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Administaff Welcomes IRS Guidance on PEO Retirement
Plans
HOUSTON, Apr 24, 2002 -- Administaff,
Inc. (NYSE: ASF), the nation's leading Professional Employer Organization
(PEO), today commented on the Internal Revenue Service's announcement
today of a new approach for administering 401(k) and other retirement
plans maintained by PEOs beginning January 1, 2004.
The guidance enables Administaff to eliminate any likelihood of
retroactive disqualification of the Administaff 401(k) Plan under
the IRS exclusive benefit rule.
"Administaff welcomes this guidance and
is very encouraged by the IRS' recognition of PEOs' ability to continue
to provide retirement benefits to worksite employees," said
Richard G. Rawson, Administaff's executive vice president of administration
and chief financial officer. "We are particularly pleased that
the IRS has adopted a structure that is consistent with the approach
long advocated by Administaff and the PEO industry."
The Company will discuss the IRS guidance during
its first quarter earnings conference call on Wednesday, May 1,
2002 at 11:00 a.m. EDT. The call may be accessed by dialing 800-540-0559
and using conference ID "ASTAFF."
Administaff is a leading personnel management
company that serves as a full-service human resources department
for small and medium-sized businesses throughout the United States.
With 2001 revenues of $4.4 billion, Administaff ranks number 376
on the Fortune 500 list. The company also is included on Fortune's
list of "America's Most Admired Companies," the Forbes
Platinum 400 list of the Best Big Companies in America and the InformationWeek
500 list of leading information technology innovators.
Administaff's Personnel Management System includes
employment administration, benefits management, government compliance,
recruiting and selection, employer liability management, training
and development, performance management and owner support. These
core services are complemented by an eBusiness strategy that includes
the Employee Service Center(SM), an interactive eService platform
that provides clients and worksite employees with information and
resources to help maximize the benefit of their Administaff services.
The Employee Service Center also features My MarketPlace(SM), an
eCommerce portal that offers value-added products and services from
best-of-class providers such as American Express, AT&T, Continental
Airlines, Dell, IBM and Spiegel.
Administaff currently operates 37 sales offices
in 20 major markets: Atlanta, Austin, Baltimore, Boston, Charlotte,
Chicago, Dallas, Denver, Houston, Los Angeles, Minneapolis/St. Paul,
New Jersey, New York City, Orlando, Phoenix, San Antonio, San Diego,
San Francisco, St. Louis and Washington, D.C.
For additional information, visit Administaff's
Web site at www.administaff.com .
(Note: The statements contained in this press
release that are not historical facts are forward-looking statements
that involve a number of risks and uncertainties. Therefore, the
actual results of future events described in such forward-looking
statements could differ materially from those stated in such forward-looking
statements. Among the factors that could cause actual results to
differ materially are: (i) changes in general economic conditions;
(ii) regulatory and tax developments; (iii) changes in Administaff's
direct costs and operating expenses; (iv) the estimated costs and
effectiveness of capital projects and investments in technology
and infrastructure; (v) Administaff's ability to effectively implement
its eBusiness strategy; (vi) the effectiveness of Administaff's
sales and marketing efforts, including the company's marketing arrangements
with other companies; and (vii) changes in the competitive environments
in the Professional Employer Organization industry. These factors
are described in further detail in Administaff's filings with the
Securities and Exchange Commission.)
SOURCE Administaff, Inc.
CONTACT: investor relations, Richard G. Rawson,
Executive Vice President
and Chief Financial Officer, +1-281-348-3225, or
richard_rawson@administaff.com , or news media, Alan Dodd, Director,
Corporate
Communications, +1-281-348-3105, or alan_dodd@administaff.com ,
both of
Administaff, Inc.
(Note: The statements contained in this
press release that are not historical facts are forward-looking
statements that involve a number of risks and uncertainties. Therefore,
the actual results of future events described in such forward-looking
statements could differ materially from those stated in such forward-looking
statements. Among the factors that could cause actual results to
differ materially are: (i) changes in general economic conditions;
(ii) regulatory and tax developments; (iii) changes in Administaff's
direct costs and operating expenses; (iv) the estimated costs and
effectiveness of capital projects and investments in technology
and infrastructure; (v) Administaff's ability to effectively implement
its eBusiness strategy; (vi) the effectiveness of Administaff's
sales and marketing efforts, including the company's marketing arrangements
with other companies; and (vii) changes in the competitive environment
in the Professional Employer Organization industry. These factors
are described in further detail in Administaff's filings with the
Securities and Exchange Commission.)
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