Retirement plan of USA business & how to implement US retirement system in Bangladesh

Abstract

The US Government is very sensible and conscious about the rights of the retired people and the financial Security of their employees. The IRS (Internal Revenue Service) and DOL (Department of labor) provides guidelines for employers to administer retirement benefit plans which, known as "plans" in the retirement industry. They also provide tax benefit to the employer by maintain the retirement plans in accordance with the IRS & DOL guidelines. Failure to comply with the regulations will result in disqualification of the plan and it will be subject to penalties. To Promote the physical and mental health of employees and their families, the employers provides the health and life insurance, vacation, disability income and retirement Planning. The US government is very much concern and sincere about protecting the right of the retired people and securing them financially in their retired life. It’s not cost free to maintain the retirement plan for an organization. So, the organization outsources the business through the TPA (Third Party Administrator) service which is less costly to operating the business. The FinSource Limited is one of the TPA service who is conducting their business as offshore unit of LT Trust & American Trust. And this report mainly focuses the US retirement plan and how they operate their business and how they ensure the employee benefit and how to implement US retirement system in Bangladesh.