AMCO NEWS
Vol. XXVI No. 1
Adams-Millis Corporation
Jan. -Feb., 1970
RETIREMENT BENEFITS
PAID TO 26 EMPLOYEES
Retirement benefits were paid or authorized
in 1969 to twenty-two Adams-Millis Corpora
tion Profit Sharing Plan participants who retir
ed on the basis of having reached retirement
age. Also receiving retirement pay were four
employees who retired due to physical disability.
The amount of retirement pay for each em
ployee under the Profit Sharing Plan varies
with his length of service, his annual earnings,
and the profit earned by the company.
Each year, a portion of the profits earned
by Adams-Millis Corporation is deposited in a
trust fund with the Wachovia Bank and Trust
Company. The amount to be put in the trust
fund each year is determined by formula--the
larger the profits, the greater the amount to
be put in the retirement plan.
The Wachovia Bank and Trust Company
serves as trustee of the Profit Sharing Plan.
The trustee invests the money it receives from
Adams-Millis. The earnings from the invest
ments are credited each year to the accounts of
the employees who are eligible to participate
in the Profit Sharing Plan. Once the money is
paid to the bank as trustee, it can never be re
turned to Adams-Millis. It must be credited
to the individual accounts of the employees.
For the year 1968, the amount deposited to the
Profit Sharing Plan by the company was over
five cents on each dollar of wages earned by
the employee. An employee who earned$4,000
received a credit of $214.46 on his Profit Shar
ing Plan account. He also received better than
two per cent interest on his money already in
the plan.
A typical individual account for the year
shows a balance of $1,413. 51 on hand January 1,
1968. Interest earned by the trustee was
$31.55, and the amount added by the company
contribution was $284.15. Forfeitures by em
ployees who quit were re-allocated and the
amount in this case was $32.74. The total at
the end of the year was $1,761.95.
In addition to retirement benefits, the
Profit Sharing Plan pays death benefits. In
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CLARK IS RECOGNIZED
FOR LONG service
CHIEF OLLIE CLARK
32 Years Service
A boy's dream to become a fireman became
a burning desire when he saw Kernersville's
only school house burn. In 1938, he joined the
volunteer fire department in his home town and
rose to the highest post--Fire Chief--in the
department.
After taking a first aid course in 1938,
Ollie Clark decided to join the l6-man volun
teer fire department; there were no full-time
firemen then. He was an employee of Adams-
Millis Corporation in Kernersville where he
had been working since January 1, 1925. Now,
with 44 years on the same job and 32 years with
the fire department, Ollie has stepped aside as
Fire Chief and the town has employed a full
time chief. There are two other full-time fire-
men. The remainder of the department of 18
men is voluntary.
Clark said one of his chief objectives when
named Fire Chief in 1963 was to have firemen
on duty around the clock.
(Continued on page 9)