EMPLOYEE RETIREMENT BENEFIT SECURITY ACT [See entire ACT]
CHAPTER Ⅸ Penal Provisions
- Article 43 (Penalty Provisions)
-
Any person who violates Article 37 (6) shall be punished by imprisonment with labor for not more than five years or by a fine not exceeding 30 million won.
- Article 44 (Penalty Provisions)
-
Any person falling under any of the following subparagraphs shall be punished by imprisonment with labor for not more than three years or by a fine not exceeding 20 million won: Provided, That in cases falling under subparagraph 1 or 2, the person concerned cannot be prosecuted against the expressed wish of the victim:
1. A person who fails to pay retirement allowance, in violation of Article 9;
2. A person who fails to pay benefits, contributions or interest for arrears at the time of the retirement of an employee, in violation of Article 17 (2) or (3), 20 (5) or 25 (3);
3. A retirement pension trustee who fails to take measures to protect participants, in violation of Article 27 (4);
4. A retirement pension trustee who violates Article 33 (3) or (4).
- Article 45(Penalty Provisions)
-
Any person falling under any of the following subparagraphs shall be punished by imprisonment with labor for not more than two years or by a fine not exceeding 10 million won:
1. A person who makes a differentiation within the same business in establishing a retirement benefit scheme, in violation of Article 4 (2);
2. A person who provides solicitation services of retirement pension plans without filing a registration with the Minister of Employment and Labor, in violation of Article 31 (3);
3. A retirement pension trustee who entrusts solicitation services to a person who is not a solicitor for retirement pension plans, in violation of Article 31 (4);
4. An employer who is in contravention of the liability prescribed in Article 32 (3) 1.
- Article 46 (Penalty Provisions)
-
Any person falling under any of the following subparagraphs shall be punished by a fine not exceeding five million won:
1. A person who fails to obtain consent from the representatives of employees or each individual employee in violation of Article 4 (3) or (4) or 25 (1) or (2) 1;
2. A person who violates Article 31 (7);
3. An employer who fails to inform an employee that retirement benefits may be reduced or to take necessary measures to prevent the reduction of retirement benefits in violation of Article 32 (4).
- Article 47 (Joint Penalty Provisions)
-
If a representative of a corporation, or an agent, employee or other servant of a corporation or individual commits an offense prescribed in Articles 44 through 46 with regard to the affairs of such corporation or individual, not only shall such offender be punished, but the corporation or individual shall also be punished by a fine prescribed in the relevant Article: Provided, That the same shall not apply where the corporation or individual has not been negligent in giving due attention and supervision concerning the relevant affairs to prevent such violation.
- Article 48 (Administrative Fines)
-
(1) Any person falling under any of the following subparagraphs shall be punished by an administrative fine not exceeding 10 million won:
1. An employer who fails to provide training at least once every year pursuant to Article 32 (2);
2. A retirement pension trustee who fails to provide training at least once every year pursuant to Article 33 (5).
(2) Any person falling under any of the following subparagraphs shall be punished by an administrative fine not exceeding five million won:
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;
2. An employer who is in contravention of the liability prescribed in Article 32 (3) 2;
3. A retirement pension trustee who is in contravention of the liability prescribed in Article 33 (2) or (6).
(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.
Enforcement Ordinance
- Article 42 (Criteria for Imposition of Fines for Negligence)
The criteria for imposition of fines for negligence under Article 48 (1) and (2) of the Act are shown in Table 3.
Enforcement Ordinance
- Article 43 (Management of Unique Identifying Information)
The Minister of Employment and Labor (including persons to whom the authority of the Minister of Employment and Labor is entrusted or delegated pursuant to Article 41), an employer, a retirement pension trustee, a person entrusted with operational management services by a retirement pension trustee under Article 28 (2) of the Act or an institution entrusted with registration of retirement pension plan solicitors under the latter part of Article 31 (2) of the Act may manage data containing resident registration numbers under subparagraph 1 of Article 19 of the Enforcement Decree of the Personal Information Protection Act or foreigner registration numbers under subparagraph 4 of the same Article, if it is inevitable in order to perform the following duties：
1. Duties concerning the registration of a retirement pension trustee under Article 26 of the Act；
2. Duties concerning the cancellation of registration of a retirement pension trustee and a transfer order under Article 27 of the Act；
3. Duties concerning the signing of a contract on operational management services under Article 28 of the Act；
4. Duties concerning the signing of a contract on asset management services under Article 29 of the Act；
5. Duties necessary for the provision of operational management services under Article 30 of the Act；
6. Duties concerning the entrustment of solicitation business, the registration of retirement pension plan solicitors, the cancellation of registrations, the suspension of solicitation business, etc., under Article 31 of the Act；
7. Duties necessary for the provision of education entrusted by an employer under the latter part of Article 32 (2) of the Act；
8. Duties concerning the submission of the performance results of a retirement pension plan under Article 33 (6) of the Act；
9. Duties concerning supervision over employers under Article 35 of the Act；
10 Duties concerning supervision over retirement pension trustees under Article 36 of the Act；
11. Duties concerning requests for provision of information on financial transactions under Article 37 of the Act；
12. Duties concerning cooperation under Article 39 of the Act；
13. Duties concerning reporting and investigation under Article 40 of the Act.
Enforcement Ordinance
- Article 44 (Review of Regulations)
With regard to the following, the Minister of Employment and Labor shall take measures of improvement, etc. after examining appropriateness of the following matters every three years (referring to the period until the day before each second anniversary) from the following dates:
1. The minimum levels of reserves against defined benefit retirement pension plans under Article 5: January 1, 2017;
2. Notification of financial verification results under Article 6: January 1, 2017;
3. Criteria for judging shortage in reserves and solutions under Article 7: January 1, 2017;
4. Requirements for retirement pension plan solicitors under Article 28: January 1, 2017;
5. Matters to be observed by retirement pension plan solicitors under Article 30: January 1, 2017
[This Article Newly Inserted by Presidential Decree No. 25840, Dec. 9, 2014]
