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ESAC Financial Assurance Now Covers Over $27 Billion in Employee Wages
ESAC now serves PEOs representing over $27 billion in annual employee wages with accredited firms ranging in size from under $20 million to over $9 billion in annual wages. Any PEO's accreditation status may be verified from the "Verify" or "Find" links to the left.
Another PEO Earns ESAC Accreditation
ESAC recently announced the accreditation of VS Management based in Ronkonkoma, New York.
"Our ESAC accreditation is another great benefit for the business owners and employees who use our professional human resources services," said Michele Silverman, CEO of VS Management. "We believe it's essential that PEOs hold themselves to the highest standards of internal controls, integrity, and operational excellence. The tangible value of ESAC accreditation is easy for clients to understand, just like the public feels more assured about bank deposits because of the FDIC," added Silverman.
VS Management joins other accredited PEOs in enjoying the many advantages of ESAC including the
sales & marketing benefits of ESAC's Client Assurance Program,
opportunities for significant savings through ESAC's endorsed surety bond and
insurance programs, and savings in multi-state licensing costs via ESAC's
regulatory compliance alternative.
Utah Approves ESAC Alternative Registration Regulations
Utah has approved ESAC as an Assurance Organization in the state as of November 2007. This approval allows accredited PEOs to use an alternative registration process through the Division of Occupational and Professional Licensing. Click here to view a copy of the statutes and rules.
Utah joins Arkansas, Ohio, Rhode Island and Vermont in accepting a PEO’s accreditation in lieu of some or all of state regulatory requirements. Ten states now have legislation authorizing a regulatory compliance alternative, and five have officially recognized ESAC as an approved assurance organization. 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.
ESAC Board Welcomes New Directors
ESAC recently welcomed Greg Serio and William Cueto to its board of directors.
Greg is managing director of New York City-based Park Strategies, LLC and leader of its risk and insurance management practice group. Prior to joining Park Strategies in 2005, he served as superintendent of insurance for the State of New York. In the aftermath of the September 11 attacks, he served as NAIC representative of the federal Financial Services & Banking Information Infrastructure Committee of the U.S. Treasury and as chairman of NAIC’s Government Affairs Task Force where he led the NAIC’s activities on the U.S. House Financial Services Committee’s SMART legislation on modernization of insurance regulation and discussions on the Terrorism Risk Insurance Act. He testified before Congress on the Fair Credit Reporting Act and the International Commission on Holocaust Era Insurance Claims, on which he served as a commissioner. Greg also served as chief counsel to the New York Senate Standing Committee on Insurance and practiced law with New York based Rivkin Radler and Crane, Kelley, Greene and Parente.
William is Division Counsel of ADP TotalSource and Vice President of Legal Affairs where he oversees corporate transactions, compliance management, industry matters, contract management, and other legal and business matters. William is a member of the Florida Bar Association and the Association of Corporate Counsel. He has also served as President and Pro Bono Chair of the Association of Corporate Counsel-South Florida Chapter. He holds a law degree from St. Thomas University in Miami, Florida, and a bachelor's degree in business administration from Marymount University in Arlington, Virginia.
Click here to view information on ESAC’s board of directors.
PEO Leaders Validate Accreditation Value
"ESAC accreditation has proved to be the most significant external factor
behind AlphaStaff's growth from 1,300 worksite employees in May 2000 to over
25,000 today. The instant credibility we gained from ESAC with our clients and
their trusted advisors cannot be overstated."
- Robert A. Beck, II CLU, Chairman, AlphaStaff, Inc.
"Since we obtained our ESAC accreditation in 1995, Doherty has entered into
relationships with several large PEO clients that are divisions of Fortune 500
companies. Many of these clients are financial services firms and, as Doherty
is a private company, these firms would not have considered working with us
without our ESAC accreditation and the financial assurance that it provides.
The annual cost of accreditation pales in comparison to the profits generated
by these clients."
- Tim Doherty, CEO, Doherty Employment Group
Click here to start your online application and start enjoying the advantages of ESAC accreditation!
ESAC Updates Its Standards and Procedures
ESAC’s board recently approved modifications to the program's Quick and Current Ratio definitions that would exclude restricted assets from Cash & Cash Equivalents for (1) assets that cannot be cashed in 90 days (Quick Assets) and (2) assets than cannot be cashed in 12 months (Current Assets). The modification allows for liabilities secured by restricted cash, and excluded by the new definitions, to also be excluded from the calculation of the Quick and Current Ratios These modification were a result of accredited PEO feedback, committee and professional advisor review and board approval. Click here to view a current version of ESAC’s Standards & Procedures.
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