GalaxyHR LLC Becomes Part of Gold Standard in the PEO Industry with ESAC Certification
Hauppauge, NY, August 29, 2014 --(PR.com
)-- GalaxyHR is proud to announce that it recently acquired the prestigious ESAC certification within the PEO (Professional Employer Organization) industry.
Similar to the mission of FDIC for banks, SIPC for the securities industry, and state insurance guaranty associations for the insurance industry, ESAC ensures that accredited PEOs' performance of key employer responsibilities to their clients, employees, insurers and regulatory authorities is backed by over $15 million of surety bonds held in trust at a national bank.
Ken Porcelli, GalaxyHR’s President, commented: “As of April 2014, only 16.5% of PEOs are accredited by the Employer Services Assurance Corporation (ESAC). GalaxyHR is proud to announce that it is now part of this elite group.”
ESAC's accreditation process verifies a PEOs' ongoing financial solvency and compliance with government regulations and important industry standards that demonstrate the PEO's financial stability, ethical business conduct and adherence to operational standards and regulatory requirements.
Ken Porcelli continued: “Not only does verifying a PEO's accredited status reduce the amount of due diligence required by prospective PEO clients, it also provides current clients of proven reliability, financial assurance and best of all, peace of mind.”
Accredited PEOs provide ESAC with comprehensive compliance data including audited financial statements, quarterly independent CPA verification of payment of taxes, benefit contributions and insurance premiums, and evidence of required employer insurance coverages. Compliance is then verified by independent financial and legal advisors, ESAC's surety carrier and ESAC staff, under the oversight of ESAC's independent directors.
GalaxyHR is a Professional Employer Organization that provides small to medium sized businesses with Payroll and Tax Administration, Benefits Administration, Risk Management and Compliance and Human Resources Administration. GalaxyHR offers PEO buying power that enables organizations to attract and retain top talent, improved benefit offerings and Employer of Choice advantages. Additionally, by sharing the liabilities associated with employer compliance, GalaxyHR can mitigate compliance risks. Visit www.galaxyhr.net for more information.
The Employer Services Assurance Corporation (ESAC) provides an accreditation and financial assurance program for the professional employer organization (PEO) industry. An independent non-profit corporation, ESAC is managed by a board of directors that includes PEO industry attorneys and CPAs as well as independent directors representing over 100 years of combined PEO industry regulatory experience. ESAC has been building integrity and trust for the PEO industry since 1995. Today, ESAC is recognized nationally as the gold standard for PEO reliability and financial assurance.