Benjamin v. South Carolina National Bank

Boyce L. Benjamin, appellant, commenced this action on behalf of himself and all others similarly situated to recover the vested portion of his benefits under the profit sharing plan of the South Carolina National Bank of Charleston (SCN). The institution of the suit followed the decision of Almers v. South Carolina National Bank of Charleston, 265 S. C. 48, 217 S. E. (2d) 135, in which it was held that the provision in SCN’s profit sharing plan, requiring that an employee’s vested interest in the plan be forfeited upon his acceptance of competitive employment, was invalid because it…