-----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, EPEtFqIQOVAAwwkFvNqd5B8xtqnUTKU3jlmYDWDt52ahxbE8PMWSE4eAeaR6+clI AvgDcK5CVg6NugaD4/0u0w== 0000924646-99-000008.txt : 19990630 0000924646-99-000008.hdr.sgml : 19990630 ACCESSION NUMBER: 0000924646-99-000008 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980927 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MODIS PROFESSIONAL SERVICES INC CENTRAL INDEX KEY: 0000924646 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 593116655 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-24484 FILM NUMBER: 99655275 BUSINESS ADDRESS: STREET 1: 1 INDEPENDENT DR CITY: JACKSONVILLE STATE: FL ZIP: 32202 BUSINESS PHONE: 9043602000 MAIL ADDRESS: STREET 1: 1 INDEPENDENT DR CITY: JACKSONVILLE STATE: FL ZIP: 32202 FORMER COMPANY: FORMER CONFORMED NAME: ACCUSTAFF INC DATE OF NAME CHANGE: 19940606 11-K 1 FORM 11-K FOR PERIOD ENDED 9/27/98 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 -------------------------------------------- (Mark One) ( ) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended _______________ or ( X ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from January 1, 1998 to September 27, 1998 Commission File No. 000-24484 A. Full title and address of the plan, if different from that of the issuer named below: ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST ONE INDEPENDENT DRIVE JACKSONVILLE, FLORIDA 32202 (904) 360-2000 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: ACCUSTAFF INCORPORATED ONE INDEPENDENT DRIVE JACKSONVILLE, FLORIDA 32202 (904) 360-2000 REQUIRED INFORMATION The following financial statements and schedules have been prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974, as amended: 1. Statements of Net Assets Available for Benefits as of September 27, 1998 and December 31, 1997. 2. Statement of Changes in Net Assets Available for Benefits for the Period Ended September 27, 1998. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized on this 29th day of June 1999. ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST By: MODIS PROFESSIONAL SERVICES, INC. (Plan Administrator) By: /s/ Robert P. Crouch -------------------- Robert P. Crouch, Vice President & Chief Accounting Officer -1-
ACCUSTAFF INCORPORATED EMPLOYEE SAVINGS AND PROFIT SHARING PLAN AND TRUST REPORT ON AUDITS OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES FOR THE PERIOD ENDED SEPTEMBER 27, 1998 AND FOR THE YEAR ENDED DECEMBER 31, 1997 TABLE OF CONTENTS Report of Independent Accountants 3 Financial Statements: Statements of Net Assets Available for Benefits With Fund Information as of September 27, 1998 and December 31, 1997 4 Statement of Changes in Net Assets Available for Benefits With Fund Information for the period ended September 27, 1998 5 Notes to Financial Statements 6 Supplemental Schedules: Item 27a-Schedule of Assets Held for Investment Purposes 9 Item 27b-Schedule of Loans or Fixed Income Obligations 10 Item 27c-Schedule of Leases in Default or Classified as Uncollectible 11 Item 27d-Schedule of Reportable Transactions 12 Item 27e-Schedule of Nonexempt Transactions 13 Item 27f-Schedule of Nonexempt Transactions 14
-2- Report of Independent Accountants To the Participants and Administrator of AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust In our opinion, the accompanying statements of net assets available for benefits with fund information and the related statement of changes in net assets available for benefits with fund information present fairly, in all material respects, the net assets available for benefits of the AccuStaff Incorporated (the Company) Employee Savings and Profit Sharing Plan and Trust (the Plan) at September 27, 1998 and December 31, 1997, and the changes in net assets available for benefits for the period ended September 27, 1998, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Company's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust 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 supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. PricewaterhouseCoopers LLP Jacksonville, Florida June 18, 1999 -3- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Statements of Net Assets Available for Benefits With Fund Information as of September 27, 1998 and December 31, 1997
