Private School Act Article 66

When principals/presidents and teachers transfer between public and private schools as referred to in Paragraph 2 of Article 63, the aggregation of their years of service for retirement, death gratuity or bereavement compensation, and severance shall be conducted in accordance with the provisions of the Teachers' Act.Before the establishment of the savings system as stipulated by the Teachers' Act, retirement, death gratuity or bereavement compensation, and severance payments for the years of service as principals/presidents and teachers at private schools shall be paid from the Fund. For years of service as principals/presidents and teachers at public schools, retirement, death gratuity or bereavement compensation, and severance payments due before the implementation of the new retirement and compensation system on January 31, 1996, shall be budgeted and funded by the competent authority of schools. For contributions made after the implementation of the new retirement system on February 1, 1996, but not withdrawn upon resignation, the years of service from public and self-contributed funds shall be paid by the Management Board of Public Service Pension Fund.The retirement, death gratuity or bereavement compensation, and severance payments for the years of service mentioned in the preceding paragraph shall be calculated based on the basis for computing lump-sum pension payments before the establishment of the savings system. Those eligible to receive monthly retirement benefits upon retirement from public schools must meet the requirements for receiving such benefits for principals/presidents and teachers of public schools.Upon re-retirement or handling of death gratuity or bereavement compensation after re-employment as a principal/president or teacher in a public or private schools post-retirement, the basis used for computation shall aggregate the years of service from previous retirement, not exceeding the maximum basis applicable to principals/presidents and teachers of public and private schools before the establishment of the savings system.In accordance with Article 57, a portion of the retirement, bereavement, and severance benefits for principals and full-time teachers of schools evaluated as well-performing who have been hired beyond the age of 65 shall be approved, with the required expenses to be borne by the school legal person and the private schools it establishes. However, this does not apply to university presidents who are under the age of 70 and full-time teachers of junior colleges or above who are under the maximum extended service age limit.