The idea of pension parity is that pensions not only have to be valuable, but they also have to be fair and equitable, and, at the same time, they have to decrease risk exposure to members. Parity is likely to be a key point of discussion when it comes to planning for 2020, and managers will need to develop their pension parity knowledge and skills, more than ever before.
What’s the key issue? A range of factors can have an effect on parity, including the age, gender, and other social differences of pension plan members, and also fundamental challenges in the type of pensions that managers offer up to their employees, in the first place. This can lead to long term barriers to financial success, as well as legal issues that can stand in the way of risk mitigation best practices.
To this end, there are a number of proactive solutions that organizations, both public and private, ought to take on in order to underline parity in pension planning in the coming year. In our new paper on planning for pension parity in 2020, we’ll discuss what pension parity really means, and how organizations can protect themselves against the risks that are associated with parity. We’ll talk about strategic approaches to planning that can drive both solutions to these challenges, hope for the future and drawing on ideas why pension managers are the best equipped to take a key role in creating functional and operationalized changes in pensions, that can make an impact on equity in their organizations.
At Marris Miller, we know how important it is to ensure that pension success factors are maximized and risky outcomes are minimized. Parity isn’t only about doing what is right, but also about securing ourselves against future risk. That’s why we need to plan for parity both strategically and proactively.