A National Pension Fund (hereinafter referred to as a "Fund") is to provide the necessary benefits in connection with the old age of its members, in order to achieve the purpose of Article 1.

A National Pension Fund is a regional-type National Pension Fund (hereinafter referred to as a "regional fund") or an occupational-type National Pension Fund (hereinafter referred to as an "occupation-based fund").

①A regional fund is organized by category 1 insured persons (excluding a person who is not required to pay premiums under Article 89, paragraph (1), Article 90, paragraph (1), or Article 90-3, paragraph (1), a person who is not required to pay premiums for part of the amount under Article 90-2, paragraphs (1) through (3), and an insured person of the farmers' pension; the same applies in the following paragraph and Article 127, paragraph (1)) who have their domicile within the district of the National Pension Fund.

②An occupation-based fund is organized by category 1 insured persons who are engaged in the same kind of business or work within the district of the National Pension Fund.

③A person prescribed in the preceding two paragraphs is referred to as a person having the status as a member.

①A National Pension Fund is a juridical person.

②The domicile of a National Pension Fund is at the location of its principal office.

①A Fund must use the term "National Pension Fund" in its name.

②A person that is not a Fund must not use the name "National Pension Fund".

①The district of a National Pension Fund is the entire area of one prefecture (or, for a regional fund that survives an absorption-type merger under Article 137-3, the entire area of one or more prefectures) in the case of a regional fund, and the entire country in the case of an occupation-based fund.

②There is one regional fund for each prefecture, and one occupation-based fund nationwide for each kind of business or work.

①To establish a regional fund, persons appointed by the Minister of Health, Labour and Welfare from among persons having the status as a member and persons having knowledge and experience concerning pensions must become founding committee members.

②The appointment of the founding committee members under the preceding paragraph is to be made if 300 or more persons having the status as a member have made a request to the Minister of Health, Labour and Welfare expressing their wish for the establishment of a regional fund.

③To establish an occupation-based fund, 15 or more persons who intend to become members of it must become incorporators.

④A regional fund may not be established unless it has 1,000 or more members.

⑤An occupation-based fund may not be established unless it has 3,000 or more members.

①Founding committee members or incorporators (hereinafter referred to as "founding committee members, etc.") must prepare the articles of association, give public notice of them together with the date, time, and place of the organizational meeting, and hold the organizational meeting.

②The public notice under the preceding paragraph must be given no later than two weeks before the day of the meeting.

③The approval of the articles of association prepared by the founding committee members, etc., and the decision on other matters necessary for the establishment, must be made by resolution of the organizational meeting.

④The articles of association under the preceding paragraph may be amended at the organizational meeting; provided, however, that this does not apply to the provisions concerning the district and the members.

⑤The proceedings of the organizational meeting are decided by two-thirds or more of those present, with the attendance of at least half of the persons having the status as a member who have, by the day of the meeting, notified the founding committee members, etc. of their consent to the establishment.

⑥Beyond what is provided in the preceding paragraphs, the procedure for the proceedings and other matters necessary in connection with the organizational meeting are specified by Cabinet Order.

The founding committee members, etc. must, without delay after the conclusion of the organizational meeting, submit to the Minister of Health, Labour and Welfare a document stating the articles of association and other necessary matters, and obtain approval of the establishment.

①A National Pension Fund is formed at the time it receives approval of establishment.

②A person who has notified their consent to the establishment under Article 119-2, paragraph (5) is, when the National Pension Fund is formed, to acquire the status as a member on the day of its formation.

When approval of establishment has been given, the founding committee members, etc. must, without delay, hand over their affairs to the president.

①A National Pension Fund must specify the following matters in its articles of association:

②The articles of association of an occupation-based fund must specify, in addition to the matters listed in the preceding paragraph, the kind of business or work pertaining to its establishment.

③An amendment to the articles of association under the preceding two paragraphs (excluding one pertaining to a matter specified by Cabinet Order) does not become effective unless the authorization of the Minister of Health, Labour and Welfare is obtained.

④If a National Pension Fund has amended its articles of association with regard to a matter specified by Cabinet Order under the preceding paragraph, it must, without delay, notify the Minister of Health, Labour and Welfare of that amendment.

A National Pension Fund must give public notice of the name of the National Pension Fund, the location of its office, the names of its officers, and other matters specified by Cabinet Order, as specified by Cabinet Order.

①A National Pension Fund has a board of delegates.

②The board of delegates is organized by delegates.

③Delegates are appointed from among the members, as specified by the articles of association.

④The delegates at the time of establishment are elected at the organizational meeting from among the persons who have notified their consent to the establishment under Article 119-2, paragraph (5).

⑤The term of office of a delegate is the period specified by the articles of association, not exceeding three years; provided, however, that the term of office of a delegate elected to fill a vacancy is the remaining term of the predecessor.

⑥The board of delegates is convened by the president. If one-third or more of the fixed number of delegates submit to the president a document stating the matters to be referred to the meeting and the reason for convening it, and request that the board of delegates be convened, the president must convene the board of delegates within 20 days from the day of that request.

⑦The board of delegates has a chairperson. The president serves as the chairperson.

⑧Beyond what is provided in the preceding paragraphs, the convening of the board of delegates, the procedure for its proceedings, and other matters necessary in connection with the board of delegates are specified by Cabinet Order.

①The following matters must be resolved by the board of delegates.

②If the board of delegates cannot be constituted, or if the president finds that there is no time to convene the board of delegates, the president may dispose of a matter that must be resolved by the board of delegates and that requires urgent handling.

③The president must report a measure taken under the preceding paragraph at the next board of delegates and seek its approval.

④The board of delegates may request an auditor to audit the affairs of the National Pension Fund, and request a report on the results.

①A National Pension Fund has directors and auditors as officers.

②Directors are elected by the delegates from among themselves; provided, however, that, within a range not exceeding one-third of the fixed number of directors (or, for a regional fund whose district has become the entire country as a result of an absorption-type merger under Article 137-3, one-half), the board of delegates may elect directors from among persons having the knowledge and experience necessary for the proper operation of the affairs of the National Pension Fund.

③The directors at the time of establishment are elected at the organizational meeting from among the persons who have notified their consent to the establishment under Article 119-2, paragraph (5); provided, however, that, within a range not exceeding one-third of the fixed number of directors, directors may be elected from among persons having knowledge and experience concerning pensions.

