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Technology Stocks : Paychex (PAYX) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Garrison who wrote (160)	6/15/1999 5:04:00 PM
From: Beltropolis Boy	Respond to of 210

Paychex Teams Up With the Hartford to Help Small Businesses Manage Workers' Compensation Costs June 15, 1999 12:12 PM ROCHESTER, N.Y.--(BUSINESS WIRE)--June 15, 1999--Paychex, Inc. announces an innovative payment and report service designed to help small businesses manage workers' compensation costs. Paychex provides a reporting service and The Hartford Financial Services Group Inc. underwrites the workers' compensation insurance. "For small business owners, workers' compensation is part of the cost of doing business," said Gene Polisseni, Vice President, Marketing, Paychex, Inc. "By teaming up with The Hartford, our clients have access to an excellent insurance product and exceptional service. Our payment and report services offer a proactive solution to managing workers' compensation costs." Each pay period, Paychex' Workers' Compensation Report provides small businesses access to ongoing workers' compensation costs utilizing actual wages for each job classification code. A small business owner can use the information to manage workers' compensation cash flow and to communicate with their insurer. Paychex' Pay-As-You-GoSM service is a turnkey workers' compensation solution designed to further improve a small business owner's cash flow. Paychex' Pay-As-You-Go service eliminates up-front premium deposits and year-end surprises with workers' compensation costs. Small business owners do not have to pay any startup costs and they can pay for workers' compensation through regular payroll billing. "We're excited to have the opportunity to help Paychex clients manage workers' compensation costs," said Geoff Smith, President, Commercial Affinity, The Hartford. "This unique system for the calculation and payment of workers' compensation insurance greatly simplifies the process. By making payday-to-payday premium payments, small businesses can improve cash flow." Workers' compensation is a mandatory, no-fault insurance program that provides both wage replacement (indemnity) and medical benefits to workers who suffer injuries or occupational diseases arising "out of and in the course of employment." "Small businesses are in a constant state of change, from the number of employees on staff to the nature of their jobs," added Polisseni. "It can be very difficult to calculate actual workers' compensation costs at the year's end. Since we know our clients' payroll data, we can accurately calculate workers' compensation costs on an ongoing basis. By providing a current picture of costs throughout the policy period, we can help to eliminate costly year-end audit adjustments." The Hartford (http://www.thehartford.com) is one of the nation's largest international insurance and financial services operations, with 1998 revenues of $15 billion.