HOUSTON, Oct 17, 2007 (BUSINESS WIRE) -- Administaff, Inc. (NYSE:ASF), a leading provider of human
resources services for small and medium-sized businesses, today
announced that its retirement plans have reached $1 billion in 401(k)
plan assets.
Formed in 2003, Administaff Retirement Services, L.P. (ARS) has
more than doubled during the last four years from $417 million to $1
billion, and has averaged a 25 percent growth rate per year. With
approximately 2,500 clients, 620 of which were added in 2006, ARS is
one of the leading retirement plan recordkeepers in the United States.
"We are thrilled to reach this very important milestone, which
places us alongside more well-known companies in the industry and
ranks us in the top five percent of listed providers in terms of plan
assets," said Richard G. Rawson, Administaff president. "Due to the
fact that our core retirement plan offering has no additional cost to
Administaff's PEO clients, it significantly enhances the value of our
services to small and medium-sized businesses."
ARS, a subsidiary of Administaff, Inc., is a full-service 401(k)
provider offering a bundled service package that includes investment
funds from 21 best-in-class providers. With a highly efficient,
seamlessly integrated approach to service delivery, ARS offers plan
participants one of the industry's most cost-effective programs with
trained professionals managing the fiduciary responsibility.
Administaff is the nation's leading professional employer
organization (PEO), serving as a full-service human resources
department that provides small and medium-sized businesses with
administrative relief, big-company benefits, reduced liabilities and a
systematic way to improve productivity. The company operates 47 sales
offices in 23 major markets. For additional information, visit
Administaff's Web site at http://www.administaff.com.
The statements contained herein that are not historical facts are
forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934). You can identify such
forward-looking statements by the words "expects," "intends," "plans,"
"projects," "believes," "estimates," "likely," "possibly," "probably,"
"goal," "objective," "target," "assume," "outlook," "guidance,"
"predicts," "appears," "indicator" and similar expressions.
Forward-looking statements involve a number of risks and
uncertainties. In the normal course of business, Administaff, Inc., in
an effort to help keep our stockholders and the public informed about
our operations, may from time to time issue such forward-looking
statements, either orally or in writing. Generally, these statements
relate to business plans or strategies, projected or anticipated
benefits or other consequences of such plans or strategies, or
projections involving anticipated revenues, earnings, unit growth,
profit per worksite employee, pricing, operating expenses or other
aspects of operating results. We base the forward-looking statements
on our current expectations, estimates and projections. These
statements are not guarantees of future performance and involve risks
and uncertainties that we cannot predict. In addition, we have based
many of these forward-looking statements on assumptions about future
events that may prove to be inaccurate. Therefore, the actual results
of the 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 and possible adverse application
of various federal, state and local regulations, including but not
limited to the California State Unemployment Tax matter; (iii) changes
in our direct costs and operating expenses including, but not limited
to, increases in health insurance costs and workers' compensation
rates and underlying claims trends, financial solvency of workers'
compensation carriers and other insurers, state unemployment tax
rates, liabilities for employee and client actions or payroll-related
claims, changes in the costs of expanding into new markets, and
failure to manage growth of our operations; (iv) the effectiveness of
our sales and marketing efforts; (v) changes in the competitive
environment in the PEO industry, including the entrance of new
competitors and our ability to renew or replace client companies; (vi)
our liability for worksite employee payroll and benefits costs; and
(vii) an adverse final judgment or settlement of claims against
Administaff. These factors are discussed in further detail in
Administaff's filings with the U.S. Securities and Exchange
Commission. Any of these factors, or a combination of such factors,
could materially affect the results of our operations and whether
forward-looking statements we make ultimately prove to be accurate.
SOURCE: Administaff, Inc.
Administaff, Inc., Houston
Investor Relations Contact:
Douglas S. Sharp, 281-348-3232
Vice President of Finance,
Chief Financial Officer and Treasurer
Douglas_Sharp@Administaff.com
or
News Media Contact:
Jason Cutbirth, 281-312-3085
Managing Director of Marketing and
Corporate Communications
Jason_Cutbirth@Administaff.com