe the statutes or regulations, the rules for retirement pension plan, or the standard contract of SME retirement pension fund, and shall faithfully perform the duties under this Act with respect to matters for participants, etc. prescribed by Presidential Decree. <Amended on Apr. 13, 2021>
(2) Each employer who has established a defined benefit plan or a defined contribution plan shall provide training on the matters prescribed by Presidential Decree, such as the operational status of the retirement pension plan of the relevant business, to the participants at least once every year. In such cases, the employer may entrust such training to a retirement pension trustee or a specialized institution satisfying the requirements prescribed by Presidential Decree. <Amended on Apr. 13, 2021>
(3) Matters necessary for the details, methods, etc. of training under paragraph (2) shall be prescribed by Presidential Decree. <Newly Inserted on Apr. 13, 2021>
(4) No employer who has established a retirement pension plan shall commit any of the following acts: <Amended on Apr. 13, 2021>
1. Concluding a contract to provide operational management services or asset management services for the purpose of benefiting the employer itself or a third person;
2. Any other act prescribed by Presidential Decree that undermines the appropriate operation of the retirement pension.
(5) An employer who has established a defined benefit plan or a retirement allowance scheme shall inform his or her employees in advance that retirement benefits may be reduced and shall take other necessary measures to prevent the reduction of retirement benefits of employees through consultation with the representatives of employees, such as conversion to a defined contribution plan or to a SME retirement pension fund plan, and improvement of the criteria for calculation of retirement benefits, in any of the following cases: <Newly Inserted on Jun. 12, 2018; Apr. 13, 2021>
1. Where the employer intends to implement a plan to extend or guarantee the retirement age by adjusting the wages of employees based on a certain age, point of continuous service, or amount of wages through collective agreements, employment rules, etc.;
2. Where an employee continues to work shorter contractual work hours for at least three months as the employer shortens the contractual work hours by at least one hour a day or five hours a week under agreement with the employee;
3. Where an employee receives reduced wages due to shortened work hours as the Labor Standards Act (Act No. 15513) enters into force;
4. Other cases where wages are reduced as prescribed by Ordinance of the Ministry of Employment and Labor.