2019 Holiday Donation Drawing Winners

Drumroll please…after receiving numerous nominations from our community, we’re thrilled to announce the five charities who have been selected to receive our 2019 North Pier Holiday Donation!

Congratulations to these five outstanding charities! We’re proud to support their causes, which include helping the homeless, providing clean water to countries in need, advocating for animals, and feeding neighbors who need a little extra to eat this holiday season.

Thank you to everyone who took the time to nominate a charity. We are honored to be part of a community that believes in the power of giving back. We hope you take a minute to learn more about each of these organizations and the important work they do:

Click HERE to learn more about each charity.

Happy Holidays from North Pier!


5 Charities North Pier Is Supporting This Holiday Season

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North Pier is proud to support many great causes throughout the year, including organizations that members of our team are affiliated with and donate their time and resources to like CASA of Los Angeles, Kids in the Spotlight, Guide Dogs for the Blind, and CAL FIRE.

This year, with the help of our community and the numerous charities they nominated, we held a drawing and selected five organizations to receive our 2019 Holiday Donation. These five charities are working hard to make a difference in the world, and we’re honored to support the work they do. Learn more about each of the five charities selected below.

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We are proud to donate $2,500 to the American Society for the Prevention of Cruelty to Animals® (ASPCA). The ASPCA is a national leader in animal rescue and protection. They work towards putting an end to animal abuse and neglect, providing resources like behavioral rehabilitation, medical care, and finding homes for thousands of animals each year. They were founded with the believe that animals deserve respectful and kind treatment and must be protected under the law by humans. State by founder Henry Bergh in 1866, the the ASPCA’s mission is “to provide effective means for the prevention of cruelty to animals throughout the United States.” Learn more here.

The following charities will receive a $500 donation from North Pier. 

Feeding Westchester’s goal is to end hunger in Westchester County, New York. They source and distribute food and resources to those in need, ensuring that none of their neighbors go hungry. As a member of of Feeding America, the nationwide network of over 200 food banks serving every state in the US, they have access to millions of pounds of donated food and products from national companies. They’re proudly responsible for 95% of all food distributed throughout Westchester. Learn more here.

Students 4 Students establishes and promotes collaborative shelters for young people, by young people, to end college homelessness. Founded, managed and staffed by UCLA students, they are the first shelter in the nation to exclusively serve homeless college students, meeting the basic needs of homeless college students and connecting them to resources to finalize post-shelter housing plans and a path to graduation. Learn more here.

Wells Bring Hope drills wells and brings safe water and sanitation to Niger, West Africa. When a well is drilled, everything changes for the country in need. Deaths from water-borne diseases are eliminated, girls can go to school when they don’t have to walk miles everyday to find water, women have time to start small businesses, gardens flourish with life-sustaining vegetables and grains. 100% of every Wells Brings Hope donation goes directly to drilling a well, and they have currently funded 616 wells and counting. Learn more here.

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LA County has one of the highest rates of homelessness in the nation, and Shelter Partnership is working to reverse this trend. Shelter Partnership addresses the cause of homelessness by building the capacity of community based agencies, developing resources for affordable housing, and providing decades of housing policy and expertise to state and local government. Their focus areas include veteran homelessness, family homelessness, chronic homelessness, and homeless older adults. For over 30 years, Shelter Partnership has worked to make itself one of the leaders in the fight to end homelessness in LA. Learn more here.

 


What to Look for When Monitoring Retirement Plan Advisors (PLANSPONSOR)

Managing Partner Jim Scheinberg recently spoke with PLANSPONSOR on best practices for monitoring retirement plan advisors, and why it’s so important. 

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Spectrum Investment Advisors and Wintrust Wealth Management are two advisory practices that proactively share their regulatory filings with their plan sponsor clients. They say they do so in order that their clients are aware of all of their fees , the scope of their services and to be briefed on details on their practices.

