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North Carolina Newspapers

Fieldcrest mill whistle. volume (Spray, N.C.) 194?-19??, September 22, 1969, Image 1

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^OL. 28 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 the 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 ieldcrest Collection 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. .'tij^st'nationally-celebrated couturier C0(j^^°'tied with Fieldcrest in creating a '^°Lection of designs in Field- Coordinated Fashions for Bed and picture-story on pages four bve. 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 $860,000. 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 contemplated. D. A. Purcell, division vice president- towel manufacturing, congratulated the long-service employees and told of his pleasure in attending the 25-Year Club meetings. He described the progress of the Fieldale Towel Mill since 1955 and dis cussed long-range plans in towel manu facturing. 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. To: FIELDCREST EMPLOYEES 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 true. 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 Family. Sincerely, W. D. Lashley, Jr. General Chairman Eden YMCA Fund Campaign

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