FOR IMMEDIATE RELEASE
Syndeo Outsourcing LLC Earns Prestigious ESAC Accreditation,
Highest Achievement for a Professional Employer Organization
Alexandria, Va. (November 8, 2007) Syndeo Outsourcing LLC, a professional employer organization (PEO) headquartered in Wichita, Kansas, has accomplished the most prestigious performance achievement for a PEO - accreditation by the Employer Services Assurance Corporation (ESAC). This signifies that the company continuously meets the highest standards applied to firms in the $53 billion PEO industry.
"The ESAC Board is proud to announce the accreditation of Syndeo Outsourcing," said Jane McCoggins, ESAC's executive director. "This company's achievement not only demonstrates its compliance with important ethical, financial and operational standards but also its commitment to the sound growth, dependability and credibility of the PEO industry."
Syndeo Outsourcing is one of 25 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 program standards to maintain its accreditation.
"Our ESAC accreditation is another great benefit for the business owners and employees who use our services. We believe it's essential that PEOs hold themselves to the highest standards of internal controls, integrity, and operational excellence. ESAC accreditation more than validates such standards, much the way the FDIC validates such standards for the banking industry," said Bill Maness, president of Syndeo Outsourcing.
Syndeo Outsourcing is a member of the National Association of Professional Employer Organizations (NAPEO). Leaders of NAPEO established ESAC 12 years ago as an independent non-profit organization 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, Syndeo Outsourcing is backed by financial assurance through the ESAC Client Assurance Program. This assurance consists of a $1 million surety bond for each accredited PEO plus a $5 million umbrella bond covering all accredited PEOs, for a total of $6 million in financial assurance.
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 12 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 Bill Maness 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."
About Syndeo Outsourcing
Syndeo Outsourcing is a Kansas-based professional employer organization, assuming employer responsibilities for its clients including payroll services, benefits administration, workers' compensation and various human resource duties and obligations. The Syndeo family of companies is made up of Syndeo Outsourcing, Syndeo Payroll Solutions, a full service payroll services provider, and Syndeo Staffing, a full service recruiting provider. For more information, visit www.syndeogroup.biz.
For more information on the ESAC accreditation program and the PEOs that are accredited, go to http://www.esacorp.org. To learn more about the PEO industry and NAPEO, visit www.napeo.org.
NAPEO is the recognized "Voice of the PEO Industry.(R)" NAPEO has more than 380 PEO members found in all 50 states, representing more than 75 percent of the revenues of the $53 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 $20 billion in annual wages. Annual fees paid by participating PEOs provide funding for ESAC programs. To learn more about ESAC, visit www.ESACorp.org.