Internship report on “An Analysis of 401(k) Retirement Plan Administration Practices: A Case Study of Data-Path Ltd.”

Abstract

The report is an analysis on the administration practices of 401(k) retirement plans based on a case study of Data-Path Ltd which is one of the top retirements plans outsourcing firms in Bangladesh. The purpose of the report is to give a general overview of the U.S. retirement plan industry, an analysis of Data-Path Ltd. operations, and a reflection on the knowledge and experiences acquired while interning with the company. The report starts with a description of Data-Path Ltd. and the retirement plan administration sector. Data-Path Ltd. is a subsidiary of July Business Services, which administers retirement plans on behalf of Third-Party Administrator (TPA) firms in the U.S. The company handles many different tasks such as administration of plans, compliance testing, contribution calculations, record maintenance, tax compliance and asset reconciliation. The report also covers the development of the outsourcing industry for retirement plan in Bangladesh and Data-Path Ltd. in the specialized field. The second section is about my internship experience, which was in the Business Process Outsourcing (BPO) Department. In the internship I got both theoretical and practical training about retirement plan administration. Hands-on experience with Census checking, contribution calculations, compliance testing, contribution recon, asset recon and Form 5500 preparation. I also got a chance to learn about industry tools like Relius and enhance my knowledge of operational processes and regulations for U.S. retirement plans. The report also provides an analysis of th