VOL. XXVI
Eden, N. C., September 16, 1968
NO. 5
$1,318,000 Paid To Pension Trust Fund
X ry . *1 .• rw - _
Largest Contribution To Date Brings Value Of Pension Trust To
^ver $17-MiIlion; Total Of 1,690 Have Retired Under Plan
The Company last week made an ad-
oitional contribution of $1,318,000 to
Fieldcrest Mills Pension Trust,
^presenting the largest payment made
° date to the fund for the payment of
Piployee pensions. The latest contribu-
covering the year 1967, increased
trust fund to in excess
$n-million.
The payment, taken from the Com-
^^Py’s earnings, was paid to the Wa-
ovia Bank and Trust Company, at
f ®®ton-Salem, trustee of the pension
to*tK which the Company pays
^ the fund cannot be recovered by the
opipany and must be used only for
payment of employees’ pensions,
j The Pension Plan has been in effect
25 years and during that time a total
u b690 employees have retired under
tin Of this number, 1,131 are
'y living and drawing monthly pen-
checks.
ijjThe pensions paid under the Plan are
fj.^'^dition to, and completely separate
g Pi, any payments received through
ctal Security. The Company, of course,
tiln tiays half of the cost of the em-
Social Security benefits.
Widely recognized as one of the first
and best in the textile industry, the
Pension Plan was installed when em
ployee pension plans were comparative
ly 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 of the pension is based on the
employee’s continuous service with the
Company and his career earnings as a
Fieldcrest employee.
Costly Employee Benefit
The huge amounts paid by the Com
pany for the Pension Plan make it a
costly employee benefit, which must be
taken into account in any comparison
of Fieldcrest wages and fringe benefits
with those of other companies.
Because membership in the Pension
Plan is such a big financial asset to the
employee and will be so vital to his fu
ture well-being, every employee should
familiarize himself with his rights un
der the Plan and also with the require
ments for the various benefits.
Employees have received booklets
which describe and explain the work-
Quality Story To Feature Ad Program
p^rastan’s New Two-Page
,j,°*'inat To Gain Exposure
45 Million Readers
^ A new two-page spread for Karastan
^ appear in a distinguished list of
and home service magazines
e ad features a full-page room set-
Th
Vaf color with Emerald Lustre in
^ ereau on the floor. Opposite will be
tur copy story on the quality fea-
fa processes behind the manu-
^ure of Karastan wool carpets.
g(j.^^gazines with a high percentage of
uorial content on home decorating
11 be basic to the magazine list. House
Se House Beautiful and their
[jJ^.i~annual decorating and remodeling
. continue to play an important
in the schedule.
qA newcomer is Better Homes and
Ardens Home Decorating semi-annual.
® 3 group these magazines enjoy wide
popularity among those women who
have great interest in improving or
maintaining attractive home environ
ments lor their families.
Millions of additional adult women
of all ages are confirmed readers of
Good Housekeeping and McCall’s. They
look to these magazines for authorita
tive information on personal care, cook
ing and home decorating. Both are in
cluded in the Karastan schedule. The
full Kara.stan advertising schedule is
made up of publications that are most
efficient in reaching large numbers of
prospective Karastan purchasers.
Although it is difficult for the aver
age person to evaluate the assets in ad
vertising nationally, Karastan considers
national advertising essential in pre
conditioning the consumer. It makes
the Karastan brand name familiar to
her and creates a definite quality image
(Continued on Page Eight)
ings of the retirement program. It would
be well for every employee to review
the booklet from time to time and keep
a copy at his home.
If the booklet has been lost, a re
placement may be obtained at the Per
sonnel Office. Further, mill supervision
or the Industrial Relations staff stand
ready to answer any questions and to
give assistance to employees in advance
planning for retirement.
Thomas W. Graves, Jr.
Joins Law Department
Thomas W. Graves, Jr. joined Field
crest Mills, Inc. effective September 16
as assistant counsel, reporting to Wil
liam B. Lucas, assistant secretary and
counsel.
Prior to joining Fieldcrest, Mr. Graves
had been engaged in the general practice
of law with the firm of Carr and Gib
bons for the past three years.
He is a native of Wilson and a 1962
graduate of Duke University. He re
ceived his law degree from the Duke
Law School in 1965 and was admitted
to the North Carolina State Bar the
same year.
Mr. Graves is married to the former
Sara Thomasson of Martinsville, Va.
They will reside on Grant Street in the
Knollwood area of Eden.