PEO Smart-Tek Signs Agreement With The Hardford to Offer 401k Plan
NEWPORT BEACH, CA, March 30, 2010 -- Smart-Tek Automated Services, Inc. today announced that it has signed an agreement to offer its client employees a 401k plan through The Hartford Financial Services Group, Inc., a leading provider of life insurance, group and employee benefits, automobile and homeowners insurance and business insurance - as well as investment products, annuities, mutual funds, and college savings plans.
One of the greatest competitive advantages that Smart-Tek has is its ability to meet its clients' requests. By allowing each client to select a customized 401k plan structure, Smart-Tek is able to provide a necessary level of flexibility. Smart-Tek establishes a separate 401k plan document with each client. This provides insulation for each client from defects in plan operation of the other clients.
Smart-Tek Automated Services, Inc., a subsidiary of Smart-Tek Solutions, Inc., recently entered the PEO market with a strategy of attracting clients through enhanced employee benefits. Brian Bonar, CEO of Smart-Tek, said the strategy has been enormously successful. "As we have reported preciously, we are on target to see the 2010 gross billings exceed $130 million in calendar year 2010," Bonar said.
About Smart-Tek Solutions
The parent, Smart-Tek Solutions, Inc., generates revenue from the installation of security systems in construction projects. Its board is currently in negotiations to sell its original business and focus entirely on the PEO business of its wholly owned subsidiary, in order to achieve the best value for its shareholders. The original business generated $3.3 and $3.8 Million of revenue in 2009 and 2008 respectively, and $0 and ($3.1) loss of earnings in 2009 and 2008 respectively.
About Smart-Tek Automated Services
Smart-Tek Automated Services, Inc. provides financial services to small and medium-size businesses, relieving our clients from many of the day-to-day tasks that negatively impact their core business operations such as payroll processing, human resources support, workers' compensation insurance, safety programs, employee benefits, and other administrative and aftermarket services predominantly related to staffing - staff leasing, temporary staffing and co-employment. It not only provides core services but a wide selection of employee and employer benefits and aftermarket products.
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