I am submitting the article entitled “Behind the Scenes: Exploring DataPath's Impact on the Administration of 401(k) Plans in the United States” as a required part of the internship program, which is a very important step toward completing my Bachelor of Business Administration from United International University. There is a tremendous amount of information in this report that I learned at Data-Path Ltd. First and foremost, I would like to thank Almighty Allah and then I would like to express my sincere gratitude to my respected supervisor Ahmed Imran Kabir for his close guidance, support and care in the preparation of my internship report.
In addition, I would like to express my gratitude to the other instructors whose guidance and instruction were invaluable to me throughout my education. Finally, I would like to express my gratitude to United International University for giving me the chance to develop professionally through practical experience. I learned how well established pension plans in the US are by completing the research paper.
The purpose of this report is to showcase the measures and actions implemented by the plan processors of Data-Path Ltd, a reliable outsourcing company in Bangladesh.
Introduction
- Objective of the Study
- Significance of the study
- Methodology of the Study
- Scope of the Study
- Limitation of the Study
To gain an understanding of the retirement plan industries in the United States and Bangladesh. To make the retirement plan industry more transparent, it is necessary to learn more about the duties of the Internal Revenue Service (IRS) and the Department of Labor regarding oversight. The student must prepare an internship report during his internship, which should be based on the tasks assigned to him after completing the internship.
The report was prepared with the help of seniors and colleagues, but also of the supervisors involved. The methodology of the study largely masks the sources from which the necessary data was collected. The understanding, paperwork and completed plan reports of everyone who works there all contribute to the final outcome of the investigation report.
The participant's Social Security Number (SSN), the amount of money he or she receives, the amount of money he or she saves, and any formula the customer or company uses to provide employer contributions or profit sharing are all examples of this. factors.
A Brief Introduction of 401(k) Industry
Organizational Overview
- Introduction
- History
- Vision
- Mission
- Objective
- Values
- Services Offered
- Industry Rivalry of Data-Path
Core values are fundamental beliefs that guide a company's actions, decisions and culture in order to ensure a healthy work environment, attract and retain employees, promote engagement, motivation and commitment and maintain the company's integrity and reputation. Data-path Limited provides specialized solutions for Julie Business Services to improve the efficiency of third party administrator processes. Accounting, Actuarial, Allocation, BA team, BPO 2, Distribution, ERISA, HR, IT, New Business, OPS, RK, Sales and Software departments comprise Data-Path Ltd.
Plan Design: First and foremost, a plan for setting up a pension fund (RPF) needs to be developed. However, the plan should not pass the discrimination test and it must be determined what types of contributions and what types of employees will be included in the plan. Plan Document: Preparing plans with the help of ERISA professionals is the main focus of their efforts.
This method includes the following steps: setting up paperwork, plan questionnaire, checklist preparation, record keeping statements, loan policy, change reports and plan documents. Plan Administration: To provide consistent plan administration services, Datapath has a team of experts with exceptional knowledge and relevant training. Operation Planning: This is the stage at which Data-Path performs some processes, evaluates calculations and performs an accounting operation.
To comply with the laws of the United States of America, certain statements must be made. Record keeping: Automated record keeping services are consistently provided by Data Path's partners and the daily review of the July Business Service's administrative phase. Payroll Services: By offering payroll services, Data-path minimizes work stress and increases efficiency for its customers.
As an investment advisor, Data-Path Limited recommends to clients where to invest their funds. Some senior employees of Data-Path Ltd. left in 2011 to start their own RPF outsourcing company called "Fin Source". Apart from them, there is currently no other competitor on the market.
Training Program
Training Session
Introduction to Software
Duties and Responsibilities
Learnings
Consequently, the requirements mentioned in the plan document must be adjusted correctly in the Relius software for each design. If the edge option is checked in the plan document, we will remove the check here. This step in the planning process is critical because we need to determine whether the individuals are appropriately involved or not.
