Outsourcing of Retirement Provident Fund (RPF) - A Study on DataPath Limited.
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During the last semester of Bachelor of Business Administration (BBA) program, I have done my internship at Data Path Ltd. to have a practical exposure. The topic of my internship report is “Outsourcing of Retirement Provident fund (RPF), A Study on DATA-PATH Limited ”. In the beginning part, I have mentioned some reasoning where I have explained the significance and explanations for undertaking this report destination where I have expressed the motivations behind the report and foundation where I have examined about the depiction and history of the organization. The US government is very conscious and genuine about protecting the right of the retired people and procuring them financially in retired life. The retirement plan helps the employer to have tax savings on the profit of the organization if he maintains the plan according to IRS & DOL guidelines followed by the government. Failure to comply with the regulations will result in disqualification of the plan, and it will be subject to penalties. It’s costly for an organization to maintain the activities of a retirement plan. So organization outsources the activity to a third party organization which is also known as a third party administrator. DataPath is an outsourcing company which processes the activities of a retirement plan. I have done preparing retirement plan, post preparing, active plan, and setup plan, I have additionally done some other important exercises like checking records, print reports. I faced some difficulties that I have watched and recognized, for example, server issues, etc. During these four months of internship, I have learned a lot about the practical activities of US retirement plan industry. Although it’s hard to relate the activities of DataPath Ltd with any other organization in Bangladesh, the skills and knowledge I have learned from DataPath will help me a lot in my future career. My main focus was on the rules and regulations, which is mandatorily maintained by the employer for preparing the retirement plan document, which is prepared by the third-party administrator on behalf of the client.
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