-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, THjS2r7LetzNZdaB0yNur/TdZVoSYdzB0gX2vULkHemp1SkBezG5ybSBGyf8TwoG 0IUoJZglcOPrYepTfEBixA== 0001047469-99-026396.txt : 19990705 0001047469-99-026396.hdr.sgml : 19990705 ACCESSION NUMBER: 0001047469-99-026396 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERIM SERVICES INC CENTRAL INDEX KEY: 0000914536 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 363536544 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-11997 FILM NUMBER: 99659085 BUSINESS ADDRESS: STREET 1: 2050 SPECTRUM BLVD CITY: FT LAUDERDALE STATE: FL ZIP: 33309-3008 BUSINESS PHONE: 9549387600 MAIL ADDRESS: STREET 1: 2050 SPECTRUM BLVD CITY: FT LAUDERDALE STATE: FL ZIP: 33309-3008 11-K 1 11-K - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------------------- FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 Commission file number: 0-23198 INTERIM SERVICES INC. 401 (k) Benefit Plan 2050 SPECTRUM BOULEVARD, FORT LAUDERDALE, FLORIDA 33309 (Address of principal executive offices) (Zip code) (954) 938-7600 (Registrant's telephone number, including area code) (a) Financial Statements. Filed as part of this Report on Form 11-K are the financial statements of the Interim Services Inc. 401(k) Benefit Plan as required by Form 11-K, together with the report thereon of Deloitte & Touche LLP independent certified public accountants, dated June 11, 1999. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- INTERIM SERVICES INC. 401(k) BENEFIT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 1998 AND 1997, AND THE RELATED STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS THEN ENDED, ADDITIONAL INFORMATION REQUIRED FOR FORM 5500 FOR THE YEAR ENDED DECEMBER 31, 1998 AND INDEPENDENT AUDITORS' REPORT INTERIM SERVICES INC. 401(k) BENEFIT PLAN TABLE OF CONTENTS - --------------------------------------------------------------------------------
PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 and 1997 AND FOR THE YEARS THEN ENDED: Statements of Net Assets Available for Benefits 2 Statements of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4 - 8 ADDITIONAL INFORMATION REQUIRED FOR FORM 5500 FOR THE YEAR ENDED DECEMBER 31, 1998: Item 27a - Supplemental Schedule of Assets Held for Investment Purposes 9 Item 27d - Schedule of Reportable Transactions 10
Note: Certain supplemental schedules required by rules and regulations of the Department of Labor are omitted because of the absence of conditions under which they are required. INDEPENDENT AUDITORS' REPORT Administrative Committee Interim Services Inc. 401(k) Benefit Plan Fort Lauderdale, Florida: We have audited the accompanying statements of net assets available for benefits of Interim Services Inc. 401(k) Benefit Plan (the "Plan") as of December 31, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of (1) assets held for investment purposes as of December 31, 1998 and (2) reportable transactions for the year ended December 31, 1998 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 1998 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ Deloitte & Touche LLP Fort Lauderdale, Florida June 11, 1999 INTERIM SERVICES INC. 401(k) BENEFIT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------------- ASSETS 1998 1997 INVESTMENTS, FAIR VALUE: SHARES OF REGISTERED INVESTMENT COMPANIES: Franklin Growth Fund (408,466 shares) $11,065,339 MFS Research Fund A (133,731 shares) 2,847,137 Masterworks LifePath 2040 (37,114 shares) 642,450 Masterworks LifePath 2030 (32,780 shares) 532,014 Masterworks LifePath 2020 (351,442 shares) 5,208,364 Masterworks LifePath 2010 (27,733 shares) 368,851 Strong Government Securities Fund (150,612 shares) 1,619,077 Warburg Pincus International Equity Fund (59,116 shares) 1,005,559 Invesco Stable Value Fund (5,101,715 shares) 5,101,715 Interim Unitized Fund (131,032 shares) 1,823,962 T. Rowe Price Stable Value Fund (5,221,392 shares) $5,221,392 T. Rowe Price International Stock Fund (103,602 shares) 1,552,991 T. Rowe Price Spectrum Income Fund (176,120 shares) 2,025,377 T. Rowe Price Dividend Growth Fund (590,206 shares) 12,990,442 T. Rowe Price Personal Strategy Income Fund (78,146 shares) 1,036,991 T. Rowe Price Personal Strategy Balanced Fund (363,106 shares) 5,773,383 T. Rowe