Oasis Outsourcing Earns National Distinction
West Palm Beach, FL Mar 12, 2010 – Oasis Outsourcing, one of the nation’s largest Professional Employer Organizations (Oasis Outsourcing PEO), has become accredited by the Employer Services Assurance Corporation (ESAC) and is participating in its PEO Client Assurance Program.
ESAC is the nationally recognized financial assurance, standard-setting and monitoring entity for the Professional Employer Organization (PEO) industry. Through its voluntary accreditation process, ESAC ensures that participating PEOs adhere to important ethical, financial and operational standards for the purpose of promoting a high level of integrity and responsibility within the PEO industry. As a condition of continued accreditation, Oasis is required to submit quarterly reports to ESAC including financial statements and an independent CPA’s verification of the timely and accurate payment of all payroll taxes, employee benefit contributions and insurance premiums.
“When a client joins Oasis Outsourcing, we assume important employer obligations for their company,” said Mark Perlberg, CEO of Oasis Outsourcing. “Through our participation in ESAC’s PEO Client Assurance Program, these obligations are assured by ongoing ESAC monitoring and the tangible financial protection of surety bonds held on our behalf.” The bonds are held by the Employer Services Trust, with a major national bank serving as Trustee.
This financial protection program from ESAC is similar to the FDIC for the banking industry and provides reimbursement up to $1 million per participating PEO, plus $10 million aggregate for all participating PEOs, for losses to clients, worksite employees, taxing authorities and insurance carriers in the unlikely event that a participating PEO defaults on the payment of wages, taxes, employee benefit contributions or insurance premiums. The PEO Client Assurance Program is designed to provide valuable assurance to Oasis clients without any additional cost