Act Governing Retirement, Severance, and Bereavement Compensation Under the Individual Account System for the Teaching and Other Staff of Public Educational Institutions Article 41

When a currently employed staff member dies, the provisions of Article 54, Article 56, Article 57, and Article 60 of the Retirement, Severance, and Bereavement Compensation Act, and Article 75 and Article 77, Paragraph 1 of its Enforcement Rules apply to the forms of bereavement compensation payments and the standards for their calculation. Bereavement compensation is received as either a lump-sum, or as a lump-sum bereavement compensation combined with monthly bereavement compensation, paid out of the accumulated retirement and compensation funds in the individual account and the contributions made to the cumulative total amount in the individual account in accordance with the provisions of Article 42. If those funds are insufficient, the competent authority shall cover their payment through a budget allocation.The "accumulated retirement and compensation funds in the individual account" referred to in the preceding paragraph do not include any voluntary additional contributions made by the deceased staff member in accordance with the provisions of Article 9, Paragraph 2. After the bereavement compensation case has been reviewed and finalized, any such voluntary additional contributions shall be returned in one lump sum to the person's survivors referred to in in Article 45.During the period in which any of the deceased staff member's survivors is receiving monthly bereavement compensation payments, the management authority shall handle the investment of the remaining amount in the deceased staff member's individual account on their behalf. The return on investment is not permitted to be not be less than the 2-year fixed deposit interest rate offered by local banks. If any shortfall occurs, it will be made up by the National Treasury.