Information about IRP

퇴직연금 제도간 비교
Category	DB	DC	IRP
Concept	Level and details of retirement benefits are pre-determined through labor-management agreement Employer provides the agreed-to retirement benefits when the employee retires	Level of contributions provided by the employer is pre-determined through labor-management agreement Employee receives retirement benefits according to operational results	A type of retirement pension in which any employee who has earned income and/or lump-sum retirement benefits (Personal IRP) can accumulate/operate their own contributions Special program for employers with fewer than 10 employees (Corporate IRP) Tax deferral for lump-sum retirement benefits
Who operates reserves	Employer	Employer	Employer
Employer’s contributions	Employer’s contributions vary depending on operational results (The higher the operational returns, the lower the employer’s contributions)	Employer’s contributions are fixed at a specific rate of employee salaries (At least 1/12th of subscriber’s total annual salary)	None (But corporate-type IRP is the same as DC)
Retirement benefits	Fixed (Determined based on years of service and salary level at time of retirement / same as the current retirement benefit system)	Floating (Retirement benefits vary according to operational returns)	Floating (Retirement benefits vary according to operational returns)
Tax deduction	None	Deducted (Limited to subscriber’s additional contributions)	Deducted (Limited to subscriber’s additional contributions)
Early withdrawal	Not permitted	When requirements are met	When requirements are met
Appropriate employer/ employee	Stable company with job security and no risk of bankruptcy	Company with an annual salary system Company with risk of past-due wages Employee who changes jobs frequently	Employees of smaller company (Corporate IRP) Those who receive retirement benefits in lump sum and are covered by DB/DC (personal IRP)

Depositor Protection

DB plan is not protected Korea Deposit Insurance Crop in accordance with the Depositor Protection Act.
This plan is protected under the Depositor Protection Act only for reserves invested in financial products subject to depositor protection. In such cases, the protection limit is KRW 50 mil per person, which is apart from the depositor protection limit for your other financial products. The amount in excess of KRW 50 mil is not subject to protection.