Internship Report: Datapath

Abstract

During my last semester of BBA program, I have done my internship at Data-Path Ltd. to have a practical exposure. To develop the physical, financial and mental wellbeing of employees and their families, employees routinely offer benefits such as health and life insurance, leisure time, inability income and retirement plan. The US government is too much conscious and cordial about protecting the right of the retired people and brings under control them financially in retired life. The retirement plan also helps the employer to have tax savings on the gain of the organization if he sustains the plan according to IRS and DOL guidelines. Ineffectiveness to comply with the regulations will result in incapability of the plan and it will be subject to amercement. It is costly for an organization to maintain the function of a retirement plan. So organization outsource the function to a third party which is also knows as third party administrator. Data-Path is an outsourcing company which action and function of a retirement plans. Retirement plans need to dedicate it is asset information through a form to government every year with a certain deadline. These functions are known as “workflow 5500” at Data-Path Ltd. I have prepared form SSA 8955, Form 1099-r and B1 form. In the report I have mention details about the process of those forms. It need a lot of effort and repute in the organization, faced various challenges and I also give suggestion and my opinion in the details into my report. Last four months of my internship learned a lot about the practical and function of US retirement plan industry. Although it’s hard to relate the function of Data-Path Ltd. with any other organization in Bangladesh, but the skills and wisdom I gain from Data-Path will help me a lot for my future carrier.