AMBROSE EMPLOYER GROUP EARNS NATIONAL DISTINCTION
Financial Assurance Program to Benefit Clients and Serviced Employees.

NEW YORK, October 7, 2004 –  Ambrose Employer Group, LLC (“Ambrose”) was recently accredited by the Employer Services Assurance Corporation (ESAC) allowing Ambrose to provide its clients and serviced 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 closely monitors accredited professional employer organizations 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 reimbursement up to $1 million per participating PEO, plus $3 million in excess coverage 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 its financial responsibilities.  Assurance is provided through the Employer Services Trust with a major national bank serving as Trustee. 

“ESAC accreditation is a tremendous distinction for our organization,” said John Iorillo, Co-CEO.  “Accreditation requires in-depth transparency and verification of all aspects of our finances and operations.  In addition to the security provided to clients under the ESAC bonding program, clients can be confident that Ambrose’s operational standards, ethical conduct, service quality and financial stability are measured against the highest industry standards and independently verified each quarter.  We believe that demonstrating our commitment to quality and transparency through ESAC is good for Ambrose, our clients and the entire PEO industry.” 

“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, Chairman/President of ESAC. “ESAC members 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.” 

About Ambrose Employer Group, LLC

Ambrose is a professional employer organization ("PEO") providing human resources administration, payroll, benefits services, and human resources information systems to small and mid-size companies.  Focusing exclusively on “white collar” businesses, Ambrose provides health and dental coverage, 401(k) plans, payroll processing, workers' compensation coverage, flexible spending accounts, a host of other employee benefits, as well as regulatory and administrative services.  Founded in 1997, Ambrose serves clients in 40 states, including financial service firms, business services firms, corporate spinouts, technology companies, and other professional service firms.  Ambrose has offices in New York City and Boston. 

For additional information, please contact Jonathon Goldin at Ambrose (jgoldin@ambrosegroup.com) or Jane McCoggins at ESAC (JMcCoggins@esacorp.org).