"The ESAC Board is proud to announce the accreditation of amsource ®," said Jane McCoggins, ESAC´s executive director. "This company´s achievement not only demonstrated its compliance with important ethical, financial and operational standards but also its commitment to the sound growth, dependability and credibility of the PEO industry."
amsource ® is one of only 24 PEOs that have achieved ESAC accreditation. The company underwent rigorous examination by ESAC´s outside experts, who will continue to monitor the company´s compliance with the standards to maintain its accreditation.
"We have worked hard over the past 15 years to build the amsource ® Employer Operating SystemSM, an operating system that consistently executes on our promises to clients. I get to work with an incredible group of people at amsource ®, and take great pride in their ability to obtain the ESAC accreditation," said Lee Lichtenstein, president/CEO.
amsource ® is a member of the National Association of Professional Employer Organizations (NAPEO). Leaders of NAPEO established ESAC 10 years ago to build trust and provide assurance to PEO clients, worksite employees, insurers, taxing authorities, state and federal regulators, and the general public. ESAC provides the ability for PEOs of any size to have independent verification that their companies are being operated legally and in a financially stable manner by competent and ethical leaders based on sound professional practices.
As an accredited PEO, amsource ® is backed by financial assurance through the ESAC Client Assurance Program. This assurance consists of an individual $1 million surety bond plus a $3 million excess bond covering all accredited PEOs. In early 2006, the excess bond amount will be increased to $5 million, providing a total of $6 million in financial assurance.
ESAC is the only bonded, independent and qualified assurance organization for the PEO industry. ESAC´s PEO Client Assurance Program is similar to the assurances offered by the FDIC for the banking industry. The program provides for reimbursement to clients, worksite employees, taxing authorities, and insurers in the unlikely event of a default by the PEO to pay wages, payroll taxes, contributions to employee retirement plans, workers´ compensation premiums and group life and health insurance premiums or plan contributions. ESAC provides an unprecedented level of assurance, because during its 10 years of operation, there has never been a default involving an accredited PEO.
Increasingly, states with PEO licensing or registration statutes are recognizing ESAC accreditation as an alternative for their compliance requirements. Many state regulators regard ESAC accreditation as an effective, efficient method of performance monitoring and verification.
"NAPEO applauds Lee Lichtenstein for his leadership and commitment that led his company to achieving accreditation," said Milan P. Yager, executive vice president of NAPEO. "He joins an elite corps of PEO leaders who recognize that accreditation builds trust in the PEO marketplace and among regulators and insurers. This is a remarkable achievement within a remarkable industry."
amsource ® services mid-sized companies across the Southeast through a network of select financial planners, brokers and insurance professionals. The amsource ® Employer Operating SystemSM consolidates the administration of benefits, payroll and other HR functions providing a more efficient model to the traditional "one-to-many" vendor relationships, so that internal HR professionals can focus on attracting and retaining A players.
For more information on the ESAC accreditation program and the PEOs that are accredited, go to http://www.esacorp.org/main.asp. To learn more about the PEO industry and NAPEO, visit www.napeo.org.
NAPEO, the National Association of Professional Employer Organizations, is the recognized "Voice of the PEO Industry. ®" NAPEO has 345 PEO members found in all 50 states, representing more than 70 percent of the revenues of the $51 billion PEO industry. PEOs enable clients to cost-effectively outsource the management of human resources, employee benefits, payroll and workers´ compensation. PEO clients focus on their core competencies to maintain and grow their bottom line. To learn more about the PEO industry and how PEOs contribute to small businesses´ success, visit the NAPEO Web site: www.napeo.org
The Employer Services Assurance Corporation (ESAC) is an independent, non-profit organization established in 1994 by NAPEO to build trust in PEOs and provide assurance to their clients, worksite employees, insurers, taxing authorities, regulators and the general public. Accredited PEOs currently serve clients and employees representing over $13 billion in annual wages. Annual fees paid by participating PEOs provide funding for ESAC programs. To learn more about ESAC, visit www.ESACorp.org.
NAPEO
901 N. Pitt Street, Ste. 150, Alexandria, VA 22314
Phone: (703) 836-0466 Web Site: www.napeo.org