Ray L. Lillywhite, known as the dean of public funds, died July 3 in Colorado Springs, Colo., following a brief illness. He was 92.
Mr. Lillywhite started his career as a public pension fund executive and marketer in 1937, as the first executive secretary of the Utah State Teachers' Retirement System, Salt Lake City. He left in 1952 to join the Wisconsin State Teachers' Retirement System, Madison, where he was executive secretary. In 1963, he moved on to the Ohio State Teachers' Retirement System, first as assistant director and then as the Columbus-based system's fourth executive director.
In February 1970, when Donaldson Lufkin & Jenrette purchased the public-plan business of Moody's Investors Service, creating Moody's Alliance, New York, the Ohio Teachers plan was one of few clients to swiftly fire the new firm because of the merger, recalled Kenneth L. Holmes. Mr. Holmes was a founder of the firm.
By August, Mr. Holmes had lured Mr. Lillywhite to what became Alliance Capital Management. Mr. Lillywhite was 58 when he began his second career, marketing to public funds. He retired from Alliance in 1992 as senior vice president.
"He was a ceaseless worker for the good of others, a mentor to public marketers," said Mr. Holmes, now a consultant with Peirce Park Group, West Chester, Pa.
"Ray was known for his integrity, hard work, professionalism, decency and caring," said Elizabeth Smith, managing director-public funds and senior vice president at Alliance Capital Management LP, New York. "He was just a true gentleman in the industry."
"One of the things that made Ray truly outstanding was an absolute passion about the retirement income security provided by annuity-paying defined benefit plans," said Dallas Salisbury, president and chief executive officer of the Employee Benefit Research Institute, Washington.
Since 1992, EBRI has presented the Lillywhite Award, created by Mr. Holmes to honor individuals with distinguished careers in the areas of investment management and employee benefits. "Ray epitomized the central message of that award," Mr. Salisbury said.
Funeral services were held July 9 in Mr. Lillywhite's hometown of Brigham City, Utah. Donations may be made to the Ray and Eloise Lillywhite Scholarship Endowments at Utah State University, Logan.