Price Personal Strategy Growth Fund (160,386 shares) 2,935,070 T. Rowe Price Mid-Cap Growth Fund (157,956 shares) 5,383,136 T. Rowe Price Small-Cap Stock Fund (4,542 shares) 94,430 T. Rowe Price Equity Index Trust (17,132 shares) 545,824 ----------- ----------- Total registered investment company stocks 37,559,036 30,214,468 STOCK FUND: Interim Services Inc. common stock (114,749 shares) 2,682,256 PARTICIPANT LOANS RECEIVABLE 959,014 504,113 Total investments 41,200,306 30,718,581 ----------- ----------- CONTRIBUTIONS RECEIVABLE: Employer 972,452 Participant 211,773 ----------- Total contributions receivable 1,184,225 UNINVESTED CASH 2,068 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $42,386,599 $30,718,581 ----------- ----------- ----------- -----------
See accompanying notes to financial statements. -2- INTERIM SERVICES INC. 401(k) BENEFIT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------- 1998 1997 ADDITIONS: Net appreciation in fair value of investments $2,680,971 $4,438,058 Dividend income 1,462,924 642,381 Interest income 72,470 111,435 Employee contributions 9,767,579 7,781,467 Employer contributions 2,502,488 846,622 Employee rollovers 102,716 8,759,964 ---------- ---------- Total additions 16,589,148 22,579,927 ---------- ---------- DEDUCTIONS: Savings plan distributions (4,821,858) (3,683,491) Asset management fee (99,272) (56,680) ---------- ---------- Total deductions (4,921,130) (3,740,171) ---------- ---------- NET INCREASE 11,668,018 18,839,756 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 30,718,581 11,878,825 ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $42,386,599 $30,718,581 ---------- ---------- ---------- ----------
See accompanying notes to financial statements. -3- INTERIM SERVICES INC. 401(k) BENEFIT PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1998 AND 1997 - ------------------------------------------------------------------------------ 1. SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING - The financial statements of the Interim Services Inc. 401(k) Benefit Plan (the "Plan") have been prepared on the accrual basis of accounting. USE OF ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. INVESTMENTS - Investments are stated at fair value, determined using quoted market prices. Net appreciation or depreciation in fair value of investments is determined by using the beginning of the year values or purchase price if acquired during the year. Participant loans receivable bear a prime interest rate and are collectible over a period not to exceed five years. FORFEITED ACCOUNTS - For the years ended December 31, 1998 and 1997, forfeitures on nonvested accounts totaled $183,641 and $216,301, respectively. Effective April 1, 1997, forfeitures are retained in the Plan to be used to offset future employer contributions. DISCLOSURE REGARDING FINANCIAL INSTRUMENTS - Investments are stated at fair value, determined using quoted market prices. The carrying amount of participant loans approximate fair value because the interest rates on these instruments change with market interest rates. NEW ACCOUNTING PRONOUNCEMENTS - In June 1998, the FASB issued SFAS No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. Among other provisions, SFAS No. 133 establishes accounting and reporting standards for derivative instruments and for hedging activities. It also requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. SFAS No. 133 is effective for financial statements for fiscal years beginning after July 1, 2000. The Plan Sponsor has not determined what effects, if any, the adoption of SFAS No. 133 will have on the Plan's financial statements. 