XVIII
Spray, N. C., Monday, June 27, 1960
NO. 25
$500,000 Paid To Pension Trust Fund
I
R. R. Roberts, Company treasurer, signs check for $500,000 covering the Com-
V’s latest contribution to the Pension Trust Fund. Looking on are Lee Burch
assistant trust officer, Wachovia Bank and Trust Company, Winston-Salem,
W. B. Lucas, assistant secretary, Fieldcrest Mills, Inc.
lacation Pay To Total Over Half-Million
.'acation pay for Fieldcrest employees
amount to well above a half-million
j lars. The vacation checks will be
^^^fibuted to the eligible employees
the regular pay checks on Thurs-
^ and Friday of this week.
preliminary report by the Payroll
ftartment showed that 4,228 vacation
.^checks had been written totaling
, ®>044. Of this amount, $389,025 will
,6aid to 3,189 employees in the North
Nina mills and $131,019 will go to
; 9 employees of the Towel Mill at
^llale, Va.
A high percentage of the employees
I Working will draw vacation pay.
■ addition, those out sick and those
off within the past 12 months will,
. !^ost cases, be eligible for some va-
pay.
*ider the Fieldcrest vacation pay
• employees with five or more years
'Continuous service receive four per
cent of their past year’s earnings. This
amount represents the equivalent of
about two weeks of extra pay.
Employees with one or more years of
service, but less than five years, receive
two per cent of their past year’s earn
ings, or about one week of extra pay.
A large majority will receive vacation
pay at the four per cent figure. The
records show that the number receiving
the larger amount has been going up
each year.
Fieldcrest was one of the first textile
companies to provide paid vacations for
employees. The plan was started in 1940
and vacation pay has been issued each
summer since that time.
During World War II when, because
of the need for production, the mills
ran continuously during the summer,
vacation pay was given as a bonus in
addition to the employees full-time
earnings.
Payment By Company
Brings Value Of Fund
To Over $10,000,000
The Company has made an additional
contribution of $500,000 to the Field
crest Pension Plan.
This latest payment of a half-million
dollars, made June 13, brings the total
value of the Pension Trust Fund to more
than $10,000,000, having been increased
by more than $4,000,000 since Field
crest Mills, Inc., purchased the mills
in 1953, due to payments by the Com
pany and income accumulations.
These funds are held in trust by the
Wachovia Bank and Trust Company of
Winston-Salem, trustee of the Pension
Fund. The Company cannot recover any
of the money paid into the pension
trust, and the funds must be used solely
for the benefit of employees eligible to
participate in the Pension Plan.
Fieldcrest Mills was one of the first
textile companies to have a retirement
program with monthly pensions for em
ployees after they reach the age of
(Continued on page four)
Sales Service Dept.
Moved To Karastan
In a move to further increase
the efficiency of its service, the
Karastan sales division has moved
its entire Sales Service Depart
ment to the Karastan Rug Mill in
Leaksville.
John Voelkle, manager of the
Sales Service Department, Gerry
Ridley, assistant, George Kim and
James Brown have all been trans
ferred to Leaksville from the Kar
astan sales office in New York.
The Sales Service Department
handles all service, deliveries and
customer inquiries. Hugh P. Feel-
ey, vice president and sales man
ager of our Karastan sales divi
sion, has noted that even within
the short period of time since the
re-organization, Karastan retail
ers have been favorably impressed
with the increased efficiency of
the department.