①The Minister of Health, Labour and Welfare may designate as a liquidation-type Fund a surviving employees' pension Fund that meets the requirements specified by Cabinet Order as being in a situation where the amount of reserves for pension benefits, etc. at the end of the business year falls below the amount obtained by multiplying the liability reserve equivalent by the rate specified by Cabinet Order, or where the continuation of its business is otherwise extremely difficult, and that the Minister finds meets the requirements specified by Cabinet Order as having made reasonable efforts in the operation of its business up to the day of designation under the provisions of this paragraph.

②The designation under the provisions of the preceding paragraph may be made only until the day on which five years elapse from the Effective Date.

③When the Minister of Health, Labour and Welfare intends to make the designation under the provisions of paragraph (1), the Minister must in advance hear the opinions of the Social Security Council.

④A liquidation-type Fund is relieved of the obligation concerning the payment of old-age pension benefits equivalent to the amount prescribed in Article 132, paragraph (2) of the pre-amendment Employees' Pension Insurance Act, which remains in force pursuant to the provisions of Article 5, paragraph (1) of the Supplementary Provisions, with regard to the period during which it had members of that liquidation-type Fund on or after the day on which it received the designation under the provisions of paragraph (1).

⑤The provisions of Article 32, paragraph (2) of the Supplementary Provisions of the pre-amendment Employees' Pension Insurance Act, which remains in force pursuant to the provisions of Article 5, paragraph (1) of the Supplementary Provisions apply mutatis mutandis to a liquidation-type Fund. In this case, the phrase "the day of receiving the authorization" in item (i) of that paragraph is deemed to be replaced with "the day of receiving the designation under the provisions of Article 19, paragraph (1) of the Supplementary Provisions of the Act Partially Amending the Employees' Pension Insurance Act, etc. for Ensuring the Soundness and Reliability of the Public Pension System (Act No. 63 of 2013; hereinafter referred to as the "2013 Amendment Act")", the phrase "the day of receiving the authorization" in item (ii) of that paragraph is deemed to be replaced with "the day of receiving the designation under the provisions of Article 19, paragraph (1) of the Supplementary Provisions of the 2013 Amendment Act", and the phrase "of the Fund assuming that it is a Fund that has received the authorization under Article 32, paragraph (1) of the Supplementary Provisions" in item (iv) of that paragraph is deemed to be replaced with "of the Fund assuming that it is a Fund that has received the designation under the provisions of Article 19, paragraph (1) of the Supplementary Provisions of the Act Partially Amending the Employees' Pension Insurance Act, etc. for Ensuring the Soundness and Reliability of the Public Pension System (Act No. 63 of 2013)".

⑥The provisions of Article 11, paragraph (3) of the Supplementary Provisions apply mutatis mutandis to a liquidation-type Fund. In this case, the phrase "on which it made the application" in that paragraph is deemed to be replaced with "on which it received the designation under the provisions of Article 19, paragraph (1) of the Supplementary Provisions".

⑦A liquidation-type Fund must prepare a plan concerning the liquidation of that liquidation-type Fund (hereinafter referred to as a "liquidation plan"), submit it to the Minister of Health, Labour and Welfare as specified by Order of the Ministry of Health, Labour and Welfare, and receive the Minister's approval.

⑧A liquidation plan must state the following particulars:

⑨A liquidation-type Fund is dissolved upon receiving the approval under paragraph (7), notwithstanding the provisions of Article 145, paragraph (1) of the pre-amendment Employees' Pension Insurance Act, which remains in force pursuant to the provisions of Article 5, paragraph (1) of the Supplementary Provisions.

⑩In the case where the provisions of Article 10 of the Supplementary Provisions are applied to a liquidation-type Fund (excluding one that has filed an application for certification under paragraph (1) of the following Article and one that has filed an application for approval under Article 21, paragraph (1) of the Supplementary Provisions), the phrase "a surviving employees' pension Fund that has received the authorization under Article 32, paragraph (1) of the Supplementary Provisions of the pre-amendment Employees' Pension Insurance Act, which remains in force pursuant to the provisions of Article 5, paragraph (1) of the Supplementary Provisions" in paragraph (1) of that Article is deemed to be replaced with "a liquidation-type Fund (excluding one that has filed an application for certification under Article 20, paragraph (1) of the Supplementary Provisions and one that has filed an application for approval under Article 21, paragraph (1) of the Supplementary Provisions)", and the phrase "even before the authorization or approval set forth in each of the following items, prepay all or part of the liability reserve equivalent that the government is to collect under the provisions specified in the relevant item" is deemed to be replaced with "even before the approval under Article 19, paragraph (7) of the Supplementary Provisions, prepay all or part of the liability reserve equivalent that the government is to collect under the provisions of Article 8 of the Supplementary Provisions".