Client F.A.Q.
General
Service
Payroll
Benefits and 401(k)
Risk management
General
Q: What news is TriNet announcing today?
A: TriNet has announced that the acquisition of Gevity, a PEO located in Florida, is now complete, and the final agreement was signed on June 1, 2009. This expansion of TriNet means that the merged company is one of the nation’s largest PEO firms with the reach, technology, and industry expertise to serve clients everywhere: the combined organization currently delivers HR services to approximately 8,000 clients representing 130,000 employees nationwide.
Q: When was the merger effective?
A: The merger was completed June 1, 2009.
Q: Will the new company be public?
A: The combined TriNet company will remain privately held.
Q: How many employees will be in the combined company?
The combined company will have over 1,000 employees, including over 300 service professionals such as human capital and call center consultants. TriNet intends to deliver the highest level of customer service in the PEO industry.
Q: Will my fees increase as a result of the merger?
A: No fee changes are anticipated at the present time as a result of the transaction.
Q: Will I have to sign a new professional services agreement (PSA) as a result of the merger?
A: At the present time, you will not need to sign a new PSA. If additional documents are required in the future, you will be contacted.
Q: What is the name of the new company?
A: Although TriNet will be the parent brand of the new company and its legal name, Gevity clients can expect to see “Gevity, now part of TriNet,” on certain Gevity-specific materials during the integration process.
Q: How will my company benefit from the transition?
A: TriNet and Gevity clients are now part of one of the country’s leading PEOs. The combined company will offer “the best of both worlds” in terms of strengths and capabilities:
- A broader product portfolio
- Complementary industry expertise and focus
- An even larger national footprint, with a new east coast processing center, which will eventually have the capability to service all clients
- Expanded risk management capabilities
As the integration of the companies progresses, the combined company will be uniquely positioned to deliver industry-specific products and services in a way that traditional “one-size-fits-all” PEOs have never been able to achieve. For example, TriNet will announce its next product release during the summer, which will include an exciting Talent Acquisition service, an enhanced Human Capital Audit, and a Career Transition service. TriNet is dedicated to ongoing, continuous innovation designed to provide tailored solutions for all of its clients.
Q: As a former Gevity client, how will I benefit from moving to TriNet’s platform?
All of TriNet’s services are supported by a web-based PeopleSoft/Oracle technology platform. TriNet has invested over $30M into building its technology infrastructure, creating role-based, self-service capabilities to help employees, managers, and executives access the information they need, when they need it.
Unlike other HR providers, TriNet includes sophisticated workflow capabilities to completely eliminate all paperwork and manual effort and offers employer-level applications to help manage crucial tasks, such as benefits and compensation planning. Advanced analytics and reporting capabilities give executives the HR metrics, actionable insight, and answers they need to run their business and stay ahead of their competition.
While your move to TriNet’s platform will not happen immediately, we look forward to giving you the opportunity.
Q: As a former Gevity client, can I keep my company’s current benefits and workers compensation?
A: Yes, your company will continue to maintain the same Gevity benefit offerings through September 30, 2009, as well as the same workers compensation coverage. The combined company will continue to provide both first-class benefits and workers compensation coverage as part of its core offering.
Q: What is happening to Gevity’s Service Team?
A: The Gevity Service Team will remain in place to serve clients. One of the strengths of the combined company will be the complementary industry expertise that the service team can now bring to bear in order to enhance client success. TriNet intends to leverage the expertise and knowledge of the Gevity service team to build an even stronger company.
Q: How will TriNet’s business change?
A: TriNet has made this investment in order to expand its industry expertise and broaden its product portfolio. At the same time, TriNet remains highly focused on our current clients and is committed to ensuring their success by delivering superior business value. TriNet will continue to serve its traditional industries – namely technology, financial services, and professional services – while incorporating industries traditionally served by Gevity.
Q: What is the new company’s financial position?
A: TriNet has a solid financial foundation with more than $200 million in annual revenue for the combined company, as well as a strong balance sheet. In addition, the company enjoys backing from its majority investor, General Atlantic, a leading private equity firm that manages approximately $13 billion in capital.
