Historical Newspapers of South Carolina

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In The News Improved Christmas Gift Program Employees shop for Company Christmas gift Charles Gann, center, completed twenty-five years service to Plant No. 2 weaving on November 12. Plant No. 2 Manager Mac George, left, and Superintendent Joe Aiton expressed their appreciation to Charles for his work in the weave room. Annual Report Summary Annual Report--The Clinton Mills, Inc.--Retirement Plan This is a summary of the annual report for the Clinton Mills, Inc. Retirement Plan, EIN 57-0836044 for January 1, 1988, to December 31, 1988. The annual report has been filed with the Internal Revenue Service, as required under the Employee Retirement Income Security Act of 1974. (ERISA). Basic Financial Statement Benefits under the plan are provided by a Trust Agreement. Plan expenses were $176,255. These expenses included $17,032 in administrative expenses and $159,223 in benefits paid to participants and beneficiaries. A total of 2,931 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefi ts. The value of plan assets, after subtracting liabilities of the plan, was $3,756,827 as of December 31,1988, compared to $3,142,046 as of January 1,1988. During the plan year the plan experienced an increase in its net assets of $614,781. This increase includes unrealized appreciation or depreciation in the value of plan assets: that is, the difference between the value of the plan's assets at the end of the year and value of the assets at the beginning of the year or the cost of assets acquired during a year. The plan had total income of $791,036, including em ployer contributions of $400,804, gains of $55,876 from the sale of assets, unreal ized appreciation of assets of $45,794, dividends on stock of $31,359, and earnings from investments of $257,203. Your rights to additional information You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report: 1. an accountant's report; 2. assets held for investment; 3. transactions in excess of five percent of plan assets; 4. actuarial information regarding the funding of the plan. To obtain a copy of the full annual report, or any part thereof, write to the office of Pauline S. McLendon, who is the plan administrator. The charge to cover copying costs will be $3.00 for the full annual report, or $.25 per page for any part thereof You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompany ing notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be include a charge for the copying of these portions of the reports because these reports are furnished without charge. You also have the legally protected right to examine the annual report at the main office of the plan, Clinton Mills, Inc., 600 Academy Street, Clinton, SC 29325, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, N4677, Pension and Welfare Benefit Programs, Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20216. For assistance in obtaining a copy of available information, contact the Person nel Manager in your work area. Pauline S. McLendon Financial Administrator Clinton Mills Drawer 1215 Clinton, S.C. 29325 Clinton employees have shopped their neighborhood Wal-Mart stores for the item or items they wanted to purchase with the $20 gift certificate provided by the Company. For the prior 25 years, employees had selected a Christmas gift from a Company brochure. Most employees reported they had a full range of the household, recrea t ional, sports and hobby items found in the catalog program. For those who had participated for manyyears,analtemativeapproach was desired. Clinton and Geneva employees found selecting an item from the vast selections afforded by Wal- Mart challenging. "Getting the most for your certificate" was a common goal among most employees. "I like the gift certificate over the catalog," said Nick Snow, a Bailey Plant weaver. "I've been getting something out of the catalog since 1967. While I've gotten lots of nice and useful gifts, I was ready for another program." "My certificate will go to my nine- year-old son. He'll find something he likes in an area that was not available before," noted Snow. "Wal-Mart has a good selection of items, and I'm glad the Company chose them," he explained. If I'd had a choice between the old program and this one. I'd have chosen the certificate," he added. "This certificate will let you choose Jamie Moore in Who’s Who among students Mitchell and Ann Moore are the proud parents of James (Jamie) Mitchell Moore, Jr. Jamie was selected for Who's Who Among American High School Students for the second year in a row. Jamie is a Junior at Clinton High School and also attends Presbyterian College. He is in the top ten percent of his class and a member of the Clinton High School varsity football team. Paternal grandmother is Nellie Moore, #2 spinning. I Nick Snow what you want and I like the idea of being able to use it over a period of time." Wal-Mart has a national reputation for promoting "Crafted With Pride in the USA." The company has made great contributions in preserving American jobs by purchasing products sold in their stores from domestic sources. Elastic Fabrics of America employees received a gift certificate from Pace Membership Warehouse in Greensboro. Jamie Moore 6 ClothMaker