SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: October 1, 1998 (Date of earliest event reported) PAYCHEX, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-11330 16-1124166 (State of incorporation) (Commission (IRS Employer File Number) Identification Number) 911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK 14625-0397 (Address of principal executive offices) (Zip Code) (716)385-6666 (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS The registrant's press release dated October 1, 1998, is attached. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PAYCHEX, INC. Date: October 2, 1998 /s/ B. Thomas Golisano ----------------------- B. Thomas Golisano Chairman, President and Chief Executive Officer Date: October 2, 1998 /s/ John M. Morphy ----------------------- John M. Morphy Vice President, Chief Financial Officer and Secretary FOR IMMEDIATE RELEASE John M. Morphy, Chief Financial Officer Paychex, Inc. 716-385-6666 or Jan Shuler Paychex, Inc. 716-383-3406 Access Paychex, Inc. News Releases on the WORLD WIDE WEB http://www.prnewswire.com PAYCHEX ANNOUNCES 50% INCREASE IN QUARTERLY DIVIDEND ROCHESTER, N.Y., October 1, 1998 - The Board of Directors of Paychex, Inc. (NASDAQ-PAYX) has declared a 50% increase in the company's quarterly dividend from $.06 per share to $.09 per share payable November 16, 1998 to shareholders of record November 2, 1998. Tom Golisano, Chairman and Chief Executive Officer, commented that the dividend increase is a result of continued earnings gains, confidence in the future and our strong cash position. The Company also announced the retirement of Edmund S. Russo, Vice President, Operations, effective January 31, 1999. Mr. Russo joined Paychex on January 19, 1987, having been a vice president with Bank of America. He served as Regional Manager and Vice President, Western Operations until September 6, 1994, when he was named to his current position. He was voted an officer of the Company at the same time. During June of 1998, in anticipation of Ed Russo's retirement and in recognition of the growth of Branch Operations, Paychex created two Area Vice President positions, Donald Mersch Area Vice President - Western Operations and Vincent Tarquin Area Vice President - Eastern Operations. Mr. Tarquin will also oversee Corporate Operations functions. In combination, Messers Mersch and Tarquin have over 25 years experience with Paychex, having risen through the ranks from Branch Manager to their current positions. The Area Vice Presidents will report directly to the CEO. Paychex, Inc. is a national provider of payroll processing, human resource and benefits outsourcing solutions for small to medium-sized businesses. The company is a leading U.S. payroll processor with a comprehensive product offering including payroll tax returns, direct deposit and other payroll services. The human resource and benefits outsourcing services include a professional employer organization ("PEO"), 401(k) recordkeeping, section 125 cafeteria plans and employee handbooks. Paychex Inc. was founded in 1971. Headquartered in Rochester, New York, the company has over 100 locations and serves more than 300,000 clients nationwide.