Net Assets as of September 27, 1998 ------------------------------------------------------------------------ Investments, at fair value Receivables ------------------------------------------ --------------------------- Net Mutual Assets Money Fund Participant Available Participant Market Pooled Notes Participants' Employer's for Directed Funds Accounts Receivable Contribution Contribution Benefits ------------ ------------ ------------ ------------ ------------ ------------ Strong Money Market Fund $ 3,075,841 $ - $ - $ - $ - $ 3,075,841 Strong Mutual Fund Pooled Accounts: Government Securities - 1,514,514 - - - 1,514,514 Asset Allocation - 470,301 - - - 470,301 Common Stock - 1,827,886 - - - 1,827,886 Growth - 1,823,402 - - - 1,823,402 Index 500 - 1,103,827 - - - 1,103,827 International Stock - 315,706 - - - 315,706 Schafer Value - 1,438,183 - - - 1,438,183 AccuStaff Incorporated Stock Pool - 392,951 - - - 392,951 Merrill Lynch Money Market - 82,000 - - - 82,000 Participant Notes - - 77,749 - - 77,749 Other - - - 108,919 30,346 139,265 ------------ ------------ ------------ ------------ ------------ ------------ Total $ 3,075,841 $ 8,968,770 $ 77,749 $ 108,919 $ 30,346 $ 12,261,625
Net Assets as of December 31, 1997 --------------------------------------------------------------------------------------- Investments, at fair value Receivables --------------------------------------------------------- ------------ Net Mutual Transfers Assets Money Fund Participant from Available Participant Market Pooled Limited Notes Participants' Merged for Directed Funds Accounts Partnerships Receivable Contribution Plans Benefits ------------ ------------ ------------ ------------ ------------ ------------ ------------ Strong Money Market Fund $ 984,184 $ - $ - $ - $ - $ - $ 984,184 Strong Mutual Fund Pooled Accounts: Government Securities - 350,135 - - - - 350,135 Asset Allocation - 138,365 - - - - 138,365 Common Stock - 712,064 - - - - 712,064 Growth - 715,313 - - - - 715,313 Index 500 - 1,445 - - - - 1,445 International Stock - 154,866 - - - - 154,866 Schafer Value - 427,555 - - - - 427,555 AccuStaff Incorporated Stock Pool - 194,711 - - - - 194,711 Merrill Lynch Money Market - 81,271 - - - - 81,271 Limited Partnership - - 2,200 - - - 2,200 Participant Notes - - - 6,609 - - 6,609 Other - - - - 38,875 6,931,846 6,970,721 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Total $ 984,184 $ 2,775,725 $ 2,200 $ 6,609 $ 38,875 $ 6,931,846 $ 10,739,439
The accompanying notes are an integral part of these financial statements. -4- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Statement of Changes in Net Assets Available for Benefits With Fund Information for the period ended September 27, 1998
Additions to Net Assets Attributed to: --------------------------------------------------------------------------------- Investments Contributions ----------- --------------------------------------- Net Appreciation (Depreciation) Participant in Fair Value Participants' Total Directed of Investments Interest Dividends Participants' Rollovers Employer's Additions ----------- ----------- ----------- ----------- ----------- ----------- ----------- Strong Money Market Fund $ - $ 13 $ 159,425 $ 158,772 $ 7,326 $ 34,665 $ 360,201 Strong Mutual Fund Pooled Accounts: Government Securities 36,745 74 25,089 266,206 15,949 80,100 424,163 Asset Allocation (16,247) - 5,371 80,565 492 23,423 93,604 Common Stock (228,970) 304 3,377 356,625 13,573 99,795 244,704 Growth (44,833) 275 - 347,114 14,398 96,835 413,789 Index 500 (65,998) - 166 254,059 16,540 71,141 275,908 International Stock (62,475) - 2,572 81,835 2,962 24,066 48,960 Schafer Value (334,761) - - 331,295 6,628 88,875 92,037 AccuStaff Incorporated Stock Pool (194,653) 9 - 142,544 3,664 41,444 (6,992) Merrill Lynch Money Market - 729 - - - - 729 Limited Partnership (2,200) - - - - - (2,200) Participant Notes - 312 - - - - 312 Other 535,577 - - 108,919 - 30,346 674,842 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total $ (377,815) $ 1,716 $ 196,000 $ 2,127,934 $ 81,532 $ 590,690 $ 2,620,057
Transfers Net Assets Available Transfers to Modis for Benefits Benefits from Retirement Net ------------------------- Participant Paid to Interfund Merged Savings Increase Beginning End Directed Participants Transfers Plans Plan (Decrease) of Year of Year ----------- ----------- ----------- ----------- ----------- ----------- ----------- Strong Money Market Fund $ 1,434,572 $ 2,338,613 $ 827,469 $ (54) $ 2,091,657 $ 984,184 $ 3,075,841 Strong Mutual Fund Pooled Accounts: Government Securities 103,034 846,947 - (3,697) 1,164,379 350,135 1,514,514 Asset Allocation 26,308 260,535 4,105 - 331,936 138,365 470,301 Common Stock 92,161 963,297 - (18) 1,115,822 712,064 1,827,886 Growth 59,588 754,115 - (227) 1,108,089 715,313 1,823,402 Index 500 68,559 895,033 - - 1,102,382 1,445 1,103,827 International Stock 22,279 144,553 - (10,394) 160,840 154,866 315,706 Schafer Value 76,626 995,336 - (119) 1,010,628 427,555 1,438,183 AccuStaff Incorporated Stock Pool 28,503 233,927 - (192) 198,240 194,711 392,951 Merrill Lynch Money Market - - - - 729 81,271 82,000 Limited Partnership - - - - (2,200) 2,200 - Participant Notes 3,114 73,942 - - 71,140 6,609 77,749 Other - (7,506,298) - - (6,831,456) 6,970,721 139,265 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total $ 1,914,744 $ - $ 831,574 $ (14,701) $ 1,522,186 $ 10,739,439 $ 12,261,625
