$2-Million Paid In Insurance Benefits
|*ayments In 1967 Are Highest
[n. History; Will Be Even
Higher In Current Year
Close to $2 million in group insurance
enefits was paid for Fieldcrest em-
Woyees and their dependents in 1967,
he largest payments' in the history of
he insurance plan.
Of the $1,995,732 paid out, the largest
hiount was for hospital-surgical-medi
cal benefitsi which totaled $1,176,688.
These payments covered both employees
and dependents.
Life insurance claims paid to bene
ficiaries of employees who> died amount
ed to $586,300. Many of the individual
death claims were in the amount of
$10,000 which, under the schedule of
insurance, is the amount held by a large
number of employees. It is' interesting
to note that in the group insurance
Ceremonies Honor 23 Newest Retirees
Twenty-three men and women retired
hhder the Fieldcrest Pension Plan June
’ to make a total of 1,583 employees
Jfho have retired with pensions since
the
this
program was started in 1944. Of
humer 1,118 are now living and
rawing pensions.
Ceremonies honoring the retiring em
ployees were held in the various mill
hianagers’ offices. Mill officials con
gratulated them upon having reached
otirement age when they can enjoy
greater leisure with a monthly pension
^r life, paid from the Fieldcrest Mills
®nsion Trust.
. The mill managers and members of
Industrial Relations Department ex
plained the various benefits available to
^0 Company’s retired employees and
Pointed out that retirees are still mem-
®rs of the “Fieldcrest family”,
li was explained that the pension
*^si is administered by the Wachovia
Bank and Trust Company, of Winston-
Salem, as trustee, and that the money
Which the Company pays toi the fund is
taken from the Company’s earnings and
can be used only for the payment of
employees’ pensions.
Widely recognized as one of the first
and best in the textile industry, the
Pension Plan was installed many years
ago when employee pension plans were
comparatively rare in the industry.
Upon retirement, an employee receives
a pension check each, month for the re
mainder of his life. The amount of the
pension is based on the employee’s con
tinuous service with the Company and
his career earnings as a Fieldcrest em
ployee.
The pensions paid under the plan are
in addition to, and completely separate
from any payments received through So
cial Security. The Company, of course,
(Continued on Page Four)
plan’s first full year of operation (1933
to 1934) all life insurance claims total
ed only $9,000, whereas today many
single claims are in excess of that
amount.
Accident and Health insurance bene
fits paid totaled $232,744, consisting of
weekly indemnity payments to em
ployees when out of work due to sick
ness or off-the-job accident. These pay
ments are over and above the benefits
under the Hospital-Surgical-Medical
plan.
While group insurance benefits in 1967
set an all-time record, the rate of pay
ments so far this year is even greater.
This is due to the increased benefits
which became effective April 1, 1968.
At that time the Hospital-Surgical-
Medical benefits were substantially im
proved to keep the plan up-to-date in
view of the continually rising costs of
hospital, surgical and medical care and
to provide greater protection for em
ployees and their dependents.
The hospital room allowance was in
creased from $15 a day to $25 a day for
a maximum of 70 days. Hospital extras
continue on the basis of $150 plus 75%
of the balance up to $1,000.
The maximum surgical benefit was
raised from $200 to $300 and the anes
thesia allowance was raised from $40 to
$60, maximum. The maternity benefit
and the obstetrical benefit were in
creased from $75 to $100 for each. The
allowance for in-hospital medical ex
pense (doctor’s visits) was raised from
(Continued on Page Eight)
Savings! Bond Drive Set For June 17-^
Fieldcrest Mills has agreed to coop
®t'ate with the U. S. Treasury Depart-
by conducting another campaign
encourage greater participation by
Employees in buying U. S. Savings Bonds
through the Payroll Savings Plan.
Employees will also have an oppor-
‘Unity to buy the new Freedom Shares,
^hich pay a higher rate of interest. The
^eedom Shares, however, are offered
to new or regular purchasers of
®rtes E savings bonds.
The campaign will be conducted in
he various mills and offices the week
"hginning June 17. During the drive,
®hoh employee will have an opportunity
help keep our economy strong and,
the same time, help themselves enjoy
the benefits of one of the world’s safest
and most effective investment programs.
To spur interest in the campaign,
Fieldcrest will award a large number of
prizes in drawings among the names of
all present and new purchasers of Bonds.
The prizes consisting of $25 Savings
Bonds will be allotted to the mills based
on the number of employees.
Prospective Bond purchasers who hes
itate to sign up before the mills’ vacation
period may have the payroll deductions
start as late as August 1, if they so
desire.
Many Fieldcrest employees have been
buying Bonds regularly through the
years. Some of these purchasers will be
given recognition during the campaign
and otoer employees invited to join them
in this program which combines the
virtues of patriotism and personal thrift.
Series E Bonds and Freedom Shares
became more attractive than ever when,
effective June 1, the interest rate on E
Bonds was increased from 4.15 to 4.25
percent and on Freedom Shares from
(Continued on Page Four)
Dividend Approved
Directors of Fieldcrest Mills, Inc.,
have approved a regular quarterly divi
dend of $.30 per share. President G. W.
Moore has announced.
The dividend is payable June 28 to
holders of record on June 14.