$990,224 Paid To Pension Trust Fund
Th
jji. ® Company last week made an ad-
contribution of $990,244 to the
the , Mills Pension Trust, one of
the payments made to date to
Cpv, for tfie payment of employee
‘'sions.
^^6 latest contribution, covering the
1969, increased the value of the
assets to around $21-million.
J'ear
ttug.
The
tho'C ^rnings, was paid to the Wa-
payment, taken from the Com-
Bank and Trust Company, at
^loP'Salem, trustee of the pension
‘ • Money which the Company pays
fund cannot be recovered by the
^^ynie
,°*^Pany and must be used only for the
®Pt of employees’ pensions.
The Pension Plan has been in effect
for over 25 years and during that time
a total of 1,924 employees have retired
under its provisions. Over 11,000 active
employees are currently covered by the
Pension Plan.
During 1969 close to 1,200 retired em
ployees were paid pension benefits to
taling approximately $930,000. Current
ly there are 1,32S employees retired and
drawing monthly pension checks.
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 employees’
Social Security benefits.
Should Act On Imports Bill
of
ti^^California
congressmen from Maine.
have introduced legisla-
to, the House of Representatives
app^^Jf^i'unaway imports of textiles and
,„The
Hlg ^ Pleasure is known as the Tex-
Trade Bill of 1970. It
producers to sell
iti Permit foreign
and at the same time pre-
losses in large-employment in-
>here.
. If the
'''hat
bill is enacted into law, this
j. it would do. In 1970 it would
1 ® imports of all textile articles
, fher footwear to the average
quantity that entered the Unit
ed States in 1967-68. After 1970 the
import level would be adjusted upward
or downward depending on the size of
the market—that is, on how much
Americans were buying.
The bill would not conflict with
agreements made before or after its en
actment. In fact, it authorizes the Pres
ident of the United States to enter into
international agreements regulating im
ports of all textile articles or foot
wear from any nation. And any coun
try entering into an agreement with
the United States would not be subject
(Continued on Page Eight)
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.
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
future well-being, every employee
should familiarize himself with his
rights under the Plan and also with the
requirements for the various benefits.
Employees have received booklets
which describe and explain the work
ings of the retirement program. It would
be well for every employee to review
the booklet from time to time.
If the booklet has been lost, a re
placement may be obtained at the Per
sonnel Office. Members of mill super
vision and the Industrial Relations staff
stand ready to answer any questions
and to give assistance to employees in
advance planning for retirement.
u!f -li
, New Karastan Worsted Mill
1. Vk , , ,
Karastan Worsted Mill at Greenville eost $l^-mil- tional spinning capacity for the Karastan rug manufacturing
contains 50,000 square feet. The plant provides addi- operation. See picture-story appearing on pages four and five.