However, these advisory practices are most likely not the norm, which could present a problem for plan sponsors because the courts and the Department of Labor (DOL) have determined that retirement plan sponsors have a duty to monitor their services providers—including their retirement plan adviser or consultant, says Jim Scheinberg, managing partner and chief investment officer of North Pier Search Consulting in Marina Del Ray, California.

In May 2015, Scheinberg notes, the U.S. Supreme Court ruled in favor of the plaintiffs in Tibble v. Edison International, ruling that when a plaintiff brings a claim under the Employee Retirement Income Security Act (ERISA) for an alleged failure to monitor plan investments and remove imprudent ones, the duty to monitor starts at the time of the alleged monitoring failure. This overruled the six-year outside time limit for claims of breach of fiduciary duty in the Employee Retirement Income Security Act (ERISA)…

Read the full article on PLANSPONSOR.


On the hunt: How 401(k) plan sponsors can revamp the advisor selection process (BenefitsPro)

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“As a 401(k)-plan sponsor, you bear a tremendous amount of fiduciary responsibility, and among those duties, selecting the right plan advisor, is among the most consequential fiduciary decisions. This decision is not only critical to investment outcomes and the security of participants, but as the plan sponsor, a subpar or incongruent advisor relationship and search process could leave you and the organization personally liable to litigation.

According to research by Fidelity Investments, 92 percent of plan sponsors work with an advisor. Despite the overwhelming majority of plan sponsors relying on advisors to carry out their fiduciary duties, the search process is often overlooked and underemphasized when it comes to plan advisor evaluation and selection.

1. Complacency breeds failure

ERISA specifies that fiduciaries are responsible for the oversight of covered service providers, such as advisors, and are required to employ a prudent set of criteria to determine “reasonable expenses” for “reasonable and necessary services.” Therefore, the selection of an advisor is a fiduciary act in and of itself, and it should be handled with the same prudent process…

Read the full article at BenefitsPro.

 


North Pier Gives Back: Nominate Charities for Our Holiday Donation

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As Thanksgiving approaches, our team at North Pier is reflecting on what it means to give thanks. Expressions of gratitude, whether it’s volunteering at your local food bank or simply taking a moment to say “thanks,” are especially important during the hustle and bustle of the holiday season.

In the spirit of giving thanks, North Pier will be donating $4,500 to five charities who are committed to making a positive difference. But we need your help! Over the past year we’ve already proudly supported organizations that are near and dear to us, including CASA of Los Angeles, Foster All, CalFire, Kids in the Spotlight, UCLA, and Guide Dogs for the Blind. To finish off our giving for 2019, we’d like your help in choosing which organizations to support.

What is your favorite charity, and why do you support the work they do?

Click the button below to nominate an organization.

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On December 6th, we will hold a drawing to determine which charities will receive donations. The first four charities pulled out of a hat will each receive $500. The fifth charity drawn will receive a $2,500 donation.

Thank you for your continuous support, and for taking the time to introduce us all to your favorite causes. We look forward to learning about each and every organization.


How To Avoid What 401(k) Plan Sponsors Fear Most About Investment Policy Statements (Forbes)

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Where should plan sponsors go when crafting Investment Policy Statements? Jim Scheinberg offers his advice for his latest feature in Forbes. 

“The IPS is a legal document,” he told Forbes. “Clearly a strong ERISA consultant can help with crafting a draft IPS, but in the end an ERISA attorney should sign off on a final version. Under this process, not only do sponsors end up with a thorough document, but they also may potentially be able to claim an ‘under advice of counsel’ defense if ever challenged.”

Read the full article on Forbes to learn more about crafting effective Investment Policy Statements, and what plan sponsors need to know.


‘Angry’ Clients, ‘Shocked’ Staff After TIAA Pulls the Plug on Outsourced-CIO Arm (Institutional Investor)

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TIAA recently announced that it will begin plans to shut down its Outsourced-CIO business.

“We thought they were going to be a powerhouse,” Jim Scheinberg opines in Institutional Investor for his latest feature on TIAA’s shocking decision to pull the plug. “Why didn’t they gain more critical mass sooner?”

Read the full story on TIAA’s “jaw dropping” move here.