Ray L. Lillywhite, known as the dean of public pension funds, died Saturday in Colorado Springs, Colo. He was 92. Mr. Lillywhite spent more than 50 years in the pension and investment management fields, serving as head of state retirement systems in his native Utah, as well as Wisconsin and Ohio. He retired in 1992 from Alliance Capital Management, where he was senior vice president. The Employee Benefit Research Institute also established the Lillywhite Award that year to honor individuals with distinguished careers in the areas of investment management and employee benefits. Funeral services were scheduled for this morning. Contributions may be made to the Ray and Eloise Lillywhite Scholarship Endowments at Utah State University, Logan.