The accompanying notes are an integral part of these financial statements. -5- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Notes to Financial Statements 1. Description of Plan: The following description of the AccuStaff Incorporated (the Company) Employee Savings and Profit Sharing Plan and Trust (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. Effective October 1, 1998, AccuStaff Incorporated changed its name to Modis Professional Services, Inc. On September 27, 1998, the plan sponsorship was transferred to CHI Financial Services, Inc. when AccuStaff Incorporated sold its commercial division to Randstad U.S., L.P. General - The Plan is a defined contribution plan covering the commercial division employees of AccuStaff Incorporated who are age 21 or older and have completed at least one year of service with a minimum of 1,000 hours. To continue to vest in Company contributions, a participant must work at least 1,000 hours each year. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Contributions - Employer contributions to the Plan are at the discretion of the Company and are a discretionary matching percentage of the participants' contributions. Company contributions are allocated to participants in proportion to their annual compensation. Participants may elect to defer and contribute to the Plan up to 15% of their annual compensation, within the limitations prescribed by law, and under the provisions of the Plan. Individual participants' contributions are limited to an annual IRS maximum amount ($10,000 for the plan year ended December 31, 1998). Investment Options - Under the provisions of the Plan, participants may direct their contributions to be invested in various pooled accounts of the Strong Mutual Fund Company. Contributions may be invested in one account or allocated among different accounts. Changes in allocation of contributions among accounts are permitted pursuant to contract provisions. Accounts available to participants and the related investment objective are summarized as follows: Strong Money Market - This Fund seeks current income, a stable share price and daily liquidity. The Fund invests in corporate, bank and government instruments that present minimal credit risk. Strong Government Securities - This Fund seeks total return by investing for a high level of current income with a moderate degree of share-price fluctuation. The Fund normally invests at least 80% of its net assets in U.S. government securities. Strong Asset Allocation - This Fund seeks high total return consistent with reasonable risk over the long term. The Fund pursues this objective by allocating its assets among stocks, bonds and cash. Strong Common Stock - This Fund seeks capital growth. The Fund invests at least 80% of its net assets in equity securities. It currently emphasizes small companies that the advisor believes are under-researched and attractively valued. Strong Growth - This Fund seeks capital growth. The Fund invests primarily in securities that the advisor believes have above-average growth prospects Strong Index 500 - This Fund seeks to approximate as closely as practicable (before fees and expenses) the capitalization-weighted total rate of return of that portion of the U.S. market for publicly-traded common stocks composed of the larger capitalization companies. Strong International Stock - This Fund seeks capital growth. It invests primarily in the equities securities of issuers located outside the United States. Strong Schafer Value - This Fund's primary investment objective is long-term capital appreciation. The Fund invests primarily in common stocks and other equity securities. Current income is a secondary objective in the selection of investments. AccuStaff Incorporated Stock Pool- This Fund was created specifically for AccuStaff employees. The fund purchases 95% of its value in AccuStaff Incorporated stock. Five percent is held in the Strong Money Market Fund. The combined value is unitized. The participant then invests in these units. Merrill Lynch Money Market- This Fund seeks current income, a stable share price and daily liquidity. -6- Earnings Allocation - Plan earnings are allocated to participants' accounts on a daily basis based upon their individual account balances as of the beginning of the Plan's fiscal year, less any withdrawals made during the year. Forfeiture Allocation - Forfeitures of terminated participants' accounts related to the provisions of the Plan would result in a reduction of the Company's contributions in the year of such forfeiture. In 1998, employer contributions