Morley states that Gardner brings more than 20 years of experience in the stable value industry to this position, where he will report to Ron Heath, Morley’s Managing Director for Sales and Marketing.
Gardner joins Morley from Dwight Asset Management, where
he most recently served as senior vice president. Gardner earned his
bachelor’s and MBA degrees from the University of Oregon.
“We are very excited to have Bill join our organization,” said Tim Stumpff, president of Morley, in the announcement. “As
an integral part of our relationship management team, Bill will help us
continue to deliver on our mission of providing top-tier stable value
solutions.”
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Generally, employees of utility companies who participated
in their 401(k) or other defined contribution plan at Vanguard in 2010
tended to save more in their plans, participants in small ambulatory
health care firm plans invested more of their plan assets in target-date
funds, and participants in the plans of large mining companies had the
highest average account balances.
The plans of small utility
firms (fewer than 1,000 employees and 92% participation rate) and large
mining companies (more than 1,000 employees, 88% participation rate) had
the best participation among the industries in the report. Vanguard
plans as a whole had a 74% average participation rate.
On average, participants in the plans of both small and
large utilities (more than 1,000 employees) saved at a higher rate than
their counterparts in the other industry plans as well as all Vanguard
plans. Their 9% and 8.2% average contribution rate, respectively,
surpassed the 6.8% average contribution rate for Vanguard plans in
aggregate. The plans of large manufacturing companies lagged with a 6.5%
average contribution rate.
At $237,081, the average account balance of participants
in plans of large mining companies was significantly higher than the
average account balance of participants in Vanguard plans collectively
($79,077). In contrast, the lowest average account balance was the
$63,697 for participants in large information services company plans
(more than 1,000 employees).
Large plans tended to offer TDFs more so than smaller
plans; in the lead was the 93% of large ambulatory health care firms
that offered TDFs, far surpassing the 79% of all Vanguard plans offering
the funds. The standout in terms of small industry plans was utilities,
94% of whom offered TDFs. However, among participants using TDFs, those
in the smaller plans covered by the reports usually invested more of
their assets in the funds. For example, 62% of participant assets in
small ambulatory health care firm plans were invested in TDFs, compared
to the 41% of assets invested in TDFs by participants across all
Vanguard plans offering the funds.
Auto enroll plans were far more prevalent at large
manufacturing companies (more than 1,000 employees) than at any other
type of company in the report and Vanguard plans broadly. Sixty-seven
percent of large manufacturing companies (more than 1,000 employees) had
an auto enroll plan versus 24% for all Vanguard plans. At 6%, small
ambulatory health care firms (fewer than 250 employees) were least
likely to have an auto enroll plan.
The findings are part of Vanguard’s How America Saves 2011 (see "More Participants Getting Investment Help").
The industry reports analyze the behavior of plan participants in eight
industries, including the ambulatory health care; finance and
insurance; information services; legal services; manufacturing; mining,
oil and gas extraction; technology; and utility industries.
Plan sponsors in these industries can use a new benchmarking
tool to compare their plan data with others in their industry and
Vanguard plans overall, available at http://www.vanguard.com/benchmarktool.