The retirement, severance, bereavement compensation, and retirement and compensation funds of staff members of a public educational institution newly employed on or after 1 July 2023 shall be handled in accordance with this Act.

In this Act the term “competent authority” refers to the Ministry of Education at the central government level; the municipal government at the special municipality level; and the county government or county-level city government at the county or county-level city level respectively.

In this Act, the term "public educational institution "（hereunder abbreviated to " educational institution " or “school”）refers to an educational institution at any level that has been established by the competent authority in accordance with the law.
In this Act, the term " educational institution staff member"（hereunder abbreviated to "staff member"）refers to any principal or president, teacher, researcher, professional technician, teacher of a professional or technical subject, technician with rare expertise, full-time coach, or teaching assistant who was appointed（or assigned）, or selected in accordance with the statutory eligibility criteria and newly employed on or after 1 July 2023.
The personnel referred to in the preceding paragraph do not include anyone who held a position as a civil servant, political appointee, public school educator, military personnel member, government-owned enterprise employee, democratically elected senior official, or other paid, full-time employee within a staff complement before this Act came into effect and who may calculate their creditable years of service from before and after the implementation of the New Pension System in aggregate, in accordance with the provisions of the Act Governing Retirement, Severance, and Bereavement Compensation for the Teaching and Other Staff Members of Public Schools（hereunder referred to as the "Retirement, Severance, and Bereavement Compensation Act"）; this also applies to persons whose such years of service have already been settled.
Unless other provisions of this Act apply, the handling of the retirement, severance, or bereavement compensation of the staff members referred to in Paragraph 2 is restricted to qualified, paid, full-time staff members whose positions within the staff complement of the educational institution.

Terms used in this Act are defined below:
1. Base salary（based on seniority）: refers to the salary payment based on the verified salary points（or amount）assigned to a staff member in accordance with the provisions of relevant salary ordinances, and in accordance with the Executive Yuan directions for adjustment of salary points（amounts）.
2. Lump-sum salary-and-allowance relief payment: refers to the sum total of the following payments paid to a staff member in the month of their retirement or dismissal with severance pay:
（1）Base salary（based on seniority）.
（2）Academic research allowances or profession allowances
（3）Supervisory duty allowances.
3. Retirement and separation payment（s）: refers to any of the following payments made in accordance with the Statute of Privatization of Government-Owned Enterprises or other provisions governing retirement from civil-service, government-enterprise, or military positions, or severance, settlement payment for years of service, or separation payment, that is made on retirement or dismissal with severance pay from, or settlement of years of service in, any civil-service, government-enterprise, or military position
4. Retirement and compensation funds refers to the premium contributions jointly made on a monthly basis by the staff member and the government, and any voluntary additional contributions made by the staff member, and any these contributions have earned.
5. A staff member’s individual retirement payments account（hereunder referred to as "individual account"）: refers to a separate account opened for a staff member at the time they commence or during their employment to be used exclusively for deposits of retirement and compensation funds.
6. Cumulative total amount: refers to the accumulated total amount of the principal and the interest it has earned in an individual account.

Payments that a staff member or their survivors may claim pursuant to this Act are divided into retirement money, severance pay, retirement and compensation funds, and bereavement compensation（hereunder collectively referred to as "retirement and benefit payments"）.

The central competent authority shall appoint government agency representatives, staff member representatives, and experts and scholars in the professional fields of statistics and actuarial science, personnel administration, finance, and/or law to be members of a supervisory committee to oversee the staff retirement and compensation funds of the staff of public educational institutions（hereunder referred to as “the Supervisory Committee"）to supervise the revenue and expenditure, management, and utilization of staff members’ retirement and compensation funds.
The combined number of staff member representatives and experts and scholars must not be less than half of the total number of members of the Supervisory Committee referred to in the preceding paragraph.
The central competent authority shall prescribe regulations governing the matters supervised by the Supervisory Committee referred to in Paragraph 1, its procedures, personnel composition, terms of office, selection, and other related matters.

The central competent authority shall commission the management authority of the Public Service Pension Fund（hereunder referred to as the "management authority"）to handle the revenue and expenditure, management, and utilization of staff members’ retirement and compensation funds.