④One of the directors is the president, elected by the directors.

⑤Auditors are elected by the board of delegates, one each from among persons having knowledge and experience and from among the delegates.

⑥The auditors at the time of establishment are elected at the organizational meeting, one each from among persons having knowledge and experience and from among the persons who have notified their consent to the establishment under Article 119-2, paragraph (5).

⑦The term of office of an officer is the period specified by the articles of association, not exceeding three years; provided, however, that the term of office of an officer elected to fill a vacancy is the remaining term of the predecessor.

⑧Even after the expiration of their term of office, an officer continues to perform their duties until a successor officer assumes office.

⑨An auditor may not concurrently serve as a director or an employee of the National Pension Fund.

①The president represents the National Pension Fund and executes its affairs. If an accident befalls the president, or if there is a vacancy in the office of president, a person designated in advance by the president from among the directors acts on behalf of the president or performs the president's duties.

②Except as otherwise provided in the articles of association, the affairs of the National Pension Fund are decided by a majority of the directors, and in the case of a tie vote, the decision rests with the president.

③A director may, as specified by the president, assist the president in executing the affairs of the National Pension Fund concerning the management and investment of the reserve fund to be applied to pensions and lump-sum payments (hereinafter referred to as the "reserve fund").

④An auditor audits the affairs of the National Pension Fund.

⑤An auditor may, based on the results of an audit, submit an opinion to the president or the board of delegates when the auditor finds it necessary.

①With regard to the affairs of the National Pension Fund prescribed in paragraph (3) of the preceding Article, a director must comply with laws and regulations, dispositions of the Minister of Health, Labour and Welfare made based on laws and regulations, the articles of association, and resolutions of the board of delegates, and must faithfully perform their duties for the National Pension Fund.

②If a director neglects their duty with regard to the affairs of the National Pension Fund prescribed in paragraph (3) of the preceding Article, that director is jointly and severally liable to the National Pension Fund for damages.

①A director must not, for the purpose of benefiting themselves or a third party other than the National Pension Fund, engage in an act specified by Order of the Ministry of Health, Labour and Welfare as one that impairs the proper management and investment of the reserve fund.

②A National Pension Fund may, as specified by the articles of association, replace a director who has violated the preceding paragraph, upon a resolution of the board of delegates.

With regard to a matter in which the interests of the National Pension Fund and the president (including a person who acts on behalf of the president or performs the president's duties under Article 125, paragraph (1); the same applies hereinafter in this Article) conflict, the president does not have the authority of representation. In this case, an auditor elected from among persons having knowledge and experience represents the National Pension Fund.

Officers of a National Pension Fund, and a person employed by a National Pension Fund who is engaged in its affairs, are deemed to be an employee engaged in public duties pursuant to laws and regulations, for the purpose of applying the Penal Code and other penal provisions.

①A category 1 insured person may, by making a request to the regional fund pertaining to the district where the person has their domicile, or the occupation-based fund pertaining to the business or work in which the person is engaged, become a member of it; provided, however, that this does not apply if the person is a member of another National Pension Fund.

②A person who has made the request under the preceding paragraph is to acquire the status as a member on the day of making that request.

③A member loses the status as a member on the day following the day on which the member comes to fall under any of the following items (or, if the member comes to fall under item (i) or item (iv), on that day, and if the member comes to fall under item (iii), on the first day of the month for which the member is not required to pay the premium concerned).

④A person who loses their status as a member in the month in which the person acquired that status is deemed, retroactively to the day of acquiring it, to not have been a member.

The provisions of Article 12, paragraph (1) apply mutatis mutandis to a member, and the provisions of paragraph (2) of that Article apply mutatis mutandis to the head of household to which a member belongs. In this case, the term "mayor of municipality" in paragraph (1) of that Article is deemed to be replaced with "National Pension Fund", and the term "insured person" in paragraph (2) of that Article is deemed to be replaced with "member".

①A National Pension Fund is to pay a pension to a member or a person who was a member, and is also to pay a lump-sum benefit in connection with the death of a member or a person who was a member.

②A National Pension Fund may establish facilities necessary to promote the welfare of members and persons who were members.

③A National Pension Fund must, when it concludes, with a trust company (limited to one that has obtained a license under Article 3 or Article 53, paragraph (1) of the Trust Business Act (Act No. 154 of 2004); the same applies below), a financial institution engaged in trust business (meaning a financial institution that has obtained the approval under Article 1, paragraph (1) of the Act on Engagement in Trust Business by Financial Institutions (Act No. 43 of 1943); the same applies below), a life insurance company, a federation of agricultural cooperatives (limited to one whose district is the whole country and that conducts the business set forth in Article 10, paragraph (1), item (x) of the Agricultural Co-operatives Act (Act No. 132 of 1947); the same applies below), or a federation of fishery cooperatives for mutual aid (limited to one whose district is the whole country; the same applies below), or a financial instruments business operator (meaning a financial instruments business operator as defined in Article 2, paragraph (9) of the Financial Instruments and Exchange Act (Act No. 25 of 1948); the same applies below), a contract of trust, insurance or mutual aid, or a discretionary investment contract (meaning a contract prescribed in Article 2, paragraph (8), item (xii), sub-item (b) of that Article; the same applies below), concerning the expenses required for the pension or lump-sum benefit paid by that National Pension Fund, do so as provided by Cabinet Order.

④A trust company, a financial institution engaged in trust business, a life insurance company, a federation of agricultural cooperatives or a federation of fishery cooperatives for mutual aid, or a financial instruments business operator must not refuse to conclude a contract prescribed in the preceding paragraph (excluding a trust contract that specifies the method of investment and that is specified by Cabinet Order), except where there is a justifiable reason.

⑤A National Pension Fund may, as provided by Cabinet Order and with the authorization of the Minister of Health, Labour and Welfare, entrust part of its operations (including the collection, organization or analysis of information concerning a member or a person who was a member, that is necessary for paying a pension or lump-sum benefit to that person) to a trust company, a financial institution engaged in trust business, a life insurance company, a federation of agricultural cooperatives, a federation of fishery cooperatives for mutual aid, the National Pension Fund Association, or any other juridical person.

⑥Notwithstanding the provisions of other Acts, a bank or any other financial institution specified by Cabinet Order may accept entrustment of the operations set forth in the preceding paragraph (limited to operations concerning the acceptance of requests under Article 127, paragraph (1)).

