Historical Newspapers of South Carolina

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Keeping You Informed GED degree James Earl Sasser has joined the growing list of Clinton Mills employees who have earned their G.E.D. through the adult education program sponsored by the Company. ’ Sasser, a ty-in operator at the Bailey Plant, feels a real sense of accomplishment in his completion of the requirements for his high school diploma. "It’s not a pleasant feeling telling people you have only an 8th grade education, explained Sasser. "Everything you go to do requires some type of basic understanding of reading and math. It's difficult to get by without some of type of advanced education," he noted. For Sasser, being able to help his children do their homework and to better understand the educational opportunities is an achievement only a few years ago he never thought would be possible. "It's no doubt that I would not have gone back to school if it had not been for the Company," noted Sasser. "I dropped out of school too young, and it didn't take me long to realize it," he explained. Now that I've gone back to school, I feel better about taking on other challenges. Being a high school drop-out gives you a feeling of "just getting by," he added. Sasser encourages anyone who doesn't have a good formal education to consider the advantages of adult education. James Earl Sasser Like numerous other employees, he acknowledges the fact that there is a growing gap between job requirements and employee skills. A recent report published by the U.S. Department of Labor indicates that a number of U.S. companies are burdened with costly mistakes made by employees who cannot read correspondence and that efficiencies are decreased because employees often require one on one physical training because they are unable to use written instructions manuals. Experts caution employees that the need for improved educational skills will increase rapidly in the future as companies like Clinton Mills install more state of the art equipment to meet world wide competition. Retirement plan On January 1, 1989, the Retirement Plan for Hourly Employees was changed from 10 years of service to five years of UW giving by EFA doubles Elastic Fabrics of America employees increased their giving to the United Way from $4,390.33 in 1988 to $8,929.38 in 1989. The 103% increase represented giving by 118 of the company's 314 employees. Shirley Weeks, Human Resources Director, expressed her appreciation to Velma Burnette, Samantha Baker, Susan Brown, Perry Collins, Annette Fields, Stonie Reaves, Clarence Walker and Linda Wilson for their efforts as campaign co-ordinators. A company gift will be announced at a later date. service in order to earn a vested deferred pension. On November 30, 1989, the Pension Plan for salaried employees was changed from five to 15 years grading vesting schedule to five years vesting. Vesting in the retirement plan or pension plan is a form of ownership, meaning that you have the right to receive a pension benefit. When you become vested in your accrued benefit after completing five years of service, you will not forfeit your pension even if your employment terminates before you are eligible for retirement. The nonforfeitable pension benefit is called a vested deferred pension. The result of changing the vesting schedule was that approximately 275 employees received a 100% vested deferred pension in the Retirement Plan and 111 employees received a 100% vested deferred pension in the Pension Plan. Effective January 1 Social Security tax climbs again in '90 The Social Security tax rate and wage base go up again in 1990, and Clinton Mills employees can expect to see the changes reflected in their paychecks. Effective with your first paycheck in 1990, the Social Security (PICA) rate of taxation for employees increases from 7.51 percent to 7.65 percent. The date of the actual change is January 1,1990. You'll Pay More This means that in 1990, you will pay 14 cents more in Social Security taxes for each $100 of your wages, up to the maximum wage base. In other words, your increase in Social Security taxes will amount to $1.40 for each $1,000 of your taxable wages in 1990. The maximum wage base (amount of earnings subject to Social Security taxation) is up to $51,300 from $48,000 in 1989. This means that the maxium Social Security tax for employees earning $51,300 or more in 1990 will be $3,924.45—an increase of $319.65 over the 1989 maximum of $3,604.80. Announced by the Social Security Administration, the change in the maximum taxable wage base comes under the automatic-adjustment provisions of Social Security legislation enacted during the 1970's. It's tied to the nation's increase in average wages, as determined on the basis of date provided by the Internal Revenue Service. Clinton Mills "matches" payment As in the past, for each Social Security tax dollar that you, as an employee, pay, Clinton Mills will a a "matching" amount to the -al government for the Social Security program. In 1989, the rate paid by employers, such as Clinton Mills, was 7.51 percent. In 1990, the rate to be paid by employers is 7.65 percent on taxable wages, the same rate as paid by employees. Like other employers, Clinton Mills is required by the federal government to make the proper deductions from each employee's pay for the Social Security program. So, during 1990, each company employee will pay 7.65 percent on taxable wages, to be matched by an additional 7.65 percent from Clinton Mills, for a total of 15.30 percent. System financed This combined amount will be used by the government to finance the cost of the Social Security system which includes Medicare. During 1989, Clinton Mills paid more than $3.4 million to the government as the Company's portion of Social Security taxes for the benefit of employees. This was in addition to the amount contributed by employees. Under existing law, this is the last increase in the rate of taxation for the Social Security program, but the earnings base will climb automatically according to increases in average wage levels. In 1990, employees and employers each will pay 7.65 percent on taxable earnings for a combined total of 15.30 percent. No further increases are scheduled. I 4ADE IN THE I USAI Editor: Mack Parsons Published by: Laurens County Newspapers, Inc. Clinton. S.C. 29325 Bulk Rate U.S. Postage PAID Clinton, S.C. Permit No. 59 MS PEGGY GILMER 205 GORDON ST CLINTON, SC 29325 8 ClothMaker