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 9

A private school shall carry out the procedures required for increasing its contributions to the retirement, bereavement compensation, resignation, and severance pay reserve funds for its staff, and may make such additional contributions to the reserve funds based upon consideration of the school’s financial situation and its major development objectives. A staff member also may make additional contributions to the reserve funds. The amount of such additional contributions that does not exceed an amount equal to the amount required to be contributed under Paragraph 4, Subparagraph 1 of the preceding article shall also not be counted as part of his or her taxable salary in the contribution year.Any increased contributions to the retirement, bereavement compensation, resignation, and severance pay reserve funds and to the staff reserve funds made in accordance with the preceding paragraph shall be fully disclosed in financial statements, and the Fund Management Committee may be delegated to handle matters pertaining to their revenue and expenditure, management, and utilization.