A National Pension Fund must conduct its operations based on appropriate actuarial calculations.

①A pension paid by a National Pension Fund must, at minimum, be paid to a person who was a member of that National Pension Fund when that person acquires the right to receive an old-age basic pension.

②A pension that a National Pension Fund pays to a person entitled to receive an old-age basic pension must not be extinguished on grounds other than the grounds for extinguishment of the right to receive that old-age basic pension.

③A lump-sum benefit paid by a National Pension Fund must, at minimum, be paid to the survivors of a member or a person who was a member of that National Pension Fund if, in the case where that member or person who was a member has died, the survivors receive a death lump-sum payment.

①The amount of a pension paid by a National Pension Fund must be calculated as provided by Cabinet Order.

②The amount of a pension that a National Pension Fund pays to a person entitled to receive an old-age basic pension must exceed the amount obtained by multiplying 200 yen (for a pension paid by a National Pension Fund to a person entitled to receive an old-age basic pension under Article 28, or under Article 9-2 or Article 9-2-2 of the Supplementary Provisions, the amount specified by Cabinet Order; the same applies below) by the number of months of the period during which that person was a member of that National Pension Fund and to which the contributions paid relate (limited to a period that is a premium-paid period relating to premiums under Article 87; hereinafter referred to as the "membership period").

③The amount of a lump-sum benefit paid by a National Pension Fund must exceed 8,500 yen.

Payment of a pension that a National Pension Fund pays to a person entitled to receive an old-age basic pension may not be suspended, except in the case where payment of the whole amount of that old-age basic pension is suspended; provided, however, that this does not apply to the part of the amount of that pension that exceeds the amount obtained by multiplying 200 yen by the number of months of the membership period relating to that National Pension Fund.

A National Pension Fund must accumulate a reserve fund as provided by Cabinet Order.

①The investment of the reserve fund of a National Pension Fund must be conducted safely and efficiently, as provided by Cabinet Order.

②The investment of surplus funds arising in the course of the operations of a National Pension Fund must be conducted safely and efficiently, as provided by Cabinet Order and according to the purpose of the National Pension Fund's operations and the nature of the funds.

③With respect to its business year and other financial matters, a National Pension Fund must, in addition to complying with the provisions of the preceding Article and the preceding two paragraphs, comply with what is provided by Cabinet Order.

The provisions of Article 16 and Article 24 apply mutatis mutandis to the right to receive a pension or lump-sum benefit paid by a National Pension Fund; the provisions of Article 18, paragraphs (1) and (2) and Article 19, paragraph (1) and paragraphs (3) through (5) apply mutatis mutandis to a pension paid by a National Pension Fund; the provisions of Article 21-2 apply mutatis mutandis to a pension and a lump-sum benefit paid by a National Pension Fund; the provisions of Article 22 and Article 23 apply mutatis mutandis to a National Pension Fund; and the provisions of Article 25, the second sentence of Article 70 and Article 71, paragraph (1) apply mutatis mutandis to a lump-sum benefit paid by a National Pension Fund. In this case, the term "Minister of Health, Labour and Welfare" in Article 16 is deemed to be replaced with "National Pension Fund"; the terms "pension benefit payable" and "payment of a pension benefit" in Article 21-2 are deemed to be replaced with "lump-sum benefit payable" and "payment of a lump-sum benefit", respectively; the term "old-age basic pension" in Article 24 is deemed to be replaced with "pension paid by a National Pension Fund"; and the term "an insured person or a person who was an insured person" in Article 71, paragraph (1) is deemed to be replaced with "a member or a person who was a member".

①A National Pension Fund collects contributions in order to cover the expenses required for the operations concerning the pension and lump-sum benefit paid by that National Pension Fund.

②Contributions are to be collected for each month that serves as the basis for calculating the amount of the pension.

③The amount of contributions must be calculated as provided by Cabinet Order.

①The provisions of Article 88 apply mutatis mutandis to a member, and the provisions of Article 95, Article 96, paragraphs (1) through (5), Article 97 and Article 98 apply mutatis mutandis to contributions and to the amount to be collected under Article 23 as applied mutatis mutandis under Article 133. In this case, the term "premium" in Article 88 and Article 97, paragraph (1) is deemed to be replaced with "contribution"; the term "Minister of Health, Labour and Welfare" in Article 96, paragraphs (1), (2), (4) and (5) and Article 97, paragraph (1) is deemed to be replaced with "National Pension Fund"; and the term "paragraph (1) of the preceding Article" is deemed to be replaced with "paragraph (1) of the preceding Article as applied mutatis mutandis under Article 134-2".

②When a National Pension Fund intends to take a disposition in accordance with the example of a disposition for national tax arrears under Article 96, paragraph (4) as applied mutatis mutandis under the preceding paragraph, it must obtain the authorization of the Minister of Health, Labour and Welfare.

①A National Pension Fund is dissolved for the following reasons:

②When a National Pension Fund intends to dissolve for a reason set forth in item (i) or item (ii) of the preceding paragraph, it must obtain the authorization of the Minister of Health, Labour and Welfare.

When a National Pension Fund is dissolved, it is released from the obligation to pay a pension and lump-sum benefit relating to a person who was a member of that National Pension Fund; provided, however, that this does not apply to the obligation to pay a pension or lump-sum benefit that should have been paid by the day of dissolution but has not yet been paid.

A dissolved National Pension Fund is deemed to continue to exist, within the scope of the purpose of liquidation, until the liquidation is completed.

①When a National Pension Fund is dissolved under item (i) or item (ii) of Article 135, paragraph (1), the directors become the liquidators; provided, however, that this does not apply when the board of delegates elects another person.

②In the following cases, the Minister of Health, Labour and Welfare appoints a liquidator:

③In the case referred to in the preceding paragraph, the National Pension Fund bears the expenses required for the performance of the liquidator's duties.

④The residual assets of a dissolved National Pension Fund must be distributed, as provided by the articles, to a person to whom that National Pension Fund owed an obligation to pay a pension as of the day of its dissolution (hereinafter referred to as a "member of a dissolved fund").

①The duties of a liquidator are as follows:

②A liquidator may perform any act necessary to carry out the duties listed in the items of the preceding paragraph.

①A liquidator must, within two months from the day of assuming office, give public notice at least three times to demand that creditors submit their claims within a fixed period; in this case, that period may not be less than two months.

