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XVII
Spray, N. C., Monday, June 22, 1959
No. 24
Robert C Merritt, vice president and trust officer of the Wachovia Bank and
r*ust Company, left, is handed check for $495,000 by Richmond R. Roberts, treasurer
fieldcrest Mills, Inc. The check covers the Company’s latest contribution to the
^lelderest Mills Pension Plan Trust Fund, of which Wachovia is trustee.
A Message From Our President
The Company’s further contribution of $495,000 to the Pen
sion Trust is reported elsewhere on this page. This latest payment
of almost a half-million dollars brings the total value of our
Pension Trust Fund to more than $9,500,000. These funds are held
in trust bv the Wachovia Bank and Trust Company, of Wmston-
Salem, trustee of the pension fund. The company cannot recover
any of the money paid into the Pension Trust and the funds must
be used solely for the benefit of employees eligible to participate
in the Pension Plan.
Because I am proud of our Retirement Program and because
I feel that all of us are fortunate to belong to an organization
Whose owners are willing to expend substantial sums of money
to insure a comfortable old age for employees after their retire
ment, I want to comment briefly on the Fieldcrest Retirement
Program. . ,
A>4 most of vou know, our Retirement Program was instituted
in 1943 when these mills were owned by Marshall Field & Com
pany. The plan covered all employees in all Marshall Field divi
sions including the retail store in Chicago.
When the mills were purchased by Fieldcrest Mills Inc., in
1953 the Retirement Program was continued. At that time the
(Continued on page eight)
Payment Is Made To
Pension Trust Fund
Company Makes Contribution
Of $495,000; Pension Trust
Now Worth $9V2-Million
The Board of Directors of Fieldcrest
Mills, Inc., has authorized an additional
contribution of approximately a half
million dollars to the Fieldcrest Pension
Plan.
The payment was made Wednesday,
June 10, to the Wachovia Bank and
Trust Company of Winston-Salem,
trustee of the Pension Fund. The check
for $495,000 was presented to Robert
C. Merritt, Wachovia vice president and
trust officer, by Richmond R. Roberts,
treasurer of Fieldcrest Mills, Inc.
In making the payment, Mr. Roberts
pointed out that the Pension Plan Trust
is now worth in excess of $9,500,000,
having been increased by more than
$3,500,000 since Fieldcrest Mills, Inc.,
purchased the mills in 1953, due to pay
ments by the Company and income ac
cumulations.
Fieldcrest Mills was one of the first
textile companies to inaugurate a pen-
most generous in the entire textile in
fer employees after they reach the age
(Continued on page eight)
Vacation Pay Totals
Nearly Half-Million
A preliminary report by the Payroll
Department late last week showed that
4169 checks have been written for a
total of $455,343 in vacation pay for
Fieldcrest employees.
Of this amount, $348,350 will be paid
to 3186 employees in the North Carolina
mills and $106,993 will be paid to 983
employees of the Towel Mill at Field-
ale, Va. These amounts are slightly
above the figures for last year.
The vacation pay will be distributed
with the regular pay checks on Thurs
day and Friday of this week.
A high percentage of the employees
now working will draw vacation pay.
In addition, employees out sick and those
laid off within the past 12 months will,
in most cases, be eligible for some va-
(Continued on page eight)