2. DESCRIPTION OF THE PLAN The Plan is a defined contribution plan sponsored by Interim Services Inc. ("Interim"). Effective April 1, 1997, non-highly compensated employees are eligible for participation under the Plan after completing 90 days of service (previously 1,000 hours and 12 months of service were required). Employees' contributions (made on a pre-tax basis, equal to not less than 1 percent nor more than 15 percent of an employee's compensation) and actual earnings thereon are fully vested and nonforfeitable. Prior to April 1, 1997, employee contributions were limited to 2 percent to 10 percent of pre-tax compensation. Under the previous plan provisions, employer contributions amounts vested on a graduated scale from 2 to 6 years of service, becoming 100% vested at the end of six years or upon death, permanent disability or retirement at age 65. Subsequent to April 1, 1997, employer contributions (at present equal to 25 percent, with the possibility of an additional discretionary -4- match, up to 25 percent paid upon approval by the Board of Directors, of the sum of an employee's compensation reduction on the first 6 percent for the plan year) vest on a graduated scale from 1 to 5 years of service and become 100% vested at the end of five years or upon death, permanent disability or retirement at age 65. Effective January 1, 1992, employee after-tax contributions may no longer be made to the Plan. Any such contributions made prior to such date are fully vested and nonforfeitable. Plan earnings are allocated to individual accounts based on the participant's beginning balance as a percentage of the Plan's total beginning balance. Loans are limited to the lesser of $50,000 or 50% of the participant's vested account balance. Plan participants who leave Interim as a result of termination, retirement or permanent disability may elect to receive their entire vested account in a lump-sum, a rollover into another qualified plan, or if the balance exceeds $5,000, the participant may retain their vested balance in the Plan. Contributions will remain in the Plan and continue to earn interest based on the investment fund of the participant's choice until their entitlement is withdrawn or rolled over into another qualified plan. Participants of certain plans, which were merged into the Plan on April 1, 1997, may receive annuity payouts. Although Interim has not expressed any intent to do so, it has the right to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in the Plan and under ERISA. In the event that the Plan should be terminated, all Plan assets shall be allocated to the participants as described in the full text of the Plan. Effective April 1, 1997, administrative expenses are charged to Plan participant accounts. The plan sponsor directly pays certain audit and legal expenses for the Plan. The following investment funds represent the available options which the participants may elect to use: T. ROWE PRICE STABLE VALUE FUND - A current income fund investing in guaranteed investment contracts, by insurance companies, bank investment contracts, and synthetic investment contracts. T. ROWE PRICE INTERNATIONAL STOCK FUND - A long-term growth fund investing primarily in the common stocks of established, non-U.S. companies. T. ROWE PRICE SPECTRUM INCOME FUND - An income fund primarily investing in domestic bond funds and also in two foreign bond funds, but it may allocate up to 25% of assets to a stock fund. T. ROWE PRICE DIVIDEND GROWTH FUND - A long-term growth fund investing primarily in dividend-paying common stocks that have favorable prospects for increasing dividends. T. ROWE PRICE PERSONAL STRATEGY FUNDS - Growth and income funds investing in a mix of stocks, bonds, and money market securities depending on the overall emphasis towards growth or income. T. ROWE PRICE MID-CAP GROWTH FUND - A long-term capital growth fund investing primarily in common stocks of medium-sized (mid-cap) growth companies. T. ROWE PRICE SMALL-CAP STOCK FUND - A long-term capital growth fund investing primarily in stocks of small to medium-sized companies. T. ROWE PRICE EQUITY INDEX TRUST - A growth fund investing in all 500 stocks the S&P Index comprises in proportion to their respective weighting in the Index. -5- INTERIM SERVICES INC. COMMON STOCK - Funds are invested in common stock of Interim Services Inc. TRADELINK PLUS - Funds are invested in the common stock of the participant's choice. To utilize this investment option, a participant must have a minimum vested balance of $10,000 and can invest only 50% of their total vested balance in this manner. Any transaction costs to purchase or sell shares under this investment option are paid from the participant's vested account balance. As of December 31, 1998, no participants have elected to participate in this investment option. Prior to September 