②The public notice under the preceding paragraph must include a statement that a creditor who does not submit a claim within that period is to be excluded from the liquidation; provided, however, that a liquidator may not exclude a known creditor.

③A liquidator must separately demand that each known creditor submit a claim.

④The public notice under paragraph (1) is given by publication in the Official Gazette.

A creditor who submits a claim after the expiration of the period under paragraph (1) of the preceding Article may make a claim only against the property that, after the debts of the National Pension Fund have been paid in full, has not yet been delivered to the person to whom the right should belong.

①The provisions of Article 126 apply mutatis mutandis to a liquidator of a National Pension Fund.

②Beyond what is provided in this Subsection, necessary matters concerning the liquidation of a dissolved National Pension Fund are specified by Cabinet Order.

①A National Pension Fund may carry out an absorption-type merger (meaning a merger in which a National Pension Fund merges with another National Pension Fund, and all the rights and obligations of the National Pension Fund extinguished by the merger are succeeded to by the National Pension Fund surviving after the merger; the same applies below in this Division) with another National Pension Fund, with the authorization of the Minister of Health, Labour and Welfare; provided, however, that an absorption-type merger between a regional fund and an occupation-based fund may not be carried out, except in the case where a regional fund whose district is the whole country becomes the surviving fund prescribed in the following Article.

②A National Pension Fund carrying out a merger must conclude an absorption-type merger agreement.

When a National Pension Fund carries out an absorption-type merger, the absorption-type merger agreement must specify the name and the location of the principal office of the National Pension Fund surviving after the absorption-type merger (referred to as the "surviving fund" in Article 137-3-6 and Article 137-3-15, paragraph (1)) and of the National Pension Fund extinguished by the absorption-type merger (referred to as the "disappearing fund" in Article 137-3-6 and that paragraph), and any other matters specified by Order of the Ministry of Health, Labour and Welfare.

A National Pension Fund must adopt a resolution on the absorption-type merger agreement at the board of delegates by a majority of at least two-thirds of the fixed number of delegates.

①When the resolution of the board of delegates under the preceding Article has been adopted, a National Pension Fund must prepare an inventory of property and a balance sheet within two weeks from the day on which that resolution was adopted (referred to as the "date of resolution" in the following paragraph).

②A National Pension Fund must, during the period from the date of resolution until the day on which the authorization under Article 137-3, paragraph (1) is obtained, keep the inventory of property and the balance sheet prepared under the preceding paragraph at its principal office, and, when a request is made by a creditor of the Fund, make them available for inspection as provided by Order of the Ministry of Health, Labour and Welfare.

①A National Pension Fund must, within the period under paragraph (1) of the preceding Article, give public notice to its creditors that they should state any objection within a fixed period, and must separately demand the same of each known creditor; provided, however, that that period may not be less than two months.

②When a creditor does not state an objection to the absorption-type merger within the period under the preceding paragraph, the creditor is deemed to have approved the absorption-type merger.

③When a creditor states an objection, the National Pension Fund must pay the creditor's claim, provide reasonable security, or entrust reasonable property to a trust company or a financial institution engaged in trust business for the purpose of having the creditor receive payment; provided, however, that this does not apply when there is no risk of harm to that creditor even if the absorption-type merger is carried out.

The surviving fund succeeds to the rights and obligations of the disappearing fund on the day on which the authorization under Article 137-3, paragraph (1) is obtained.

①A National Pension Fund may carry out an absorption-type split (meaning that a National Pension Fund causes the whole or part of the rights and obligations it holds in connection with its operations to be succeeded to by another National Pension Fund after the split; the same applies below), with the authorization of the Minister of Health, Labour and Welfare, only in the case where an occupation-based fund causes a regional fund that becomes the succeeding fund prescribed in the following paragraph to succeed to the rights and obligations that the occupation-based fund holds in connection with its operations and that relate to the district of that regional fund.

②A National Pension Fund that carries out an absorption-type split (hereinafter referred to as a "splitting fund") must conclude an absorption-type split agreement with the National Pension Fund that succeeds to the whole or part of the rights and obligations that the splitting fund holds in connection with its operations (hereinafter referred to as a "succeeding fund").

When a National Pension Fund carries out an absorption-type split, the absorption-type split agreement must specify the following matters:

A National Pension Fund must adopt a resolution on the absorption-type split agreement at the board of delegates by a majority of at least two-thirds of the fixed number of delegates.

①When the resolution of the board of delegates under the preceding Article has been adopted, a National Pension Fund must prepare an inventory of property and a balance sheet within two weeks from the day on which that resolution was adopted (referred to as the "date of resolution" in the following paragraph).

②A National Pension Fund must, during the period from the date of resolution until the day on which the authorization under Article 137-3-7, paragraph (1) is obtained, keep the inventory of property and the balance sheet prepared under the preceding paragraph at its principal office, and, when a request is made by a creditor of the Fund, make them available for inspection as provided by Order of the Ministry of Health, Labour and Welfare.

①A National Pension Fund must, within the period under paragraph (1) of the preceding Article, give public notice to its creditors that they should state any objection within a fixed period, and must separately demand the same of each known creditor; provided, however, that that period may not be less than two months.

②When a creditor does not state an objection to the absorption-type split within the period under the preceding paragraph, the creditor is deemed to have approved the absorption-type split.

③When a creditor states an objection, the National Pension Fund must pay the creditor's claim, provide reasonable security, or entrust reasonable property to a trust company or a financial institution engaged in trust business for the purpose of having the creditor receive payment; provided, however, that this does not apply when there is no risk of harm to that creditor even if the absorption-type split is carried out.

①The succeeding fund succeeds to the rights and obligations of the splitting fund, in accordance with what is provided in the absorption-type split agreement, on the day on which the authorization under Article 137-3-7, paragraph (1) is obtained.

②Notwithstanding the preceding paragraph, a creditor of the splitting fund who did not receive the separate demand under paragraph (1) of the preceding Article may, even in the case where the absorption-type split agreement provides that a request for performance of the obligation may not be made to the splitting fund after the absorption-type split, request the splitting fund to perform that obligation, up to the value of the property that the splitting fund held on the day on which the authorization under Article 137-3-7, paragraph (1) was obtained.

