On previous episodes of the podcast we've heard from ERISA attorneys, consultants and various other specialists sharing their thoughts on how employers can mitigate their fiduciary risk. Now, I am proud to share that the experiences of a 401(k) expert witness is no longer unchartered territory for us! My guest, Jim Scheinberg, the Managing Partner and Founder of North Pier Fiduciary Management joins me for this action packed episode. We kick things off addressing what role a 401(k) expert witness actually plays during a lawsuit. Then we quickly begin to stress test some fiduciary messages you might have heard such as “Your process is your protection”, then we delve into whether having the right fiduciary mindset is relevant and while retirement plan fiduciaries are not expected to predict the future, could having some foresight be important to your fiduciary process. Hopefully you will find our conversation offers some unique and timely perspectives on these and a few other important trends in 401(k) or ERISA litigation that you can bring with you to your next retirement plan committee meeting!
Jim Scheinberg began his career in venture capital in 1990 moving to general securities with Smith Barney Harris Upham in 1992. He joined Oppenheimer & Co., Inc. in 1994 as an Associate in the Oppenheimer Consulting Group, the firm’s institutional investment management consulting department, where he worked trusts, endowments, foundations and trustee-directed ERISA plans. In 2001, Jim founded what would become the Corporate Services Group of Oppenheimer Co., Inc. (CSG), where he eventually held the position of Director and Senior Vice President. CSG was an industry pioneer in providing conflict free, fee-only investment consulting and fiduciary advocacy for institutional, ERISA plan sponsors. In 2008, Jim completed a lift-out of CSG and founded North Pier Fiduciary Management LLC., with offices in Los Angeles and Silicon Valley. His tenure in the industry has also included experience in hedging and monetization, corporate executive services, and corporate cash management.
Born and raised in the North Suburbs of Chicago, Jim came to Southern California in 1987 to pursue his B.A. in Political Science at University of California, Los Angeles. He achieved the Certified Investment Management Analyst (CIMA®) designation in 2001 from The Investment Management Consultants Association (IMCA®) in conjunction with the Wharton School of Business of the University of Pennsylvania. He has also earned the Accredited Investment FiduciaryTM (AIF®) and Accredited Investment Fiduciary AnalystTM (AIFA®) designations, awarded by the Center for Fiduciary Studies, of the Joseph M. Katz Graduate School of Business of the University of Pittsburgh. Jim is currently a member of the Board of Visitors of the UCLA Political Science Department and sits on the William Sharpe Fellows Selection Committee of the UCLA Department of Economics. He is a regularly quoted resource to journalists and speaker at industry conferences. Jim is often engaged as a consulting expert for the U.S. Department of Labor and as an expert witness for ERISA litigation. He is an avid supporter or children’s charities and serves as a Court Appointed Special Advocate for foster children in the Los Angeles County Children’s Court system.
401(k) Fridays Podcast Overview
Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!