(1) Any person falling under any of the following subparagraphs shall be subject to an administrative fine not exceeding 10 million won: <Amended on Apr. 13, 2021>
1. A retirement pension trustee who fails to ascertain whether the reserve is in excess of the minimum reserve and to notify the employer of the findings thereof, or who fails to notify the representatives of employees of the findings where the reserve falls short of the minimum reserve, in violation of Article 16 (2);
2. An employer who fails to resolve the shortage of the reserve pursuant to Article 16 (3);
3. An employer who fails to provide training at least once every year pursuant to Article 32 (2);
4. A retirement pension trustee who fails to provide training at least once every year pursuant to Article 33 (5).
(2) A person falling under any of the following subparagraphs shall be punished by an administrative fine not exceeding five million won: <Amended on Apr. 13, 2021; Jan. 11, 2022>
1. An employer who fails to report the rules for defined benefit plan prescribed in Article 13 or the rules for defined contribution plan prescribed in Article 19;1-2. An employer who fails to compose a reserve operation committee under Article 18-2 (1);1-3. An employer who fails to prepare a reserve operational plan under Article 18-2 (2);1-4. A retirement pension trustee who fails to comply with a request for submission of data under Article 29-2 (3);
2. An employer who violates the responsibilities prescribed in Article 32 (4) 2;
3. A retirement pension trustee who violates the responsibilities under Article 33 (2);
4. A retirement pension trustee who fails to submit details on the performance of retirement pension plans or who prepares and submits the performance details by fraud, in violation of Article 33 (6);
5. An employer who fails to comply with the corrective order under Article 35.
(3) Administrative fines under paragraphs (1) and (2) shall be imposed and collected by the Minister of Employment and Labor, as prescribed by Presidential Decree.