Remove the "-" in the SSN column from all three files and format Cells - Social Security Number - United States. If any changes are found in the current year's record, enter the data from the customer record and mark it. vest of year+1, vest of last year). QT in Relius: You must enter a QT by numbers in the Plan Specification.
But later, to make our training easier and more efficient, they made a change in the seating arrangement and tagged us with individual seniors. I learned a lot about retirement systems in the United States, as well as advanced Excel tools for calculating contributions. In the United States, some employees are classified as both HCEs and NHCEs, which has helped reduce discrimination between HCEs and NCHEs.
The amount of deferral that an employee contributes to the company in the United States is invested in various sectors, including the stock market. As they grow older, they are no longer dependent on their descendants because retirement programs are available in every company in the US. In Bangladesh, the pension system is generally implemented in the public sector, while private companies are exempt from the pension policy.
But in the US, almost every organization has a retirement policy in place to ensure their employees' safety and self-. The amount of money a person gets when they retire is not enough for them to live a happy life in the future. It helps a small group of elderly people in the country who are not covered by the pension system.
In addition to increasing people's interest in the stock market and contributing to the overall economy, the US pension plan also contributes to the stock market in the United States.
Internship Experience
Learning Experience
- Knowledge Acquired
- Skilled Learned
- Observed Attitudes and Gained Values
- Most challenging task performed
People have different ideas about what Data Path Ltd. do; some assume it is a data entry company and others a foreign call center. Therefore, it is imperative that the management and employees of Data Path Ltd. pay more attention to this issue. I felt like I was pursuing a second degree in American retirement planning because of the number of trainings I attended on the basics of retirement planning.
After that training, I felt a greater sense of security and performed the tasks assigned to me by my team leader with distinction. With the help of several Excel professionals, I have developed my corporate skills in this organization. Datapath helps me understand some complex software and develop its potential to serve the business.
During this training period, I observed many attitudes and values about how to advance one's career in any corporation by utilizing one's own skills and knowledge. The task that seems to be the most difficult for me at the moment is the Live plans that my manager assigned to me for the first time. But, with the help of my confidence and belief in myself, I was able to manage my nerves and overcome the obstacles I faced.
SWOT Analysis
Strengths
Weakness
Opportunities
Threats
Problem Identifications and Solutions
Findings
- Government Rules Regarding Retirement Plan
- People desire to save
- Rules for Highly and Non-Highly Compensated employees
- Employees right to know
- Contribution to the national economy
- Contribution to the homeland economy
- Increase Self-dependency
- Age limit
- Government and Private sector
- Insufficient amount
On the contrary, the money in our pension plans has not contributed significantly to the economy. Because the government does not give enough profit sharing to older people, they are very dangerous and vulnerable after they leave.
Solutions/Recommendations
- For Data-Path
- For Bangladesh
Must have a responsible organization: Bangladesh must establish a separate group solely responsible for the pension scheme to keep it running. If our country has an external institution that establishes pension plans for its employees, we can have a very responsible and reliable company by establishing practical policies, contributions and deferrals. Should be introduced in the private sector: The private sector of our country has its own provident fund policy which differs from the official rules in several ways.
Everyone will benefit from the government establishing or making a pension system available to all Bangladeshi sectors. The government can impose further restrictions on the private sector pension scheme in this case. Must be aware of the contribution: The employee must understand the amount of their contribution and where it is invested or spent.
If some organizations are built to create retirement policies for employees, they may have access to their invested funds and be aware of their contributions. Must motivate for a provident fund: All employees should be able to use the provident fund. The government should offer more incentives or facilities to employees who contribute to the provident fund to encourage them to do so.
In our country, most of the elderly depend on their families to take care of them, which is very rude to them. Some minor legislative acts and institutional institutions should be established to provide them with social security. Many people want to establish a fair and equal pension system for all that meets the constitutional requirement for social security for the elderly and treats people with basic respect.
They should be aware of the advantages of having a provident fund as well as the disadvantages of not having one.
Conclusion