③Notwithstanding paragraph (1), a creditor of the splitting fund who did not receive the separate demand under paragraph (1) of the preceding Article may, even in the case where the absorption-type split agreement provides that a request for performance of the obligation may not be made to the succeeding fund after the absorption-type split, request the succeeding fund to perform that obligation, up to the value of the property that the succeeding fund succeeded to.

The provisions of Article 2 through Article 8 (excluding the items of Article 2, paragraph (3) and the items of Article 4, paragraph (3)) of the Act on the Succession to Labor Contracts upon Company Split (Act No. 103 of 2000) and Article 5, paragraph (1) of the Supplementary Provisions of the Act Partially Amending the Commercial Code, etc. (Act No. 90 of 2000) apply mutatis mutandis to the case where a splitting fund carries out an absorption-type split under the provisions of the preceding Division. In this case, the term "succeeding company, etc." in Article 2, paragraphs (1) and (2) of the Act on the Succession to Labor Contracts upon Company Split is deemed to be replaced with "succeeding fund"; the term "splitting company" in that paragraph is deemed to be replaced with "splitting fund"; the term "specified in the relevant one of the following items according to the case falling under it" in paragraph (3) of that Article is deemed to be replaced with "upon the elapse of two weeks from the date of resolution prescribed in Article 137-3-10, paragraph (1) of the National Pension Act (Act No. 141 of 1959)"; the terms "splitting company" and "succeeding company, etc." in the provisions of Article 3 through Article 8 (excluding Article 4, paragraph (3)) of that Act are deemed to be replaced with "splitting fund" and "succeeding fund", respectively; and the term "in the relevant one of the following items according to the case falling under it" in Article 4, paragraph (3) of that Act is deemed to be replaced with "on a day, specified by the splitting fund, that is on or before the day preceding the day on which the authorization under Article 137-3-7, paragraph (1) of the National Pension Act is obtained"; and, beyond that, necessary technical replacement of terms is specified by Cabinet Order.

The provisions of Article 398-9, paragraphs (3) through (5), and Article 398-10, paragraphs (1) and (2), of the Civil Code, and Article 26, paragraph (1) of the Act on the Promotion of Business Financing, etc. (Act No. 52 of 2024), apply mutatis mutandis to the case where a splitting fund carries out an absorption-type split under the provisions of the preceding Division. In this case, the term "the preceding two paragraphs" in Article 398-9, paragraph (3) of the Civil Code is deemed to be replaced with "paragraph (1) or paragraph (2) of the following Article as applied mutatis mutandis under Article 137-3-14 of the National Pension Act (Act No. 141 of 1959)".

①When the surviving fund succeeds to rights and obligations under Article 137-3-6, the membership period of the disappearing fund of a person whose obligation concerning payment of a pension has been succeeded to by the surviving fund is deemed to be the membership period of the surviving fund.

②When the succeeding fund succeeds to rights and obligations under Article 137-3-12, paragraph (1), the membership period of the splitting fund of a person whose obligation concerning payment of a pension has been succeeded to by the succeeding fund is deemed to be the membership period of the succeeding fund.

Beyond what is provided in this Subsection, necessary matters concerning the merger and split of a National Pension Fund are specified by Cabinet Order.

A National Pension Fund may establish a National Pension Fund Association (hereinafter referred to as the "National Pension Fund Association") in order to jointly pay the pension and lump-sum benefit relating to an early leaver (as prescribed in Article 137-17, paragraph (1)) and a member of a dissolved fund.

①The National Pension Fund Association is a juridical person.

②The domicile of the National Pension Fund Association is to be at the location of its principal office.

①The National Pension Fund Association must use the term "National Pension Fund Association" in its name.

②A person that is not the National Pension Fund Association must not use the name "National Pension Fund Association".

To establish the National Pension Fund Association, two or more National Pension Funds intending to become its members must become incorporators.

①The incorporators must prepare the articles and give public notice of them together with the date, time and place of the organizational meeting, and must hold the organizational meeting.

②The public notice under the preceding paragraph must be given no later than two weeks before the day of the meeting.

③Approval of the articles prepared by the incorporators and the decision of other matters necessary for establishment must be made by resolution of the organizational meeting.

④The articles referred to in the preceding paragraph may be amended at the organizational meeting; provided, however, that this does not apply to the provisions concerning status as a member.

⑤Proceedings at the organizational meeting are decided by a majority of at least two-thirds of the attendees, with at least half of the presidents of the National Pension Funds that had, by the day of the meeting, submitted their consent to establishment to the incorporators being in attendance.

⑥Beyond what is provided in the preceding paragraphs, the procedure for proceedings and other necessary matters concerning the organizational meeting are specified by Cabinet Order.

①The incorporators must, without delay after the conclusion of the organizational meeting, submit to the Minister of Health, Labour and Welfare a document stating the articles and other necessary matters, and obtain the authorization of establishment.

②The National Pension Fund Association comes into existence at the time it obtains the authorization of establishment.

③A National Pension Fund that submitted its consent to establishment under paragraph (5) of the preceding Article is, when the National Pension Fund Association comes into existence, to acquire the status of a member on the day it comes into existence.

④The provisions of Article 119-5 apply mutatis mutandis to the National Pension Fund Association. In this case, the term "founding committee members, etc." in that Article is deemed to be replaced with "incorporators".

①The National Pension Fund Association must specify the following matters in its articles:

②The provisions of Article 120, paragraphs (3) and (4) apply mutatis mutandis to the articles of the National Pension Fund Association.

The provisions of Article 121 apply mutatis mutandis to the National Pension Fund Association.

①A board of councilors is established in the National Pension Fund Association.

②The board of councilors is organized by councilors.

③Councilors are elected by mutual vote among the presidents of the National Pension Funds that are members; provided, however, that when there are special circumstances, this does not preclude the president, as provided by the articles and with the consent of a majority of the presidents of the National Pension Funds that are members, from commissioning a person from among those having the knowledge and experience necessary for the proper administration of the operations of the National Pension Fund Association and the appropriate operation of the National Pension Fund system.

④The councilors at the time of establishment are elected at the organizational meeting from among the presidents of the National Pension Funds that submitted their consent to establishment under Article 137-6, paragraph (5).

⑤The term of office of a councilor is two years; provided, however, that the term of office of a councilor elected to fill a vacancy is the remaining term of the predecessor.

⑥The board of councilors is convened by the president. When at least one-third of the fixed number of councilors submits to the president a document stating the matters to be put before the meeting and the reasons for convening it, and requests that the board of councilors be convened, the president must convene the board of councilors within twenty days from the day on which that request was made.

