Outsourcing of Retirement Provident Fund (RPF) management: a study on United States RPF
AuthorKhan, Jawad Ashraf
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The social security systems in the United States are very high. The government as well as the citizen is very much concerned about the retirement benefit. The government makes it mandatory for the employer to give the retirement benefit to their employee at their retirement. The IRS (Internal Revenue Service) and the DOL (Department of Labor) instruct the employer to set up the retirement benefit plan to give their employee retirement benefit which is known as “Plan” in the retirement industry. Every employer in the United States who has the retirement benefit plan mandatorily follows the IRS rules and regulations while preparing the report. As a part of maintaining the rules and regulations the employer has to prepare the allocation report and fill up the form 5500. As TPA (Third Party Administrator) this company’s responsibility is to prepare the allocation Report and prepare the Allocation Letter on behalf of the client. The Allocation Report contains the Plan specification Report, Census Report, Summary of accounts Report, Plan totals report, Trust Accounting Report, ADP/ACP Testing Report, Top Heavy Testing Report. The company has to prepare Compliance Testing Report which includes Required Minimum Distribution Report, Maximum deductable contribution Report, and coverage testing Report and so on. My main focus will be on the rules and regulations which is mandatorily maintained by the employer for preparing the Allocation Report which prepared by the third party administrator on behalf of the client.