1, 1998, the following funds were available for use by participants: FRANKLIN GROWTH FUND - A capital appreciation fund investing in stocks of large established companies. MFS RESEARCH FUND A - A long-term growth and income fund investing in stocks of medium-sized companies. MASTERWORKS LIFEPATH FUNDS - Balanced funds that seek total returns for participants who will retire around the years 2010, 2020, 2030 and 2040, investing in stocks, bonds and money markets. STRONG GOVERNMENT SECURITIES FUND - Current income funds investing in Government bonds. WARBURG PINCUS INTERNATIONAL EQUITY FUND - Long-term capital growth fund investing primarily in stocks of foreign companies. INVESCO STABLE VALUE FUND - A current income fund designed to preserve principal value investing in a variety of insurance contracts. INTERIM UNITIZED FUND - Invests primarily in the common stock of Interim Services Inc. with a small portion maintained in a money market trust. Participants should refer to the plan agreement for a more complete description of the Plan's provisions. -6- 3. BY FUND INFORMATION Net additions (deductions) to net assets available for benefits for the year ended December 31, 1998 by fund are as follows:
MASTERWORKS MASTERWORKS MASTERWORKS MASTERWORKS STRONG FRANKLIN MFS LIFEPATH LIFEPATH LIFEPATH LIFEPATH GOVT. GROWTH RESEARCH 2040 2030 2020 2010 SECURITIES FUND FUND A FUND FUND FUND FUND FUND ADDITIONS: Contributions $ 1,790,925 $ 1,397,699 $ 504,688 $ 521,740 $ 670,318 $ 294,558 $ 366,775 Dividend income 4,788 7,859 57,964 7,416 60,385 Interest income Net appreciation (depreciation) 15,118 (321,927) (99,932) (71,704) (16,643) (18,262) 34,072 ----------- ----------- --------- --------- ----------- --------- ----------- Total additions 1,806,043 1,075,772 409,544 457,895 711,639 283,712 461,232 ----------- ----------- --------- --------- ----------- --------- ----------- DEDUCTIONS: Distributions (1,553,324) (315,157) (116,027) (100,350) (738,537) (51,944) (227,769) Administrative expenses (21,182) (9,996) (3,251) (3,134) (8,993) (1,735) (3,789) ----------- ----------- --------- --------- ----------- --------- ----------- Total deductions (1,574,506) (325,153) (119,278) (103,484) (747,530) (53,679) (231,558) ----------- ----------- --------- --------- ----------- --------- ----------- TRANSFERS, net (11,296,876) (3,597,756) (932,716) (886,425) (5,172,473) (598,884) (1,848,751) ----------- ----------- --------- --------- ----------- --------- ----------- NET INCREASE (DECREASE) (11,065,339) (2,847,137) (642,450) (532,014) (5,208,364) (368,851) (1,619,077) NET ASSETS AVAILABLE, BEGINNING OF YEAR 11,065,339 2,847,137 642,450 532,014 5,208,364 368,851 1,619,077 ----------- ----------- --------- --------- ----------- --------- ----------- NET ASSETS AVAILABLE, END OF YEAR $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ------------ ----------- --------- --------- ----------- --------- ------------ ------------ ----------- --------- --------- ----------- --------- ------------
T. ROWE T. ROWE WARBURG T.ROWE PRICE PRICE PINCUS INT'L. INTERIM INVESCO PRICE INTERNATIONAL SPECTRUM EQUITY UNITIZED STABLE VALUE STABLE VALUE STOCK INCOME FUND FUND FUND FUND FUND FUND ADDITIONS: Contributions $ 536,269 $ 589,037 $ 979,400 $ 283,293 $ 203,580 $ 171,358 Dividend income 173,290 97,130 57,172 69,774 Interest income 24,799 7,881 1,071 787 Net appreciation (depreciation) (65,512) (595,086) 125,948 33,680 ---------- --------- --------- --------- ----------- ----------- Total additions 470,757 787,126 384,314 388,304 387,771 275,599 ---------- --------- --------- --------- ----------- ----------- DEDUCTIONS: Distributions (106,511) (705,821) (233,759) (155,510) (22,591) (45,236) Administrative expenses (4,030) (9,640) (8,473) (2,895) (1,196) (1,310) ---------- --------- --------- --------- ----------- ----------- Total deductions (110,541) (715,461) (242,232) (158,405) (23,787) (46,546) ---------- --------- --------- --------- ----------- ----------- TRANSFERS, net (1,365,775) (5,173,380) (1,966,044) 4,991,493 1,189,007 1,796,324 ---------- --------- --------- --------- ----------- ----------- NET INCREASE (DECREASE) (1,005,559) (5,101,715) (1,823,962) 5,221,392 1,552,991 2,025,377 NET ASSETS AVAILABLE, BEGINNING OF YEAR 1,005,559 5,101,715 1,823,962 0 0 0 ---------- --------- --------- --------- ----------- ----------- NET ASSETS AVAILABLE, END OF YEAR $ 0 $ 0 $ 0 $5,221,392 $ 1,552,991 $ 2,025,377 ---------- --------- --------- --------- ----------- ----------- ---------- --------- --------- --------- ----------- -----------