⑦A chairperson is established for the board of councilors. The president serves as the chairperson.

⑧Beyond what is provided in the preceding paragraphs, the convening of the board of councilors, the procedure for proceedings and other necessary matters concerning the board of councilors are specified by Cabinet Order.

①The following matters must be resolved by the board of councilors:

②When the board of councilors is not validly constituted, or when the president finds that there is no time to convene the board of councilors, the president may dispose of a matter that requires a resolution of the board of councilors and that requires urgent handling.

③The president must report a measure taken under the preceding paragraph at the next board of councilors and request its approval.

④The board of councilors may request an auditor to audit the operations of the National Pension Fund Association and may request a report of the results.

①Directors and auditors are established in the National Pension Fund Association as officers.

②Directors are elected by mutual vote among the councilors; provided, however, that when there are special circumstances, this does not preclude the board of councilors from appointing a director from among persons other than councilors who have the knowledge and experience necessary for the proper administration of the operations of the National Pension Fund Association and the appropriate operation of the National Pension Fund system.

③The directors at the time of establishment are elected at the organizational meeting from among the presidents of the National Pension Funds that submitted their consent to establishment under Article 137-6, paragraph (5); provided, however, that when there are special circumstances, this does not preclude the appointment of a director from among persons other than those presidents who have knowledge and experience concerning pensions.

④One of the directors serves as the president, and is elected by the directors.

⑤One auditor is elected by mutual vote among the councilors, and one auditor is appointed by the board of councilors from among persons having knowledge and experience.

⑥The auditors at the time of establishment are, at the organizational meeting, elected one from among the presidents of the National Pension Funds that submitted their consent to establishment under Article 137-6, paragraph (5), and appointed one from among persons having knowledge and experience.

⑦The term of office of an officer is two years; provided, however, that the term of office of an officer elected or appointed to fill a vacancy is the remaining term of the predecessor.

⑧Even after the expiration of an officer's term of office, that officer continues to perform the duties of the office until a successor officer assumes office.

⑨An auditor may not concurrently serve as a director or as an employee of the National Pension Fund Association.

①The president represents the National Pension Fund Association and executes its operations. When the president is unable to perform the duties of the office, or when there is a vacancy in the office of president, a person designated in advance by the president from among the directors acts on behalf of, or performs, those duties.

②Operations of the National Pension Fund Association are decided by a majority of the directors, except in the case where the articles otherwise provide, and in the case of a tie vote, the president's decision governs.

③A director may, as provided by the president, assist the president and execute the operations of the National Pension Fund Association concerning the management and investment of the reserve fund.

④An auditor audits the operations of the National Pension Fund Association.

⑤When an auditor finds it necessary based on the results of an audit, the auditor may submit an opinion to the president or the board of councilors.

⑥The provisions of Article 126 apply mutatis mutandis to an officer of the National Pension Fund Association and a person who is employed by the National Pension Fund Association and engages in its affairs.

①A director must, with respect to the operations of the National Pension Fund Association prescribed in paragraph (3) of the preceding Article, comply with laws and regulations, dispositions of the Minister of Health, Labour and Welfare made based on laws and regulations, the articles, and resolutions of the board of councilors, and must faithfully perform the duties of the office for the National Pension Fund Association.

②When a director neglects the duties of the office with respect to the operations of the National Pension Fund Association prescribed in paragraph (3) of the preceding Article, that director is jointly and severally liable to the National Pension Fund Association for damages.

①A director must not, for the purpose of securing a benefit for the director or for a third party other than the National Pension Fund Association, commit an act specified by Order of the Ministry of Health, Labour and Welfare as one that impairs the propriety of the management and investment of the reserve fund.

②The National Pension Fund Association may, as provided by the articles and through a resolution of the board of councilors, replace a director who has violated the preceding paragraph.

With respect to a matter in which the interests of the National Pension Fund Association and the president (including a person who acts on behalf of, or performs the duties of, the president under Article 137-13, paragraph (1); hereinafter the same applies in this Article) conflict, the president does not have representative authority. In this case, the auditor appointed from among persons having knowledge and experience represents the National Pension Fund Association.

①A National Pension Fund may apply to the National Pension Fund Association and become a member of it; provided, however, that this does not apply when it is a member of another National Pension Fund Association.

②When the Minister of Health, Labour and Welfare finds it necessary for the convenience of a National Pension Fund or its members, the Minister may order the National Pension Fund to join one of the National Pension Fund Associations.

①The National Pension Fund Association is to pay a pension, or a lump-sum benefit whose ground for payment is death, to an early leaver that is to be paid a pension or lump-sum benefit under Article 137-17, paragraph (4), and to a member of a dissolved fund relating to a National Pension Fund that is a member of the National Pension Fund Association.

②The National Pension Fund Association may conduct the following projects; provided, however, that when it conducts the project listed in item (i), it must obtain the authorization of the Minister of Health, Labour and Welfare.

③The National Pension Fund Association may establish facilities necessary to promote the welfare of members of a National Pension Fund and persons who were members.

④When the National Pension Fund Association concludes, with a trust company, a financial institution engaged in trust business, a life insurance company, a federation of agricultural cooperatives or a federation of fishery cooperatives for mutual aid, or a financial instruments business operator, a contract of trust, insurance or mutual aid, or a discretionary investment contract, concerning the expenses required for the pension or lump-sum benefit paid by that National Pension Fund Association, it must do so as provided by Cabinet Order.

⑤The provisions of Article 128, paragraph (4) apply mutatis mutandis to the trust contract under the preceding paragraph (excluding a trust contract that specifies the method of investment and that is specified by Cabinet Order), insurance or mutual aid contract, or discretionary investment contract.

⑥The National Pension Fund Association may, with the authorization of the Minister of Health, Labour and Welfare, entrust part of its operations to a trust company, a financial institution engaged in trust business, a life insurance company, a federation of agricultural cooperatives, a federation of fishery cooperatives for mutual aid, or any other juridical person specified by Cabinet Order.

The National Pension Fund Association must conduct its operations based on appropriate actuarial calculations.

