FROM RAY’S DESK
On August 13th, 1981, President
Reagan signed the Economic Recovery
Tax Act of 1981. Without going into
specific details on all of the items
contained in the act, there was one
provision that I thought you might
be interested in since we had had
some questions on the subject during
earlier discussions on the W & J
Rives Employee Profit Sharing Plan.
Effective January 1, 1982, you
may make a contribution to an IRA
even if you are an eligible partic
ipant in the W & J Rives Profit
Sharing Plan. The limit of your
contribution would be $2,000.00 or 100% of earned income, whichever
is less. Your spouse may also make a contribution to an IRA so long
as the contribution to either IRA is not more than $2,000.00 and
$4,000.00 total between the two.
A divorced spouse can continue to make contributions to a
spousal IRA.
This is an important area that I encourage you to look into
since some of you had asked whether or not you could continue to
make contributions to your own IRA even though you were covered
by the W & J Rives Employee Profit Sharing Plan. Up until this
point you could not, but now the new tax act provides that option
for you.
One note to consider is that IRA investments in collectibles
such as coins, stamps, gems, metals, antiques, etc. are prohibited
after 1981.
.GRADUATES
We would like to congratulate these employees for their hard
work and continuing success in their jobs. Thank you for a job
well done.
SUGUNA RUDRAPPA-Patch pocket
WANDA ANDREV7S-D.N. Topstitch pocket
LUCILLE CATES-Riser
DONNA COLTRANE-Reece pocket
TERESA STEWART-Ticket tack
MARGARET CAPLE-Ticket tack
CHERYL TURNER-Single needle dec. pocket
LETHA DEESE-Single needle dec. pocket
DEANNE LITTLE-Single needle dec. pocket
YUN SUN PETE-Make fronts
VALERIE LEACH-Single needle topstitch outseams
CAROLYN SPENCE-Single needle topstitch outseams
ZANE EVANS-Set single needle pocket
BETTY ALLEY-Set single needle pocket
ETHEL WARD-Stay pocket
SYLVIA TATE-Inspect
LORRIE WILLIAMS-Inspect
CATHERINE ANDERSON-Inspect
TRICIA McPHERON-Inspect
EULA YOUNG-Face front pocket