Amco News
Vol. 36, No. 2
Pension Payments Total
$251,692 Last Year
Plant #2, Mt. Airy
Plant #2 Modernized
MT. AIRY — An extensive
renovation and moderni
zation project at Adams-Mil-
lis Hosiery Company’s Plant
#2 at 838 South Main Street
in Mt. Airj’ is now in the final
stages of completion. The
improvements to the plant
and grounds, estimated to
cost approximately a quarter
of a million dollars, include
complete air-conditioning of
the building, renovation of
the administrative offices
and installation of two break-
rooms with automatic vend
ing machines for food and
beverages.
Also, rest rooms have
been remodeled, a new floor
is being installed in the
first-floor Knitting Depart
ment and rubber mats are
being installed in the sec
ond-floor Knitting Depart
ment. A system which will
include three separate con
veyors will expedite the work
flow through the depart
ments, and the building has
been insulated for energy
conservation.
Two parking lots, one
adjacent to the plant and
another directly across the
street, have been construct
ed, with the adjacent lot
paved.
These modernization pro
grams are particularly inter
esting in view of the fact
that by the hand-made brick
used in the construction of
the walls, one portion of
Plant #2 can be authenticat
ed as being at least 100
[con’t. on p. 3]
The year-end report for
the Pension Plan of Adams-
Millis Corporation revealed
benefits totaling $251,692.36
were paid to participants and
beneficiaries during the year
1979. A total of 184 new
participants were enrolled in
the Plan while 388 either
retired or terminated their
employment with the Com
pany, with 162 of that num
ber resulting from the clos
ing of the Texturing and
-Dyeing Division.
To be eligible for parti
cipation in the Plan, an
employee must have reached
at least age 25, but less than
age 60, and have worked for
at least 1,000 hours during
his fiirst 12 months of em
ployment or during any suc
ceeding calendar year, or
have been a participant in
the former Profit Sharing or
prior Pension Plan. De
signed to pay monthly retire
ment benefits for life, the
Plan provides for normal
retirement at age 65, for
esirly retirement upon attain
ment of age 55 and com
pletion of fifteen years of
creditable service, and for
disability retirement at any
age after completion of ten
[con’t. on p. 7]
Life and Health
Benefits Exceed $1,000,000
Clifford Inman Is Manager
MT. AIRY ~ Clifford In
man, who was recently ap-
pointedManager of Plant #2,
is experienced in all phases
of production at this facility.
He was with Granite Hosiery
Company when Adams-Mil-
lis purchased that firm in
1963. He had worked with
Granite since 1949, except
for the years 1952 to 1954
when he served with the
CLIFFORD INMAN [con’t. on p. 7]
More th^m 10,650 pay
ments amounting to over one
million dollars were made on
behalf of Employee Welfare
Benefit Plan participants and
their dependents for medical
and hedth care during the
year 1979. The year’s pay
ments, averaging $406 for
each of the approximately
2,400 employees covered un
der the Plan, were up nearly
25% over those made in
1978.
The Employee Welfare
Benefit Plan is a self-insured
plan providing medical and
health care benefits for
Adams-MiUis employees and
their dependents and is fund
ed solely by contributions
made by the Company and
the employees. Of the
$1,047,219 paid in benefits
last year, the Company con
tributed $614,102 while the
employee contribution
amounted to $433,117. In
addition to its contribution
toward the pa3onent of bene
fits, the Company also paid
fees of $61,179 to The Equit
able Life Assurance Society
to process the medical and
he^th claims and make pay
ments from a Chase Man
hattan trust fund account to
the providers of the medical
and health services.
Even though medical and
health costs have risen stead
ily over the past several
years, the employee contri
bution has not increased
since March of 1975, result
ing in the Company’s mak
ing increased contributions
during these yesu-s. The in
crease in the Company’s
contribution last year
to
almost
amounted
$200,000.
Also, during 1979,
$188,000 was paid in death
benefits under the Adams-
Millis Corporation Group In
surance Plan. This figure
represented payment of 30
claims, including five claims
for active employees, nine
claims for employee depend
ents, and 16 claims for
retired employees.
The Group Insurance Plan
provides life and accidental
death and dismemberment
coverage for employees and
their dependents through
two insurance contracts with
The Equitable Life Assur
ance Society of the U.S.
Monthly premium costs are
shared by the Company and
the plan participants. At the
[con’t. on p. 7]
I—floJberf (Bob) Boyles Honored On 50tb Year With Adams-Millis-n
KERNERSVILLE - Robert
L. (Bob) Boyles, Vice-Presi
dent of Manufactiuing
Men’s and Children’s Hos
iery of Adams-Millis Hosiery
Company, has become a
member of the most exclu
sive group in Adams-MiUis
Corporation — he has com
pleted his fiftieth year with
the organization. Only a very
few persons to date have
achieved this record of ser
vice with Adams-MiUis, with
research indicating that
those on this list include: the
late Banner Leach, who
worked in Research and
Development; J.W. Rose,
who was Assistant Treasurer
of the Corporation; and Paul
Shore, who was head of the
Sample Department at Plant
in Kemersville and John
Stockton who was Finishing
Room Supervisor in Plant #3
when he retired.
Mr. Boyles was surprised
with a recent smaU reception
in KemersviUe when execu
tives of the Corporation ga
thered to present him a
Certificate of Service and to
congratulate him on the con
tributions he has made to
Adams-MUlis.
[con’t. on p. 3]
Shown at ceremony honoring Robert L. [Bob] Boyles, are, left to right: William B.
Mewborne, Jr., President and Chief Operating Officer of Adams-Millis
Corporation; Robert M. Bundy, Jr., President of Adams-Millis Hosiery Company;
J.H. MilUs, Chairman of the Board and Chief Executive Officer of the
Corporation; and Mr. Boyles.