Supplementary Provisions, Article 12Approval of Voluntary Dissolution Fund Payment Plans

①A voluntary dissolution Fund and the employer of its establishing place of business (meaning the establishing place of business prescribed in Article 117, paragraph (3) 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; the same applies hereinafter) (where the voluntary dissolution Fund has been jointly established, each employer that has established it; the same applies in the following paragraph and paragraph (7)) may each prepare a plan for the payment (hereinafter referred to as a "voluntary dissolution Fund payment plan") of the portion of the liability reserve equivalent that it is itself to pay, submit it to the Minister of Health, Labour and Welfare as specified by Order of the Ministry of Health, Labour and Welfare, and receive approval that the voluntary dissolution Fund payment plan is appropriate.

②The application for approval referred to in the preceding paragraph must be made simultaneously by the voluntary dissolution Fund and the employers of its establishing places of business, within the period up to the day on which five years elapse from the Effective Date.

③The voluntary dissolution Fund payment plan of a voluntary dissolution Fund must state the following particulars:

④The voluntary dissolution Fund payment plan of the employer of the establishing place of business of a voluntary dissolution Fund must state the following particulars:

⑤When the application for approval referred to in paragraph (1) is made, the amount obtained by adding together the amount set forth in paragraph (3), item (ii) stated in the voluntary dissolution Fund payment plan of the voluntary dissolution Fund and the amount set forth in item (i) of the preceding paragraph stated in the voluntary dissolution Fund payment plan of the employer of the establishing place of business of the voluntary dissolution Fund (where the employers of the establishing place of business of the voluntary dissolution Fund have jointly established the voluntary dissolution Fund, the total of the amounts set forth in that item stated in the voluntary dissolution Fund payment plans of each employer that has established the voluntary dissolution Fund) must be the liability reserve equivalent of the voluntary dissolution Fund.

⑥The provisions of paragraphs (3) and (4) of the preceding Article apply mutatis mutandis to a voluntary dissolution Fund that has applied for approval under paragraph (1). In this case, the phrase "the certification referred to in the following paragraph" in paragraph (4) of that Article is deemed to be replaced with "the approval referred to in paragraph (1) of the following Article".

⑧In giving approval pursuant to the provisions of the preceding paragraph, the Minister of Health, Labour and Welfare is to give certification to that effect if the Minister finds that the voluntary dissolution Fund has made significant efforts in the operation of its business up to the day of the application for approval and, on the day of the application for approval, meets the requirements specified by Cabinet Order as being in a situation where the continuation of its business is extremely difficult.

⑨When the Minister of Health, Labour and Welfare intends to give approval pursuant to the provisions of paragraph (7), and when the Minister intends to give the certification referred to in the preceding paragraph, the Minister must in advance hear the opinions of the Social Security Council.

⑩In the case of applying the provisions of Article 10 of the Supplementary Provisions to a voluntary dissolution Fund that has applied for approval under the provisions of paragraph (1), in paragraph (1) of that Article, the phrase "surviving employees' pension Fund" is deemed to be replaced with "voluntary dissolution Fund prescribed in paragraph (1) of the following Article that has applied for approval under Article 12, paragraph (1) of the Supplementary Provisions", the phrase "specified in the following items" is deemed to be replaced with "of Article 13, paragraph (1) of the Supplementary Provisions", the phrase "even before the authorization or approval set forth in those items" is deemed to be replaced with "even before the authorization set forth in item (i)", and the phrase "liability reserve equivalent" is deemed to be replaced with "amount of reserves for pension benefits, etc. (meaning the amount of reserves for pension benefits, etc. prescribed in paragraph (1) of the following Article; the same applies in paragraph (3))", and in paragraph (3) of that Article, the phrase "liability reserve equivalent" is deemed to be replaced with "amount of reserves for pension benefits, etc.".