①A National Pension Fund that is a member of the National Pension Fund Association may, as provided by Cabinet Order, apply to that National Pension Fund Association for the delivery of the amount equivalent to the present value of the pension relating to the membership period with that National Pension Fund of an early leaver (meaning a person who has lost the status as a member of that National Pension Fund (excluding a person who has, on the day of losing that status as a member, the right to receive a pension paid by that National Pension Fund), and whose membership period with that National Pension Fund, calculated as provided by Cabinet Order, is less than the period specified by Cabinet Order; the same applies below) (hereinafter referred to as the "present value amount").

②When an application for the delivery of the present value amount is made under the preceding paragraph, the National Pension Fund Association must not refuse it.

③The calculation of the present value amount relating to an application for delivery under paragraph (1) is specified by Cabinet Order.

④When the National Pension Fund Association receives the delivery of the present value amount relating to an application for delivery under paragraph (1), it is to pay a pension or lump-sum benefit relating to that early leaver, using that delivered amount as the source of funds.

⑤The provisions of Article 129 through Article 131 apply mutatis mutandis to the pension or lump-sum benefit under the preceding paragraph.

⑥When a National Pension Fund delivers the present value amount relating to an application for delivery under paragraph (1), it is released from the obligation to pay a pension and lump-sum benefit relating to that early leaver.

⑦When the National Pension Fund Association becomes obligated to pay a pension or lump-sum benefit relating to an early leaver under paragraph (4), it must notify that early leaver to that effect.

⑧When the National Pension Fund Association is unable to give the notice under the preceding paragraph because the whereabouts of the early leaver are not clear, it must, in lieu of the notice under that paragraph, give public notice of the matters that should be notified.

①When an early leaver who is to be paid a pension or lump-sum benefit by the National Pension Fund Association under paragraph (4) of the preceding Article again becomes a member of the original National Pension Fund, that National Pension Fund is to request that National Pension Fund Association to deliver the present value amount of the pension relating to that early leaver.

②The calculation of the present value amount relating to a request for delivery under the preceding paragraph is specified by Cabinet Order.

③When a National Pension Fund receives the delivery of the present value amount relating to a request for delivery under paragraph (1), it is to pay a pension or lump-sum benefit relating to that early leaver, using that delivered amount as the source of funds.

④When the National Pension Fund Association delivers the present value amount relating to a request for delivery under paragraph (1), it is released from the obligation to pay a pension and lump-sum benefit relating to that early leaver.

⑤The provisions of paragraph (2) of the preceding Article apply mutatis mutandis to a request for delivery under paragraph (1).

①When a National Pension Fund that is a member is dissolved, the National Pension Fund Association collects, from that dissolved National Pension Fund, the amount equivalent to the policy reserve prescribed in Article 95-2 relating to the members of a dissolved fund of that National Pension Fund.

②When a member of a dissolved fund relating to a National Pension Fund from which the National Pension Fund Association collected the amount equivalent to the policy reserve under the preceding paragraph acquires the right to receive an old-age basic pension, or when a member of a dissolved fund relating to that National Pension Fund had, on the day of that National Pension Fund's dissolution, the right to receive an old-age basic pension, the National Pension Fund Association is to pay a pension to that member of a dissolved fund, and, if that member of a dissolved fund dies and the survivors receive a death lump-sum payment, is to pay a lump-sum benefit to those survivors.

③The amount of the pension under the preceding paragraph is the amount obtained by multiplying 200 yen by the number of months of the membership period relating to that dissolved National Pension Fund, and the amount of the lump-sum benefit under that paragraph is 8,500 yen.

④A dissolved National Pension Fund may, as provided by the articles, apply to the National Pension Fund Association that collected the amount equivalent to the policy reserve under paragraph (1), for the delivery of the residual assets that are to be distributed to a member of a dissolved fund under Article 137, paragraph (4).

⑤When the National Pension Fund Association receives the delivery of residual assets that are to be distributed to a member of a dissolved fund in accordance with an application under the preceding paragraph, it is to add to the amount of the pension or lump-sum benefit relating to that member of a dissolved fund, using that delivered amount as the source of funds, as provided by Cabinet Order.

⑥When the National Pension Fund Association receives the delivery of the residual assets prescribed in the preceding paragraph, for the purpose of the application of Article 137, paragraph (4), those residual assets are deemed to have been distributed to that member of a dissolved fund.

⑦When the National Pension Fund Association becomes obligated to add to the amount of the pension or lump-sum benefit relating to a member of a dissolved fund under paragraph (5), it must notify that member of a dissolved fund to that effect.

⑧The provisions of Article 137-17, paragraph (2) apply mutatis mutandis to an application under paragraph (4), and the provisions of paragraph (8) of that Article apply mutatis mutandis to a notice under the preceding paragraph.

Payment of a pension that the National Pension Fund Association pays under paragraph (2) of the preceding Article is, while payment of the whole amount of the old-age basic pension to which that member of a dissolved fund has the right to receive is suspended, to be suspended during that period; provided, however, that this does not apply to the part of the amount of that pension that exceeds the amount obtained by multiplying 200 yen by the number of months of the membership period relating to that dissolved National Pension Fund.

①The provisions of Article 16 and Article 24 apply mutatis mutandis to the right to receive a pension or lump-sum benefit paid by the National Pension Fund Association; the provisions of Article 18, paragraphs (1) and (2) and Article 19, paragraph (1) and paragraphs (3) through (5) apply mutatis mutandis to a pension paid by the National Pension Fund Association; the provisions of Article 21-2 apply mutatis mutandis to a pension and a lump-sum benefit paid by the National Pension Fund Association; the provisions of Article 22 and Article 23 apply mutatis mutandis to the National Pension Fund Association; the provisions of Article 25, the second sentence of Article 70 and Article 71, paragraph (1) apply mutatis mutandis to a lump-sum benefit paid by the National Pension Fund Association; and the provisions of Article 29 apply mutatis mutandis to a pension that the National Pension Fund Association pays under Article 137-19, paragraph (2). In this case, the term "Minister of Health, Labour and Welfare" in Article 16 is deemed to be replaced with "National Pension Fund Association"; the terms "pension benefit payable" and "payment of a pension benefit" in Article 21-2 are deemed to be replaced with "lump-sum benefit payable" and "payment of a lump-sum benefit", respectively; the term "old-age basic pension" in Article 24 is deemed to be replaced with "pension paid by the National Pension Fund Association"; the term "person entitled to receive a benefit" in Article 29 is deemed to be replaced with "person who has the right to receive"; and the term "an insured person or a person who was an insured person" in Article 71, paragraph (1) is deemed to be replaced with "a member or a person who was a member".

