Act Governing the Retirement, Bereavement Compensation, Discharge with Severance Pay Benefits for the Teaching and Other Staff of School Legal Persons and their Respective Private School(s) Article 10

The Fund Management Committee shall examine and consider the size of the Retirement and Compensation Fund created in compliance with the provisions of Article 8, and design a range of investment portfolios with different returns and risks for staff to choose from. If a staff member has not chosen a portfolio, the Fund Management Committee shall allocate the contributions for that staff member to an appropriate portfolio based on the age of the staff member. The implementation regulations governing this shall be prescribed by the central competent authority.Before the offering of a choice of investment portfolios referred to in the preceding paragraph is implemented, the Retirement and Compensation Fund shall be uniformly managed and utilized by the Fund Management Committee.The return on the Fund during the period of its uniform management and utilization, and the return on an investment portfolio that the Fund Management Committee has rated as having the lowest level of risk after offering a choice of investment portfolios is implemented are not permitted to be lower than the 2-year term deposit rate of local banks. If any shortfall occurs, it shall be made up in full by the National Treasury.If, after deducting the principal paid into the fund by the staff member and the interest it has earned, the retirement pay, bereavement compensation, or severance payment received by a staff member for years of service after this Act took effect is lower than the standards governing the calculation of retirement pay, bereavement compensation, or severance pay for any years of service before this Act took effect, each respective competent authority shall make up the difference.