On the next BBSI conference call can someone, anyone, ask Michael L. Elich why the corporate office of BBSI deducts the employer contributions for the 401K program from their management employee bonus checks and calls it a corporate overhead charge? What this means is that if a BBSI branch is profitable the corporate office deducts their matching 401K funds before anyone is given a bonus. They fail to tell new hires this technicality.
----- Original Message -----
From: Bill Sherertz
Cc: Mike Elich ; Jim Miller ; Kristie Smith ; Greg Vaughn
Sent: Friday, October 20, 2006 10:13 AM
We will be making a change in the way 401k matching funds are charged to the profit and loss statements, the matching piece will be taken from the profit sharing amount at the branch level. We will add it to the branch profit and take it out of the pool for branch personnel. Branch managers will be taken from the manager profit amount before distribution. Temporary personnel will be charged to the branch expense level.