T.ROWE T. ROWE T. ROWE T. ROWE PRICE PRICE PRICE T. ROWE T. ROWE T. ROWE PRICE PERSONAL PERSONAL PERSONAL PRICE PRICE PRICE DIVIDEND STRATEGY STRATEGY STRATEGY MID-CAP SMALL-CAP EQUITY GROWTH INCOME BALANCED GROWTH GROWTH STOCK INDEX FUND FUND FUND FUND FUND FUND TRUST ADDITIONS: Contributions $ 759,475 $ 144,679 $ 284,840 $ 496,393 $ 632,718 $ 28,142 $ 154,126 Dividend income 420,550 24,565 249,376 118,884 111,866 1,884 3 Interest income 4,028 934 1,788 878 2,287 72 325 Net appreciation (depreciation) 1,424,060 53,994 412,988 270,864 1,105,485 6,073 36,875 ------------ ----------- ---------- ----------- ----------- -------- --------- Total additions 2,608,113 224,172 948,992 887,019 1,852,356 36,171 191,329 ------------ ----------- ---------- ----------- ----------- -------- --------- DEDUCTIONS: Distributions (168,438) (18,960) (81,016) (43,651) (79,884) Administrative expenses (6,344) (724) (2,805) (2,653) (3,638) (150) (655) ------------ ----------- ---------- ----------- ----------- -------- --------- Total deductions (174,782) (19,684) (83,821) (46,304) (83,522) (150) (655) ------------ ----------- ---------- ----------- ----------- -------- --------- TRANSFERS, net 10,557,111 832,503 4,908,212 2,094,355 3,614,302 58,409 355,150 ------------ ----------- ---------- ----------- ----------- -------- --------- NET INCREASE (DECREASE) 12,990,442 1,036,991 5,773,383 2,935,070 5,383,136 94,430 545,824 NET ASSETS AVAILABLE, BEGINNING OF YEAR 0 0 0 0 0 0 0 ------------ ----------- ---------- ----------- ----------- -------- --------- NET ASSETS AVAILABLE, END OF YEAR $ 12,990,442 $ 1,036,991 $ 5,773,383 $ 2,935,070 $ 5,383,136 $ 94,430 $ 545,824 ------------ ----------- ----------- ----------- ----------- -------- --------- ------------ ----------- ----------- ----------- ----------- -------- ---------
INTERIM SERVICES INC. PARTICIPANT COMMON LOANS STOCK RECEIVABLE OTHER TOTAL ADDITIONS: Contributions $ 378,545 $ 1,184,225 $ 12,372,783 Dividend income 18 1,462,924 Interest income 2,849 $ 24,771 72,470 Net appreciation (depreciation) 350,880 2,680,971 ------------- --------- ----------- ------------ Total additions 732,292 24,771 1,184,225 16,589,148 ------------- --------- ----------- ------------ DEDUCTIONS: Distributions (30,143) (27,230) (4,821,858) Administrative expenses (2,679) (99,272) ------------- --------- ------------ Total deductions (32,822) (27,230) (4,921,130) ------------- --------- ------------ TRANSFERS, net 1,982,786 457,360 2,068 0 ------------- --------- ----------- ------------ NET INCREASE (DECREASE) 2,682,256 454,901 1,186,293 11,668,018 NET ASSETS AVAILABLE, BEGINNING OF YEAR 0 504,113 0 30,718,581 ------------- --------- ----------- ------------ NET ASSETS AVAILABLE, END OF YEAR $ 2,682,256 $ 959,014 $ 1,186,293 $ 42,386,599 ------------- --------- ----------- ------------ ------------- --------- ----------- ------------
-7- 4. PLAN COMMITTEES AND TRUSTEE The Plan provides for selection of an Administrative Committee, a Plan Administrator and a Trustee by the Board of Directors of Interim. The Administrative Committee is responsible for the general administration of the Plan, the interpretation of its provisions and is responsible for the reporting and disclosure requirements under ERISA. Effective September 1, 1998, T. Rowe Price was established as Trustee of the Plan and as the Plan's Administrator. 5. PLAN TAX STATUS The Plan intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986 (the "Code") and is intended to be exempt from taxation under Section 501(a) of the Code. The Plan received a favorable IRS determination letter dated July 23, 1996 and a new IRS determination request has been filed. The Plan has been amended since receiving the determination letter. However, the Plan Sponsor believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code and the related trust was tax-exempt as of the financial statement date. Therefore, no provision for income taxes has been included in the Plan's financial statements. * * * * * * -8- INTERIM SERVICES INC. 401(k) BENEFIT PLAN ITEM 27a - SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998 - -------------------------------------------------------------------------------
