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Eden, N. C., September 22, 1969
$1,232,000 Paid To Pension Trust Fund
^ieldcrest Mills, Inc. last week made
additional contribution of $1,232,000
a the Pension Trust, one of the largest
aynients made to date to the fund for
payment of employee pensions.
t^his latest contribution, covering the
j®®!' 1968, increased the value of the
fund to in excess of $19 million.
■The payment, taken from the Com-
earnings, was paid to the Wa-
. ovia Bank and Trust Company, at
^^hston-Salem, trustee of the pension
to*tK which the Company pays
^ the fund cannot be recovered by the
p°hipany and must be used only for the
yihent of employees’ pensions,
j^rhe Pension Plan has been in effect
^ t over 25 years and during that time
1,832 employees have retired
^^int Laurent Creates
Mohler, Fieldcrest’s manager of
sk^tict publicity and sales training, is
in front of the Rive Gauche, Yves
^he ^ Laurent’s super-boutique in Paris.
C0(j^^°'tied with Fieldcrest in creating a
'^°Lection of designs in Field-
Coordinated Fashions for Bed and
picture-story on pages four
under its provisions. Over 11,000 active
employees are currently covered by the
Pension Plan. During 1968, more than
1,100 retired employes were paid pen
sion benefits totaling approximately
The pensions paid under the Plan are
in addition to, and completely separate
from, any payments received through
Social Security. The Company, of course,
also pays half of the cost of employees’
Social Security benefits.
Widely recognized as one of the first
and best in the textile industry, the
Pension Plan was installed when em
ployee pension plans were comparative
ly rare in the industry.
Upon retirement, employees receive
a check each month for life from the
Wachovia Bank and Trust Company,
Fieldale 25-Yr. Picnic
Attracts Large Crowd
Reports on mill operations, entertain
ment by the “Virginia Partners” and a
bountiful picnic supper highlighted the
annual meeting of the 25-Year Club
members at the Fieldale Towel Min
The outing, one of the best attended
in the history of the club, was held Sat
urday afternon, September 13, in the
picnic area at the Fieldale baseball park.
W. O. Stone, manager of the Fieldale
Towel Mill, reported on mill operations
and reviewed the $5-million expansion
program recently completed at the
Fieldale Towel Mill. He outlined some
of the future improvements that are
D. A. Purcell, division vice president-
towel manufacturing, congratulated the
long-service employees and told of his
pleasure in attending the 25-Year Club
He described the progress of the
Fieldale Towel Mill since 1955 and dis
cussed long-range plans in towel manu
Mr. Purcell said the tremendous
growth of the mill was aided by the
teamwork of the employees whom he
described as “the most remarkable
group I have ever known.”
He said that cooperative employees
(Continued on Page Two)
the trustee of the Pension Fund.
The amount of the pension is based on
the employee’s continuous service with
the Company and his career earnings
as a Fieldcrest employee.
The huge amounts paid by the Com
pany for the Pension Plan make it a
costly employee benefit, which must be
taken into account in any comparison
of Fieldcrest wages and fringe benefits
with those of other companies.
Because membership in the Pension
Plan is such a big financial asset to the
employee and will be so vital to his
future well-being, every employee
should familiarize himself with his
rights under the Plan and also with the
requirements for the various benefits.
Employees have received booklets
which describe and explain the work
ings of the retirement program. It would
be well for every employee to review
the booklet from time to time and keep
a copy at his home.
If the booklet has been lost, a re
placement may be obtained at the Per
sonnel Office. Members of mill super
vision and the Industrial Relations staff
stand ready to answer any questions
and to give assistance to employees in
advance planning for retirement.
I want to take this opportunity
to express to you on behalf of the
entire community, heartfelt thanks
for the marvelous job that you
did to make the dream of a mod
ern new YMCA for our area come
The wholehearted and com
pletely unselfish way in which you
responded reflects great credit up
on you, individually, and upon the
entire Fieldcrest organization.
The results of your efforts show
once again how great deeds can
be accomplished by public-spirit
ed men and women working to
gether in a harmonious manner.
I know that each of you is proud to
be a member of the Fieldcrest
W. D. Lashley, Jr.
Eden YMCA Fund Campaign