[did] not ... [exercise its jurisdiction] when resort to the administrative route is futile or the remedy inadequate.”). B. Eliminating the Right to Put Options for In-Kind Distributions of Stock Is a Cutback Prohibited by ERISA 1. General ERISA Framework The 1998 and 2004 Plans are both hybrid ESOP-401(k) retirement plans falling under the purview of ERISA. Under ERISA, an employer has complete discretion in formulating and adopting retirement plans. See Lockheed Corp. v. Spink, 517 U.S. 882, 887, 116 S.Ct. 1783, 135 L.Ed.2d 153 (1996) (“Nothing in ERISA requires employers to establish employee benefits plans. Nor does ERISA mandate what kind of benefits employers must provide if they choose to have such a plan.”); Carver v. Westinghouse Hanford Co., 951 F.2d 1083, 1088 (9th Cir.1991) (<HOLDING>). However, once an employer implements a
holding that the defendant withheld pension benefits in breach of the plan holding that in a recovery of benefits claim only the plan and the administrators and trustees of the plan in their capacity as such may be held liable recognizing that plan participants should be able to access information about the plan administrators fiduciary duties from the plan administrators counsel holding that plan participants in a defined benefit pension plan have no claim to the plans surplus assets recognizing that pension plan administrators have the ability to fashion their own plan formulas