voLjoan
Spray, N. C., June 28, 1965
NO. 25
|$690,000 Added To Pension Trust Fund
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A Message To All Employees
On July 2, 1965, Title VII of the recently-passed Civil Rights
Act will go into effect. This Equal Employment Opportunity
section of the Act will apply to Fieldcrest Mills, Inc. The sec
tion prohibits discrimination because of race, color, religion, sex
or national origin in any action affecting company personnel.
This includes employing applicants, assigning employees to jobs
and all conditions and privileges of employment.
I am writing this message in THE MILL WHISTLE to make it
absolutely clear to every member of the Fieldcrest organization
that it is the policy of the company to obey the law, whatever
the laws are. We, of course, will comply with Title VII and will
act in good faith in all matters to which this law applies.
Title VII does not give special advantage or treatment to any
group, but it does require that uniform standards of treatment
(in employment, promotion, conditions) be used with all people.
The underlying purpose of the law is to assure to all people
the same opportunities for work in accordance with their
abilities and qualifications.
So that there can be no possible misunderstanding of the
company’s position, we have held a series of meetings with
management and supervisory personnel at all company loca
tions, at which the new law and the company’s policy relating
to it have been explained. All managers and supervisors have
been directed to familiarize themselves with the law and to
make certain that it is lived up to in their respective mills and
departments.
It is realized that lack of understanding may cause concern
on the part of some people. However, we anticipate no diffi
culty at Fieldcrest. We will continue our best efforts to oper
ate the mills efficiently, provide jobs and payrolls for employees
and the home communities, satisfy our customers, and earn a
return on their investment for our shareholders.
President
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Largest Payment To Date Brings
Value Of Pension Trust Fund To
Approximately $14 Million
An additional payment of $690,000,
the largest contribution made to date,
was paid to the Fieldcrest Mills Pen
sion Trust on June 23, bringing the
market value of the trust fund to ap
proximately $14,000,000.
The payment by Fieldcrest Mills, Inc.,
covering the year 1964, was made to the
Wachovia Bank and Trust Company,
Winston-Salem, trustee of the Pension
Fund. Money which the company pays
to the fund is taken from the company’s
earnings and can be used only for pay
ment of employees’ pensions.
Costly Employee Benefit
The huge amounts expended by the
company for the Pension Plan make it
a costly employee benefit which must
be taken into account in any compari
sons of Fieldcrest wages and fringe
benefits with those of other companies.
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 the em
ployees’ Social Security benefits.
Widely recognized as one of the first
and best in the textile industry, the
Pension Plan was installed over 20 years
ago, when employee pension plans were
comparatively rare in the industry.
Upon retirement, employees receive a
check each month for life from the
Wachovia Bank and Trust Company, the
trustee of the Pension Fund. The amount
(Continued on Page Five)
Credit Union To Pay
Its First 4^4% Dividend
Members of the Fieldcrest Mills Cred
it Union in all locations will receivc a
per cent per annum dividend, fig
ured on their average monthly balances
and credited te each member’s share
account as of June 30, 1965.
The dividend was authorized by the
Credit Union’s Board of Directors at
their last regular monthly meeting.
The Credit Union, which has never
paid less than 4 per cent per annum on
savings, increased the per annum divid
end rate from 4 per cent to 4*4 per cent
January 1, 1965.