The government shall designate budget allocations for the necessary expenses entailed by the management authority's handling of the various operations relating to this Act, and to cover any amount by which the return on investment of individual accounts falls short of the 2-year term deposit rate of local banks, which must be made up by the National Treasury in accordance with this Act.

All account books, transaction records, and operational revenue and expenditure associated with the operations of the management authority pursuant to this Act are exempt from taxation.

A staff member who is planning to apply for voluntary retirement or age-mandated retirement shall fill out and submit an application form and all relevant documentary evidence to their employing educational institution, which, between one day and three months before the effective date of their retirement, will deliver the material to the competent authority for review and approval.

If a staff member takes voluntary retirement or age-mandated retirement in accordance with this Act, the effective date of their retirement shall be prudently decided at the time they apply to retire. Before the effective date of retirement, any request for a change or withdrawal of the application for retirement must be agreed to by the employing educational institution. It is not permitted to request any change after the effective date of retirement.
The choice of type of retirement and benefit payments claimed by a staff member or their survivors in accordance with Article 27, Article 33, and Article 41, Paragraph 1 and the form of payment of a monthly pension chosen in accordance with Article 29, Paragraph 1, Subparagraph 2 shall be prudently decided at the time of making the application. Unless other provisions of this Act apply, it is not permitted to request any changes after the competent authority has reviewed and approved the claim and it has become effective,

When determinating a staff member's age for retirement in accordance with this Act, their age is calculated in full from the date of birth recorded on the household registration.
The survivors referred to in Article 34 and Article 45 shall uniformly be determined based on the details in household registration records.

The provisions of this Act apply, mutatis mutandis, to the retirement payments, severance pay, bereavement compensation, and resignation-related refunds of the staff members of a private elementary or junior high school that meets the following criteria:
1. The school district zoning and school admission placements for students are determined by the government in the same manner as for public elementary or junior high schools.
2. The school's personnel and business expenses are handled using a government budget allocation.

The provisions of this Act apply, mutatis mutandis, to retirement payments, severance pay, bereavement compensation, and resignation-related refunds for members of the professional staff of public social education institutions, and researchers at academic research institutions subordinate to any competent authority.
The provisions of this Act regarding public elementary school principals and teachers apply, mutatis mutandis, to retirement payments, severance pay, bereavement compensation, and resignation-related refunds for paid, full-time, qualified principals and teachers, respectively, within the staff complement of public preschools.

The provisions of this Act apply, mutatis mutandis, to retirement payments, severance pay, and resignation-related refunds for a staff member who only has foreign nationality.
The provisions of this Act, with the exception of the provisions of Article 43, apply, mutatis mutandis, to the bereavement compensation of a person referred to in the preceding paragraph, and bereavement compensation is limited to a lump-sum payment.

Unless the provisions of other legislation apply, the provisions of this Act apply, mutatis mutandis, to retirement payments, severance pay, bereavement compensation, and resignation-related refunds for staff members employed by military and police academies, and reformatory schools in accordance with the provisions of the Teachers Act or the Act Governing the Appointment of Educators.
When military and police academies and reformatory schools apply this Act, mutatis mutandis, their respective competent authorities are the “competent authority” referred to in this Act.
For police academies and reformatory schools, the retirement and compensation funds contributions to be paid by the government in accordance with the provisions of Article 9, Paragraph 1 and the expenses that the respective competent authorities of police academies and reformatory schools shall be responsible for in accordance with the provisions of Article 51 are paid by the respective institutions.

The staff members, specialist personnel, researchers, and principals and teachers of public preschools referred to in the preceding four articles refers to those who are newly employed on or after 1 July 1, 2023.

The Enforcement Rules of this Act shall be prescribed by the central competent authority.

This Act shall take effect on July 1, 2023.