②The provisions of Article 95, Article 96, paragraphs (1) through (5), Article 97 and Article 98 apply mutatis mutandis to the amount to be collected under Article 23 as applied mutatis mutandis under the preceding paragraph and under Article 137-19, paragraph (1). In this case, the term "Minister of Health, Labour and Welfare" in Article 96, paragraphs (1), (2), (4) and (5) and Article 97, paragraph (1) is deemed to be replaced with "National Pension Fund Association"; the term "paragraph (1) of the preceding Article" is deemed to be replaced with "paragraph (1) of the preceding Article as applied mutatis mutandis under Article 137-21, paragraph (2)"; and the term "14.6% per annum (or, when that demand relates to a premium, 7.3% per annum for the period until the day three months have elapsed from the day following that due date for payment)" is deemed to be replaced with "14.6% per annum".

③The provisions of Article 131-2 and Article 132 apply mutatis mutandis to the accumulation and investment of the reserve fund of the National Pension Fund Association, the investment of surplus funds arising in the course of its operations, and its business year and other financial matters. In this case, the term "the preceding Article and the preceding two paragraphs" in paragraph (3) of that Article is deemed to be replaced with "the preceding Article and the preceding two paragraphs as applied mutatis mutandis under Article 137-21, paragraph (3)".

①The National Pension Fund Association is dissolved for the following reasons:

②When the National Pension Fund Association intends to dissolve for the reason set forth in item (i) of the preceding paragraph, it must obtain the authorization of the Minister of Health, Labour and Welfare.

When the National Pension Fund Association is dissolved, it is released from the obligation to pay the pension and lump-sum benefit that it is to pay under Article 137-17, paragraph (4) and Article 137-19, paragraph (2); provided, however, that this does not apply to the obligation to pay a pension or lump-sum benefit that should have been paid by the day of dissolution but has not yet been paid.

①When the National Pension Fund Association is dissolved under Article 137-22, paragraph (1), item (i), the directors become the liquidators; provided, however, that this does not apply when the board of councilors elects another person.

②When the National Pension Fund Association is dissolved under Article 137-22, paragraph (1), item (ii), the Minister of Health, Labour and Welfare appoints a liquidator.

③The provisions of Article 136-2, Article 137, paragraph (2) (excluding item (ii)) and paragraph (3), and Article 137-2 through Article 137-2-4 apply mutatis mutandis to the liquidation of the National Pension Fund Association.

A National Pension Fund must, as provided by Order of the Ministry of Health, Labour and Welfare, notify the Minister of Health, Labour and Welfare of matters concerning the acquisition and loss of the status as a member of its members.

With respect to a document relating to operations concerning actuarial calculation that is specified by Order of the Ministry of Health, Labour and Welfare and that a National Pension Fund (including founding committee members, etc. intending to establish a National Pension Fund under Article 119, paragraph (1) or paragraph (3)) or the National Pension Fund Association (including incorporators intending to establish the National Pension Fund Association under Article 137-5) submits to the Minister of Health, Labour and Welfare under this Act, the document must be one that an actuary prescribed in Article 97, paragraph (2) of the Defined-Benefit Corporate Pension Act (Act No. 50 of 2001) has confirmed to have been prepared based on appropriate actuarial calculations, and has signed.

A National Pension Fund and the National Pension Fund Association must, as provided by Order of the Ministry of Health, Labour and Welfare, submit a report on their operations to the Minister of Health, Labour and Welfare.

①When the Minister of Health, Labour and Welfare finds it necessary with respect to a National Pension Fund or the National Pension Fund Association, or a dissolved National Pension Fund or National Pension Fund Association, the Minister may collect a report on the status of its operations or its liquidation affairs, or may have the relevant officials enter the office of that National Pension Fund or National Pension Fund Association, or that dissolved National Pension Fund or National Pension Fund Association, and question persons concerned, or inspect the actual status.

②The relevant officials who conduct questioning and inspection under the preceding paragraph must carry an identification card, and must present it when requested by a person concerned.

③The authority pursuant to the provisions of paragraph (1) must not be construed as authorization for the purpose of a criminal investigation.

①When the Minister of Health, Labour and Welfare, having collected a report or conducted questioning or inspection under the preceding Article, finds that the administration or execution of the operations of a National Pension Fund or the National Pension Fund Association, or the liquidation affairs of a dissolved National Pension Fund or National Pension Fund Association (hereinafter referred to as "conduct of the business of funds, etc."), violates laws and regulations, the articles, or a disposition of the Minister of Health, Labour and Welfare, finds that the conduct of the business of funds, etc. remarkably lacks propriety, or finds that an officer of a National Pension Fund or the National Pension Fund Association, or a liquidator of a dissolved National Pension Fund or National Pension Fund Association, clearly neglects the conduct of the business of funds, etc., the Minister may, specifying a period, order the National Pension Fund or the National Pension Fund Association or their officers, or the dissolved National Pension Fund or National Pension Fund Association or their liquidators, to take necessary measures to correct the violation or make improvements with respect to the conduct of the business of funds, etc.

②When the Minister of Health, Labour and Welfare finds it necessary to ensure the sound operation of the business of a National Pension Fund or the National Pension Fund Association, the Minister may, specifying a period, order that National Pension Fund or National Pension Fund Association to amend its articles.

③When a National Pension Fund or the National Pension Fund Association, or their officers, or a dissolved National Pension Fund or National Pension Fund Association, or their liquidators, violates an order under paragraph (1), or when a National Pension Fund or the National Pension Fund Association violates an order under the preceding paragraph, the Minister of Health, Labour and Welfare may, specifying a period, order that National Pension Fund or National Pension Fund Association, or that dissolved National Pension Fund or National Pension Fund Association, to replace all or part of the officers or liquidators relating to that violation.

④When a National Pension Fund or the National Pension Fund Association, or a dissolved National Pension Fund or National Pension Fund Association, violates an order under the preceding paragraph, the Minister of Health, Labour and Welfare may replace the officers relating to the order under that paragraph, or dismiss the liquidators relating to the order under that paragraph.

⑤When a National Pension Fund or the National Pension Fund Association violates an order under paragraph (1), or when the Minister of Health, Labour and Welfare finds, based on the status of its operations, that it is difficult to continue those operations, the Minister may order the dissolution of that National Pension Fund or National Pension Fund Association.