ORISKANY — Fiber Instrument Sales, Inc. (FIS) recently distributed $8.1 million to employees that have participated in the company’s employee stock ownership plan (ESOP).
According to President Frank Giotto, about 167 current and past employees participated in the plan, receiving shares of company stock without making a personal contribution. FIS is now purchasing those shares from the ESOP trust, resulting in the direct distribution of the funds to either employees’ individual retirement plans or as a direct cash distribution.
About 84 percent of the $8.1 million will go to current FIS employees, with the remainder distributed to past employees.
(Sponsored)
Criminal Liability for Employment Law Violations?
New York employers are often surprised to learn that wage law violations can lead to criminal penalties in addition to financial penalties. Whether payroll is outsourced, or a staffing agency
CECL Accounting Standard: What You Need to Know
The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 326, Financial Instruments-Credit Losses, became effective for all entities on January 1, 2023. This accounting standard introduces the current expected
“The response from FIS employees is that this is a life-changing event,” Giotto said in a release. “While most of the participants are planning to roll over these funds, many have talked about paying off large debts, investing in their homes, making large purchases they’ve put off for many years, or establishing a college fund for their children.”
FIS, headquartered in Oriskany, is a manufacturer and distributor of fiber-optic cable, tools, test equipment, and supplies to 110 countries. The company employs 350 people.
Contact DeLore at tdelore@tmvbj.com
