j^L. XXIII
Spray, N. C., September 21, 1964
NO. 6
FIELDCREST MILLS. INC.
SPRAY. NORTH CAROUNA
400364
66-49
531
e PAY TO THg ORDER Of
♦WACHOVIA BANK £ TRUST CO
_ TRUSTEe
I WINSTON SAL6N, N C
DATE
CHECK NO.
AMOUNT
WACHOVIA SANK & TRUST CO
WINSTC»M-SAl£M. N. C.
09-11-64- 00429 »«;51%XlQa^O0,
{VOtO tr NOT COyNHSffGNlOOTls’M*^
~r,«rzr
Reproduced here is the company’s check making a $535,000 payment to the Fieldcrest Mills Pension Trust.
Pension Trust Goes Up To $12-Million
oitipany Pays $535,000 To Fund
havering Year 1963; Money Can
® Used Only For Pensions
jj^ieldcrest Mills, Inc., on September
oj’ tnade an additional payment of
5,000 to the Pension Trust, bringing
j ® market value of the pension trust
to over $12,000,000.
^ ne payment, covering the year 1963,
rtiade to the Wachovia Bank and
Company, of Winston-Salem, trus-
the Pension Fund. The company’s
'^an fund are final and
be used only for the benefit of em-
yees eligible to participate,
ieldcrest Mills, Inc., pays the entire
women have retired under its provisions
and 900 of these are now living and
drawing monthly pension checks paid
from the Fieldcrest Mills Pension Trust.
Under the Pension Plan, employees
normally retire on the December 1
nearest their 65th birthday. However,
employees may retire before they are
65, in many cases. Any employee with
20 years of continuous service may re
tire at any time within the 10 years pre
ceding his normal retirement date. Em
ployees with as much as five years of
continuous service may retire at any
time within five years of their normal
retirement date.
Under special circumstances and with
the prior approval of the Retirement
Committee, an employee with as much
as five years of continuous service may
be permitted to retire from five to ten
years before his normal retirement date
because of physical disability or other
such compelling personal reasons.
Upon retirement, employees receive a
check each month for life from the Wa
chovia Bank and Trust Company, the
(Continued on Page Two)
'=ost
Credit Union Is Extended To New Locations
of the Pension Plan, making it a
^k'
* '-iy employee benefit which must be
Of into account in any comparisons
Wit> *®idcrest wages and fringe benefits
those of other companies.
Th,
® pensions paid under the Plan are
Addition to, and completely sepa-
any payments received
Of Social Security. The company,
the also pays half of the cost of
.best
iti ^
''ate
^®niployees’ Social Security benefits,
ahj ^^ely recognized as one of the first
K ^ ho«.+ i*_ _ X A*!-. :„j i
in the textile industry, the
Plan was installed over 20 years
"^hen employee pension plans were
gjParatively rare in the industry.
the plan was put into effect in
’ nearly 1,300 Fieldcrest men and
Membership in the Fieldcrest Mills
Credit Union has been opened to em
ployees of the newly-purchased plants,
the Alexander Mill at Forest City, the
Leward Mill at Worthville, and the
North Carolina Finishing Company di
vision at Salisbury.
Complete information about the Cred
it Union and an explanation of how an
employee may join will be announced
by the local management at the respec
tive mills. Arrangements are being made
to give every employee an opportunity
to become a member. It is expected that
the details will be announced at each
location in just a few days.
Since it was chartered at Spray in
June, 1958, the Credit Union has shown
a spectacular growth and now has over
5,200 members and more than one mil
lion dollars in assets. The Fieldcrest
Mills Credit Union recently was com
mended by the North Carolina Credit
Union League for having the largest
membership of any credit union in the
state.
The Credit Union is a self-supporting,
all-employee activity whose purpose is
to encourage systematic savings; to
make low-cost loans to members; and to
help its members handle their finances
in a more adequate manner.
In order to make Credit Union trans
actions as convenient as possible, the
company cooperates by permitting both
(Continued on Page Eight)