Service
Q: What does this merger mean to me as a client?
A: One of our goals is to integrate TriNet and Gevity in a way that is seamless for your organization. You should experience no service disruptions as a result of the transaction.
With a combined 45 years at the forefront of the PEO industry, we are committed to the PEO business and do not anticipate immediate changes to your interaction with us as a result of the merger. Our commitment to customer service remains our highest priority. We do not anticipate immediate changes to pricing, health benefits, workers compensation coverage and 401(k) providers. The phone and fax numbers you have used to contact either TriNet or Gevity will remain unchanged for the time being.
You will still report payroll using the same process currently implemented. For Gevity clients, you can expect the same level of service from your HR Consultants (HRCs) and the Service Center representatives that you have come to expect.
Q: Who will service my account and my employees?
A: We do not plan any immediate changes to your level of service and service delivery model at this time – for either TriNet or Gevity clients. You should expect business as usual.
Q: I currently have other insurance policies that are facilitated by Gevity – for example, my Employment Practices Liability Insurance (EPLI). What happens to that coverage?
A: We do not anticipate any changes to coverage level or carrier at this time.
Payroll
Q: Will Gevity clients need to report payroll differently or fax/call someone else with payroll information? If I need to make changes on payroll, whom do I contact?
A: There will be no immediate changes to how you report payroll, which means you will continue to use the fax and call numbers you currently use. Your Gevity contacts remain the same.
Q: Will there be any disruption to employee direct deposits?
A: No.
Q: Do I need to change how I pay for my payroll?
A: At this time you do not need to make any changes in your payroll process. Therefore, Gevity clients should not change the “payee” name to TriNet on any checks or certified funds, or make any changes to your established direct debit or wire payments. Just send the payment to Gevity as before.
Q: How will our payroll be delivered?
A: Your payroll delivery and service remains unchanged.
Benefits and 401(k)
Q: Will my employees need to change their benefits carriers (medical, dental and/or supplemental)? Will my employees be receiving new identification cards?
A: No. The coverage plan you have today will remain in effect through the end of the
current plan year. Your employees’ identification cards are active through the end of the
current plan year. As is our practice, changes to your benefits plans will be made during Annual Benefits Enrollment (ABE), also known as Open Enrollment (OE) period.
Q: Will my Benefit Rates change as a result of the merger?
A: Your current rates will not change in 2009 as a result of the merger. For TriNet clients your rates may change as part of the normal Open Enrollment (OE) process; for Gevity clients your rates may change as part of the normal Annual Benefits Enrollment (ABE) process.
Q: Will my benefits plan year change?
A: The benefits plan year will remain unchanged during 2009 Open Enrollment (OE)/Annual Benefits Enrollment (ABE). You will receive additional information regarding your benefits as part of OE/ABE.
Q: What will happen to our 401(k) program?
A: If you have elected to participate in the 401(k) program in the Gevity-sponsored 401(k) program through Transamerica or another 401(k) provider, your 401(k) plan will remain intact.
Q: Will our 401(k) deductions continue?
A: Yes.
Q: Will the 401(k) investment fund choices change?
A: No changes in 401(k) investment fund choices are anticipated at this time.
Q: Who do I contact with questions regarding my Gevity 401(k) account?
A: Plan participants will continue to contact the OnCall Service Center at 1.866.2GEVITY
(1.800.243.8489).
Q: Gevity currently processes employee payroll deductions for my company’s 401(k) plan. Will this continue after the merger?
A: Yes.
Risk management
Q: I currently maintain my own workers compensation insurance policy and am not covered for workers compensation through Gevity. Will this change?
A: No changes to workers compensation will occur immediately as a result of the transaction.
Q: Will my workers’ compensation, FUTA, SUTA or FICA rates be affected?
A: No.
Should you have any additional merger-related questions:
Gevity clients – please call your current HR Consultant.
TriNet clients – please contact your current Human Capital Consultant.