were reduced by approximately $18,000 from forfeited nonvested accounts. Vesting - Employee contributions plus actual earnings thereon are fully vested at all times. Employer contributions made on behalf of each participant are partially vested from service years two through four and become fully vested after the participant completes five service years. Pursuant to an amendment to the Plan, effective January 1, 1998, vesting will occur equally over four years of service. In the event of death or total and permanent disability while under the Company's employment, all amounts credited to the participant's account as of the subsequent plan anniversary date are considered fully vested. Payment of Benefits - Upon retirement, death or disability, a participant or participant's beneficiary will receive a lump sum amount or installments over a period of time not more than the participant's/beneficiary's life expectancy determined at the time of distribution. Participant Notes Receivable - Participants may receive loans from the Plan within limits established by rules under the Internal Revenue Code. All loans must be collateralized. A participant may use up to one-half of his or her non-forfeitable account balance under the Plan to collateralize a loan. Loans require periodic payments with principal amortized over a period not to exceed five years, except for loans to acquire a principal residence, which require periodic payments over a reasonable period determined at the date the loan is made. All loans are considered a directed investment from a participant's account under the Plan. All payments of principal and interest by a participant on a loan are credited to his or her account. 2. Summary of Significant Accounting Policies: Basis of Accounting - The financial statements of the Plan are prepared under the accrual method of accounting. Administrative Expenses - All expenses of administration may be paid out of the Plan's funds or by the Company. Investment Valuation and Income Recognition - The Plan's investments are stated at fair value based upon quoted market prices. Investments for which quoted market prices are not available, principally limited partnerships, are carried at their estimated fair value as determined by the limited partnership or Trustee. The AccuStaff Incorporated Stock Pool is valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. Gains or losses on the sale of investments are based on the cost or adjusted value of each specific investment. The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (deprecation) on these investments. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties - The Plan provides for various investment options in any combination of stocks, bonds, fixed income securities, mutual funds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits. Benefits - Benefits are recorded when paid. -7- 3. Investments: Investments which exceeded 5% of the Plan's net assets are summarized as follows:
Investments at Fair Value as Determined by Quoted Market Prices: September 27, December 31, 1998 1997 ------------ ------------ Strong Money Market $ 3,075,841 $ 984,184 Strong Mutual Funds Pooled accounts: Government Securities 1,514,514 - Common Stock 1,827,886 712,064 Growth 1,823,402 715,313 Index 500 1,103,827 - Schafer Value 1,438,183 -
4. Plan Termination: Although it has not expressed any intent to do so, the Company has the right under the Plan agreement to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become fully vested in their accounts. 5. Tax Status: The Internal Revenue Service has determined and informed the Company by letter dated August 20, 1998, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. 6. Financial Instruments: Certain financial instruments potentially subject the Plan to concentrations of credit risk. These financial instruments consist of money market funds, common stocks and pooled accounts with a mutual fund company. The Plan limits its credit risk by maintaining its money market funds and pooled general accounts with what it believes to be high quality financial institutions. 7. Related Party Transactions: Certain Plan expenses for accounting, legal and administrative services were paid for by the Company. These expenses were approximately $33,300 and $65,400 in 1998 and 1997, respectively. Employees can elect to allocate their contributions to the purchase of AccuStaff Incorporated stock units, via the AccuStaff Incorporated Stock Pool Fund. 8. Merger of Subsidiary Plan: During 1998, the Plan was amended to include the defined contribution plan of one subsidiary. The plan was a subsidiary of AccuStaff during 1998. The following table details the subsidiary, merger date and amounts of assets transferred into the AccuStaff plan.
