b
'^L. XXVI
Eden, N. C., April 15, 1968
NO. 20
Pension Benefits Are Increased 25%
Improvement In Benefits Covers Years Of Service
Since 1957; Retirement Date To Be First Of Month
A 25% increase in benefits under the
hourly paid employees Pension Plan has
been announced by G. William, Moore,
president of Fieldcrest Mills, Inc. The
Increase applies to Company service
3fter December 1, 1957, and is effective
normal or early retirements on
hud after January 1, 1968.
(The increase in benefits does not
hffect employees already retired or
§4-Year Employee
l^etires From Mills
James Thomas (Tommie) Patterson,
hf the Finishing Mill, retired under the
tension Plan April 1 after nearly 54
gears' of continuous' service with the
Company. He has one of the longest
'^®cords of service in the history of the
■hills.
An interesting sidelight is the fact
iiiat Mr. Patterson’s brother, the late
J- Will Patterson, who- worked at the
bl
ianket Mill, was the first production
®hipioyee at Fieldcrest to complete a
half-century of unbroken service.
. Tommie Pattei"son, a native of Rock-
■hgham Co'unty, began working in the
Nantucket Mill at Spray July 1, 1914,
(Continued on Page Eight)
those whose normal retirement date was
December 1, 1967, but who. are work
ing beyond their normal retirement
date.)
Along with this substantial increase
in benefits, another change was made
for the purpose of mode'mizing the plan.
Employees from now on will retire on
the first day of the month on or follow
ing their 65th birthday, unless they
elect early retirement.
This change will be beneficial for re
tirees in that they will always be 65
years old and therefore eligible for full
Social Security benefits at the time of
their retirement.
Under the former plan, the normal
retirement date was the December 1
nearest the employee’s 65th birthday.
This meant that some employees retired
when they lacked six months of being
65 years and their Social Security bene
fits were reduced accordingly. On the
other hand, some employees retired
when they became 65 but before their
normal retirement date and their pen
sion was reduced slightly because of
early retirement.
For the year 1968, in order to make
the transition as smooth as possible,
employees whose normal retirement date
occurs between June 1 and the end of
the year will be permitted to work un
til January 1, 1969, if they desire.
A new Pension Plan booklet being
distributed to employees contains de
tailed information concerning the new
provisions, enabling employees to esti
mate benefits under the revised plan.
The Fieldcrest Pension Plan, now 25
years old, was one of the first estab-
(Continued on Page Three)
Whitcomb Elected President Of ATMI
Harold W. Whitcomb, chairman, of
the board, Fieldcrest Mills, Inc., was
elected president of the American Tex
tile Manufacturers Institute at the insti
tute’s annual meeting held in Phoenix,
Ariz.
Mr. Whitcomb was elevated from first
vice president and succeeded Frederick
B. Dent, president of Mayfair Mills,
Arcadia, S. C.
Charles F. Myers, Jr., chairman of
Burlington Industries, Greensboro,
moved up to first vice president, and
is in line for the presidency next year.
Donald F. McCullough, president of
Collins & Aikman Corp., New York, be
came second vice president.
Also elected at the meeting were a
number of new members; of the ATMI
board of directors, representing a cross-
section of the American textile industry.
The ATMI is the central trade organi
zation of the U. S. textile industry and
represents more than. 80 per cent of
the nation’s textile productive capacity.
The presidency of the ATMI is con
sidered the industry’s highest honor.
The ATMI president travels extensively
and is the official spokesman of the
industry.
During his term as president, Mr.
HAROLD W. WHITCOMB
. Industry’s Highest Honor . .
Whitcomb will likely travel both to
Europe and the Far East on interna
tional trade matters and to Washington
frequently in connection with govern
ment affairs affecting textiles.