Two former Schnader Harrison Segal & Lewis partners are entitled to their full vested retirement benefits despite an amendment to the firm’s partnership agreement that would have reduced their retirement incomes by approximately one-half, the Pennsylvania Superior Court has ruled in a case of first impression.
The decision should please partners approaching retirement, as the court concluded that absent a specific contract provision to the contrary, firms may not amend partnership agreements to shrink benefits previously earned by retirees.
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