No. 2876 October Term 1978, Appeal from the Order of the Court of Common Pleas of Montgomery County, Civil Action - Equity, at No. 77-4225.
Alan E. Boroff, Norristown, for appellants.
Desmond J. McTighe, Norristown, for appellee.
Spaeth, Hester and Cavanaugh, JJ.
[ 277 Pa. Super. Page 49]
This appeal arises from an order dismissing preliminary objections to a petition for the removal of the trustees of an employee pension plan.
On March 9, 1977, appellee filed a complaint in equity seeking the recovery of benefits allegedly due him under two employee pension plans. The complaint made the following allegations. Appellee was a former officer, director, and shareholder of two corporations, Glentex Corporation and Glentex Corporation of America, Inc. As a result of disagreements with Arthur G. Caplan, who was also an officer, director, and shareholder of the two corporations, appellee agreed to surrender his interests in the corporations and to resign as officer and director. In return, Caplan agreed that appellee's vested interest in the two pension plans established by the corporations was $75,000, and that appellee was to be paid this sum by May 1, 1975. Caplan and Bernadette Chapman are trustees of the two pension plans. Despite Caplan's agreement, however, appellee had not been paid his $75,000 vested interest in the plans. The complaint requested the lower court:
1) To order Caplan, Glentex Corporation, and Glentex Corporation of America, Inc., to notify and direct the trustees of the pension plans to take the necessary steps to accomplish the transfer to appellee of his $75,000 vested interest in the plans, with interest from May 1, 1975;
2) To order Caplan and Chapman, as trustees of the pension plans, to take the necessary steps to accomplish the transfer to appellee of his vested interest in the plans:
3) To enter judgments for appellee and against Caplan and Chapman, as individuals and trustees, and Glentex
[ 277 Pa. Super. Page 50]
Corporation and Glentex Corporation of America, Inc., in the amount of $75,000, with interest from May 1, 1975, together with all ...