FAIR DESCRIPTION SHARES COST VALUE SHARES OF REGISTERED INVESTMENT COMPANIES: T. Rowe Price Stable Value Fund* 5,221,392 $ 5,221,392 $ 5,221,392 T. Rowe Price International Stock Fund* 103,602 1,433,302 1,552,991 T. Rowe Price Spectrum Income Fund* 176,120 1,993,696 2,025,377 T. Rowe Price Dividend Growth Fund* 590,206 11,612,410 12,990,442 T. Rowe Price Personal Strategy Income Fund* 78,146 984,543 1,036,991 T. Rowe Price Personal Strategy Balanced Fund* 363,106 5,380,248 5,773,383 T. Rowe Price Personal Strategy Growth Fund* 160,386 2,684,982 2,935,070 T. Rowe Price Mid-Cap Growth Fund* 157,956 4,323,230 5,383,136 T. Rowe Price Small-Cap Stock Fund* 4,542 88,482 94,430 T. Rowe Price Equity Index Trust* 17,132 509,114 545,824 ----------- ----------- Total registered investment companies stock $34,231,399 $37,559,036 Interim Services Inc. common stock* 114,749 $ 2,280,922 $ 2,682,256 PARTICIPANT LOANS RECEIVABLE* $ 959,014 $ 959,014 ----------- ----------- TOTAL INVESTMENTS 37,471,335 41,200,306 ----------- ----------- ----------- -----------
Note: Collateral is not applicable as loans represent use of participant's own funds. Defaults are subject to applicable tax and penalties by the Internal Revenue Service. Participant loans receivable are due at various maturity dates and bear interest at the prime rate. * Party-in-interest -9- INTERIM SERVICES INC. 401(k) BENEFIT PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1998 - ------------------------------------------------------------------------------ Single transactions or series of transactions, when aggregated, exceeding five percent of beginning net assets available for benefits:
CURRENT VALUE ON NUMBER OF PURCHASES TRANSACTION SALES SALES NET GAIN DESCRIPTION OF ASSETS PURCHASES SALES AT COST DATE PROCEEDS AT COST (LOSS) SINGLE TRANSACTIONS: Franklin Growth Fund* 1 $10,760,731 $10,760,731 $ 9,985,076 $ 775,655 MFS Research Fund A* 1 3,764,465 3,764,465 4,111,094 (346,629) Masterworks LifePath Fund 2020* 1 5,081,648 5,081,648 4,752,307 329,341 Strong Government Securities Fund* 1 1,743,269 1,743,269 1,689,043 54,226 Invesco Stable Value Fund* 1 4,918,965 4,918,965 4,918,965 Interim Unitized Fund* 1 1,972,560 1,972,560 2,362,157 (389,597) T. Rowe Price Stable Value Fund* 1 $ 4,919,164 4,919,164 T. Rowe Price Spectrum Income Fund* 1 1,743,330 1,743,330 T. Rowe Price Dividend Growth Fund* 1 10,760,730 10,760,730 T. Rowe Price Personal Strategy Balanced Fund* 1 5,081,647 5,081,647 T. Rowe Price Personal Strategy Growth Fund* 1 2,274,523 2,274,523 T. Rowe Price Mid-Cap Growth Fund* 1 3,764,484 3,764,484 Interim Services Inc. common stock* 1 1,920,318 1,920,318 SERIES OF TRANSACTIONS: Franklin Growth Fund* 144 2,026,176 2,026,176 136 13,106,633 13,106,633 11,875,212 1,231,421 MFS Research Fund A* 157 1,813,613 1,813,613 113 4,338,821 4,338,821 4,543,098 (204,277) Masterworks LifePath Fund 2020* 106 6,088,397 6,088,397 5,558,489 529,908 Strong Government Securities Fund* 91 2,273,479 2,273,479 2,194,620 78,859 Warburg International Equity Fund* 99 1,567,723 1,567,723 1,872,840 (305,117) Invesco Stable Value Fund* 107 6,392,305 6,392,305 6,392,305 Interim Unitized Fund* 109 2,424,291 2,424,291 2,645,689 (221,398) T. Rowe Price Stable Value Fund* 33 5,412,641 5,412,641 T. Rowe Price Spectrum Income Fund* 31 2,038,544 2,038,544 T. Rowe Price Dividend Growth Fund* 25 11,889,089 11,889,089 T. Rowe Price Personal Strategy Balanced Fund* 27 5,609,645 5,609,645 T. Rowe Price Personal Strategy Growth Fund* 25 2,867,704 2,867,704 T. Rowe Price Mid-Cap Growth Fund* 32 4,484,645 4,484,645 Interim Services Inc. common stock* 31 2,351,517 2,351,517
*Party-in-Interest -10- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of l934, the Administrative Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. Interim Services Inc. 401(k) Benefit Plan /s/ J. B. Smith ----------------------------------- By: /s/ J.B. Smith SECRETARY, ADMINISTRATIVE COMMITTEE -----END PRIVACY-ENHANCED MESSAGE-----