Jacobson v. Hughes Aircraft Co.

Plaintiffs-appellants are five retired Hughes Aircraft Company employees who are receiving retirement benefits under the Hughes Non-Bargaining Retirement Plan (the “Plan” or “Hughes Plan”).1 The five plaintiffs are among the 10,000-plus Hughes employees and retirees participating in the Plan. The principal relief plaintiffs seek is a termination of the Hughes Plan and a distribution of its assets to participants, such as the plaintiffs, who have made contributions to the Plan.

Plaintiffs allege that, largely as a result of “investment growth,” Plan assets grew to the point that they exceeded…