JAN VINCENT
WILDON FLAKE
J. M. STROTHER
Organizational Changes Announced
in the rug and carpet
'to division have been
by William 0. Stone,
president.
thp *T^ ^*®ke, Jr., plant manager
Laurelcrest Carpet Mill, was
■®d to general manager of the
'Jati Q ^ Plant in Whiteville.
ig Vincent, plant manager of
r^g^^^^stan Worsted Plant in
"'ana promoted to plant
theLaurelcrest Yarn Mill
*^>irel Hill.
Strother was promoted
control supervisor at the
■laj'^rest Yarn Mill to plant
''ant of the Karastan Worsted
Ca^gi'i ^lake is a graduate of North
University with a B.S.
*0 textiles. Before joining
ilatit in August, 1974, he was a
Colii>*’'^^oager for five years for the
'"Itto ^ Aikman Carpet Division in
'"'i'lst’ onrlier was engaged in
Sevg.., engineering work for
years.
' Vincent attended East Carolina
:‘'nt
a person may invest up to
n ' " XAi.fAJ —i-
^ *' 15 percent of his or her gross
APRIL 4, 1977
University, studying business
administration, and has been with
Fieldcrest’s two Greenville plants
sihce 1965. He served in a number of
supervisory positions and was plant
manager of the Karastan Spinning
Mill for three years before becoming
plant manager of the Karastan
Worsted Plant in August, 1976.
Mr. Strother is a graduate of the
VAN COVINGTON
University of North Carolina at
Chapel Hill with a B.S. degree in
business administration. He joined
Fieldcrest in 1969 and served as a
staff assistant at the Karastan Rug
Mill at Eden and the Karastan
Spinning Mill. He was a general
foreman and worked on special
assignments at Greenville before
becoming a quality control supervisor
at the Laurelcrest Yarn Plant.
New V.P.
Van A. Covington, Jr., will assume
his duties at Fieldcrest May 1 as
division vice president - purchasing.
He previously was with Springs
Mills, Inc. in Fort Mill, S. C. as
director of purchasing and before that
was assistant director of purchasing
at Burlington Industries, Greensboro.
He earlier was with his father’s
firm, Covington Co., cotton
merchants in Gastonia, and was
associated with LaFar Industries,
Inc. in Gastonia prior to joining
Burlington.
Benefits
^ About
'^hi •
tigj ® the third in a series of
answering the most
asked questions about
pension plans. By law,
5 ‘Pating members of the plans
eligible to establish
Retirement Accounts.
^ they are really just a
Retirement Accounts?
rg- savings account with tax
!fglj Ses and are of generally more
lew* ^ose in higher income
y the following summary
I ® of interest.)
been reading about
**al Retirement Accounts. Can
, how they work?
simplest kind of Individual
r^ent Account (IRA) is a trust
some institution such as a
If’ ^''ings and loan association or
is company. There are also
ih the form of insurance
(jj'**'y annuities and retirement
W ^nich can be purchased from
I Reserve Banks and branches
1 ® department of the Treasury.
Individual Retirement
income per taxable year, whichever
is less. The money invested is not
taxed on federal income tax returns
until the funds are taken from the
account, normally years later at
retirement.
Q. Who is eligible to set up such an
account?
A. IRAs are not designed for people
who are covered by a pension plan
provided by their employer, such as
Fieldcrest employees who have had a
company plan for nearly 35 years.
The IRAs are intended to apply to
self-employed persons and those
people who work at companies that do
not provide pension plans for their
employees.
Q. If I withdrew from our plan,
could I set up my own retirement
account?
A. Fieldcrest Mills, Inc. has
contributed substantial amounts of
money to the pension plan provided
for ALL hourly employees. Since the
entire cost of the plan is borne by the
company, all hourly employees are
automatically members and
automatically draw benefits at
retirement. The option to withdraw
from the plan has not been made
available since hourly employees do
not contribute to the plan.
Salaried employees do contribute to
their plan and may withdraw, since
membership is optional. Because this
retirement package contains valuable
benefits in addition to retirement
income, such an election would be of
questionable value.
Q. Does that mean that the federal
law does not permit Fieldcrest
employees to have Individual
Retirement Accounts?
A. The federal law passed in 1974
does not allow employees to establish
IRAs if they are already active
participants in a plan that has been
approved by the Internal Revenue
Service. However, modifications in
the law governing IRAs have been
proposed. It is possible that at some
future time limited Individual
Retirement Accounts may be
permitted any employee in addition to
participation in pension plans
provided by employers.
if Union
Offers Many
Good Benefits
If you are not a member of the
Credit Union, you are invited to join.
If you are already a member, you
are urged to take full advantage of the
high interest rate paid on savings and
the low rate charged on loans.
The Credit Union is planning a
special campaign to acquaint
employees with the opportunities
offered for saving and borrowing at
the Credit Union. Informational
material will be distributed to all
employees. Non-members will be
invited to join and members will be
encouraged to make greater use of
the Credit Union.
The Credit Union currently pays a
seven percent per year dividend on
savings, one of the highest rates
obtainable from any lending agency.
In addition, savers have easy access
to their money and both savings and
repayment of loans are conveniently
handed through payroll deductions.
These attractive rates are possible
because the Credit Union has only
three full-time employees, because
Fieldcrest does not charge for the
office space used by the Credit Union
and because the company does not
charge for the time that many other
employees spend on Credit Union
work.
Each savings account is insured for
up to $50,000 by the North Carolina
Savings Guaranty Corporation, more
insurance than that provided by any
other known financial institution.
All loans from the Credit Union
include life insurance at no cost to the
borrower. Almost all outside lenders
charge an additional one percent for
life insurance. Some lending agencies
have several interest rates for
different type loans. While their rate
may be as low as the Credit Union’s,
life insurance is usually extra.
Also, most institutions equaling the
seven percent rate usually require
that savings be tied up for at least 12
months and be in amounts of $1,000 or
more. No known institution pays
better than the Credit Union’s seven
percent semi-annual dividend on any
amount from $5 up if the savings are
left for at least six months. ,
“We had 9,555 members at the end
of 1976. That’s 82 percent of those
eligible to join,” said L.E. Chewnii^,
president of the Credit Union. “We
are hoping that many more will be
added during the campaign. Also, we
want employees to think of the Credit
Union first when they need to borrow
money and when they are looking for
a place where they can obtain a good
return on their savings.”