Newspapers / The Fieldcrest Mill Whistle … / Nov. 22, 1954, edition 1 / Page 3
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Mill Man From Brazil Who Was With Fieldcrest Visits In Home State f'rancis S. Martin, formerly textile engineer at Fieldcrest Mills and now Assistant manager of a Firestone textile plant at Sao Paulo, Brazil, recently re turned for a visit in the State. While he was visiting the Firestone plant in Gastonia, Mrs. Martin, the for mer Miss Henrietta Atkin, visited her parents in Hender sonville, N. C. Mrs. Martin was former ly employed in our Domestics Design ing Dept. She and her husband both were members of the Tri-City Band. The S. Martin ^^■tins are the proud parents of an 1-months old daughter, Katherine, who born in Brazil. The Martins flew to Brazil in Sep- ®itiber, 1951, leaving from New York arriving at Sao Paulo some 26 ours later. The trip home was by boat required two weeks with a stop at i/'’'*dad. Fine weather was enjoyed ^ roughout the trip. The Martins re- ^rned to Sao Paulo by boat from New ®ans, leaving November li. Sao Paulo is approximately 6000 from here. Lifting Job hoijL Martin (Engineering), whose pw ^ is photography, snapped this a cr ^ 20-ton portable crane lifted t)g ® IBM machine to the Tabulating Cfgj ' the second floor of the Gen- Use ®'^ice. Two machines formerly in "■2re removed and replaced by ’ more modern equipment. NOTICE To: All Employees Subject: Amendment to the Annuity Plan Under the 1954 Amendments to the Social Security Law, bene fits on earnings up to $4200.00 per year will be provided begin ning January 1, 1955 and for the years thereafter, as against a previous maximum earnings level of $3600.00. The Amendments also provided for a corresponding increase in Social Security taxes. As you know, our retirement program has been geared to the Social Security benefits since its inception. When the Annuity Plan was established in 1943, the right was reserved to make such amendments as might be required to keep the Plan in harmony with any later changes in the Social Security Law. When Field crest Mills, Inc. took over the Annuity Plan for its employees the same provision was carried forward. In conformity with this general idea of the retirement program it was planned for the Annuity Plan to pick up where Social Security benefits leave off in order to somewhat equalize the benefits for employees retiring. When the maximum earnings level under the Social Security Act was raised from $3000.00 to $3600.00 effective in 1951, Marshall Field Company then raised the earnings level for eligibility is the Annuity Plan from $3000.00 to $3600.00. Upon recommendation of our Retirement Committee, the Di rectors of Fieldcrest Mills, Inc. have approved an amendment to the Annuity Plan, effective December 1, 1954, which requires annual earnings in excess of $4200.00 (instead of $3600.00) for two consecutive years before Isecoming eligible for participation. Under this Amendment, benefits have been slightly decreased in each earnings class. Maximum benefits, however, remain un changed. Total retirement income under our retirement plan and Social Security (as now amended) will be greater in every case than it was before the amendments to the Social Security Law. Pen sion Plan benefits have not been changed in any way. The status of employees presently participating in the An nuity Plan depends upon their earnings for the year ended Sep tember 30, 1954. Employees whose earnings exceeded $4200.00 automatically continue in the Plan with slightly reduced benefits. Employees already enrolled, whose earnings were between $3600.00 and $4200.00, will remain in the Plan until December 1, 1956, but if their earnings exceed $4200.00 in any one year be fore that date, they will continue under the amended Annuity Plan unless their earnings should fall below $4200.00 for two con secutive years. Each employee now participating will receive a letter from the Retirement Committee and will be personally contacted by Industrial Relations personnel to make sure he understands his status under the amended Annuity Plan. The letters will be prepared for distribution as soon after December 1, 1954 as possible. President On ^AY, NOVEMBER 2 2, 1 9 5 4 3
The Fieldcrest Mill Whistle (Spray, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 22, 1954, edition 1
3
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