SUMMARY This document is solely based on the information from the Complaint and no efforts have been made to verify or confirm the completeness or truthfulness of any facts and circumstances. According to the Complaint, TIAA and Morningstar acting as fiduciaries to...
Everything Else
Su vs. Axim Summary
The Julie A. Su vs. Axim Solutions Group et al case demonstrates the importance of an employer’s fiduciary duty of developing and maintaining a prudent process in selecting service providers in delivering health and welfare and retirement benefit plans to covered...
Hanigan v Bechtel Summary
On May 24, 2024, a class action complaint was filed in the Eastern District Court of Virginia by Debra Hanigan, et al (“Plaintiff”) against Bechtel Global Corporation and the Bechtel Trust & Thrift Plan Committee (“Defendants”) for a breach of fiduciary duty of...
Carfora v. TIAA Summary
This case was first filed in 2022 which was dismissed by the Court and provided Plaintiffs with leave to file an amended complaint. Plaintiffs have done so in November 2023, and now before the Court is Defendants’ motion to dismiss Plaintiffs’ Second Amended...
SECURE Act 2.0 Summary
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 & Recession
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...
Good Economic News is Bad News for the Market
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...
Why Is High Frequency Data Invaluable?
When operating with data dependent economic policies it is important to utilize the most current data available, or high frequency data.
COVID Policies & The Economy
How are global COVID policies affecting the economy?
What Is The Role Of The Federal Reserve?
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...
Is The U.S. Economy Headed To A Soft Landing Or A Hard Landing?
The US is currently undergoing high inflation. What is the economic fate over the next few quarters?
What Is The GDP And How Was It/Will It Be Impacted By COVID?
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.
Philip Chao in Financial Advisor Article “ Bridging The Income Gap For Early Retirees”
Here is the complete article.
Philip Chao Viewpoints Published in Advisorpedia – Higher Inflation: Transitory of Sustained
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...
DOL Final Rule Prohibited Transaction Exemption 2020 02 for Investment Fiduciary
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...
ERISA CYBERSECURITY Best Practices & TIPS
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 interviewed by Pension & Investments – Acquisition moves Empower closer to its ultimate goal
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.
Philip Chao Viewpoints Published in Iris.xyz – The Fed is Codifying Lower for Much, Much Longer
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...
Philip Chao Viewpoints Published in Iris.xyz – the Un(settling)-Normal
The Un(settling)-Normal Here is the complete article.
Philip Chao Viewpoints Published in Iris.xyz – The Future of the Financial Markets, After COVID-19
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...