Subsidiary Date Amount - ---------------------------------------------------------------------------------- Firstaff, Inc. 401(k)and Profit Sharing Plan July 2, 1998 $ 831,574
9. Subsequent Event: On October 30, 1998, participants and their account balances in the amount of approximately $1,750,000 were transferred to the Plan from the Modis Professional Services, Inc. Retirement Savings Plan. -8- Supplemental Schedules AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Item 27a - Schedule of Assets Held for Investment Purposes as of September 27, 1998
Net Appreciation Fair (Depreciation) Cost Value in Fair Value ------------ ------------ ------------ Strong Money Market Fund $ 3,075,841 $ 3,075,841 $ - Strong Mutual Fund Pooled accounts: Government Securities 1,469,048 1,514,514 45,466 Asset Allocation 487,684 470,301 (17,383) Common Stock 2,076,452 1,827,886 (248,566) Growth 1,897,963 1,823,402 (74,561) Index 500 1,166,575 1,103,827 (62,748) International Stock 415,430 315,706 (99,724) Schafer Value 1,707,439 1,438,183 (269,256) AccuStaff Incorporated Stock Pool 587,217 392,951 (194,266) Merrill Lynch Money Market Fund 82,000 82,000 - ------------- ------------ ------------ 12,965,649 12,044,611 (921,038) Participant notes receivable with interest rates ranging from 2.13% to 10.25% 77,749 77,749 - ------------- ------------ ------------ Total investments $ 13,043,398 $ 12,122,360 $ (921,038)
-9- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Item 27b - Schedule of Loans or Fixed Income Obligations as of September 27, 1998 The Plan had no items as described under Item 27b as of September 27, 1998. -10- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Item 27c - Schedule of Leases in Default or Classified as Uncollectible as of September 27, 1998 The Plan had no items as described under Item 27c as of September 27, 1998. -11- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Item 27d - Schedule of Reportable Transactions for the period ended September 27, 1998 The following summary of reportable transactions presents each transaction or series of transactions involving an amount in excess of five percent (5%) of the fair value of Plan assets at the beginning of the 1998 Plan year.
Number Number Realized of of Gains Purchases Transactions Sales Transactions (Losses) ------------ ------------ ------------ ------------ ------------ Strong Money Market Fund $ 8,903,490 155 $ 6,811,833 158 $ - Strong Mutual Fund Pooled Accounts: Government Securities 1,269,702 120 142,068 128 1,848 Common Stock 1,525,445 105 180,653 136 3,999 Growth 1,297,457 116 144,535 119 2,026 Index 500 1,264,055 102 95,675 76 (3,189) Schafer Value 1,452,229 97 106,840 114 3,071
-12- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Item 27e - Schedule of Nonexempt Transactions for the period ended September 27, 1998 The Plan executed no transactions as described under Item 27e for the period ended September 27, 1998. -13- AccuStaff Incorporated Employee Savings and Profit Sharing Plan and Trust Item 27f - Schedule of Nonexempt Transactions for the period ended September 27, 1998
Identity of Description of Earnings lost from Party Involved Relationship Transactions late contributions - ----------------------------- ----------------------- ------------------------------ -------------------------- AccuStaff Plan Sponsor Employer segregrated $926 Incorporated employee contributions after the 15th business day following the end of the month in which amounts were withheld from employee wages. Subsequent to year end, the employer has funded all earnings lost from late contributions to the respective employees.
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