Impact Workforce Solutions Earns National Distinction with Financial Assurance Program
Impact Workforce Solutions was recently approved for accreditation through the Employer Services Assurance Corporation (ESAC), allowing Impact to provide its clients and employees with valuable assurance through ESAC’s Client Assurance Program.
ESAC, established in 1995, provides financial assurance and national standards of operation for the PEO industry. Through its Client Assurance Program, ESAC monitors its accredited PEOs for adherence to important financial, ethical, and operational standards and provides tangible assurance backed by surety bonds of the performance of specific employer responsibilities such as payment of wages, taxes, employee benefits and insurance premiums.
This financial protection program is similar to the FDIC for the banking industry in that it provides over $15 million in financial assurance coverage for losses to clients, worksite employees, taxing authorities and insurance carriers in the unlikely event that a participating PEO defaults on its financial responsibilities. Assurance is provided through the Employer Services Trust with a major national bank serving as Trustee.
“Our ESAC accreditation is a tremendous distinction for our organization,” said Don G. King, chief executive officer. “We are pleased to be able to provide our valued clients with the financial assurance available as an accredited PEO of ESAC as well as the independent verification of our service quality and financial stability.”
“The development of this PEO industry assurance program parallels the development of similar programs such as the FDIC for the banking industry, SIPC for the securities industry, and the state insurance guaranty associations for the insurance industry,” said Rex Eley, President/CEO of ESAC. “ESAC accredited PEOs are demonstrating their commitment to protecting the public, insurers and regulators, just as the banking, securities and insurance industries have done over the last several decades.”
For additional information, contact ESAC at info@ESACmail.org or Impact Workforce Solutions at firstname.lastname@example.org.
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