Ji Yeoun Kim The retirement pension plan in Korea first became available in 2005 after the passing of the Employee Retirement Benefit Security Act (ERBSA). At the time of introduction, adoption of the retirement pension plan was not obligatory and it could be determined with mutual agreement by the employer and the worker. The worker was free to choose a plan from among defined benefit (DB) plans under which the level of a worker's benefits is predetermined, or defined contribution (DC) plans under which the level of an employer's contribution is specified, and the worker retains the right to decide how the contribution should be managed.
March 01 2012