On December 27, 2022, the SECURE 2.0 of 2022, a part of the Consolidated Appropriations Act of 2023, was signed by President Biden and became law. SECURE 2.0 aims to increase retirement savings and expand coverage to employer-sponsored retirement plans, This document...
Inflation, stagflation, and recession, or in reverse order, whichever way, those are the three possibilities that we are experiencing in the U.S. economy. Inflation is what we're experiencing now. All of us are experiencing that the prices are higher than we have...
The current inflationary environment (surging aggregate demand during a period of constrained aggregate supply) is more of a function of the super supportive fiscal policies during the height of Covid. Although the significant expansion of the Fed balance sheet and...
When operating with data dependent economic policies it is important to utilize the most current data available, or high frequency data.
How are global COVID policies affecting the economy?
Chairman Powell of the Federal Reserve has been getting a lot of bad press about his actions being too late, not being enough, or being too heavy handed regarding the US economy. The commentary is from everybody. These comments are perhaps correct from their vantage...
The US is currently undergoing high inflation. What is the economic fate over the next few quarters?
Gross domestic product is the term to measure the aggregate of all goods and services transacted in the United States. It is an indicator of our economy.
Here is the complete article.
We are joyfully anticipating and participating in the post-pandemic robust economic recovery and at the same time sensing the beginning of a gradually less supportive environment for stocks and bonds as the market participants test the resolve of the Fed on its...
ERISA and the IRC establish prohibited transaction provisions that generally exclude fiduciaries, with respect to workplace retirement plans (Plan or Plans) and individual retirement accounts and annuities (IRAs), from engaging in self-dealing and receiving...
The Employee Benefits Security Administration of the Department of Labor issued a new guidance for plan sponsors and fiduciaries regulated by the Employee Retirement Income Security Act (ERISA). The guidance offers tips and best practices in three areas: Tips for...
Philip Chao shares his thought about the recordkeeping industry and, more specifically, using Empower’s recent announcement of buying Mass Mutual retirement business. Read the P&I article here.
Moving from “ex ante” to “ex post” In the annual end of summer economic policy symposium sponsored by the Federal Reserve Bank of Kansas City (virtual for 2020), the theme this year was “Navigating the Decade Ahead: Implications for Monetary Policy.” Chair Powell of...
The Un(settling)-Normal Here is the complete article.
This global pandemic is not a Black Swan event - an unpredictable event that is beyond what is normally expected of a situation and has potentially significant rewards or consequences. COVID-19, like SARS, MERS, Ebola and other viruses before, is quite a predictable...
The recent roller coaster ride with the Tesla stock reminds us all about the need for diversification. Depending on when you invested in the stock, the week of excitement and elation (greed) turned quickly into disappointment and disbelief (fear). Read the CNBC...
The SECURE Act brings safe harbor for Plan fiduciaries to include annuities as an invest and pay out option under a DC plan for the first time.
Philip Chao’s commentary is quoted in Iris.com – “It’s Not Shocking to See Schwab Buying TD Ameritrade”
Philip Chao is featured in the InvestmentNews article “Pete Buttigieg proposes a ‘public’ 401(k) program”.