WASHINGTON — Michael J. Clowes, editorial director of Pensions & Investments and sister publication InvestmentNews, received the prestigious Lillywhite Award for 2005 from EBRI. He shared the award with William Anthes, chief executive and president of the National Endowment for Financial Education.
Mr. Clowes joined P&I in 1973, the year it was launched. Mr. Anthes was president of the College for Financial Planning, Denver, from 1979 to 1992.
"It's incredibly flattering and a great honor because Ray Lillywhite was a great person, and to get an award named after him is quite astonishing," Mr. Clowes said. "To be recognized with Bill Anthes is also tremendously flattering."
Mr. Anthes was equally surprised. "I had not anticipated receiving the award," he said, speaking from his office in Greenwood Village, Colo. Mr. Anthes said he was honored to share the award with Mr. Clowes, and to join the list of earlier recipients.
The award was established in 1992 by the Employee Benefit Research Institute, a non-partisan research organization in Washington, to celebrate contributions by individuals who have had distinguished careers in the investment management and employee benefits field and whose outstanding service enhances economic security. It is presented annually.
Mr. Clowes received the award in recognition of his contribution to the field of employee benefits through P&I and InvestmentNews; the creation of the PIPER performance database, the annual Eddy Awards for the best defined contribution investment education and communication campaigns; his speaking role; and as the author of "The Money Flood: How Pension Funds Revolutionized Investing."
"In all ways, he has exemplified the best of what we had in mind when we created the award — of career-long, untiring efforts in improving the financial and economic security of all Americans," said Dallas L. Salisbury, EBRI president. Mr. Clowes has helped "improve … the understanding of the retirement system, and been an untiring editorial page advocate of changes that would strengthen the retirement system," Mr. Salisbury said.
Mr. Anthes received the Lillywhite Award for his role in emphasizing the importance of financial education and financial literacy. The National Endowment for Financial Education has developed a program to teach children and adults the importance of budgeting, investing, spending money wisely, ensuring Americans are prepared for "an ownership society," Mr. Salisbury explained.
Mr. Anthes said he would measure the success of his efforts by an increase in the nation's low savings rate and improvements in participation in retirement plans. As a nation, the U.S. lags many other industrialized nations in preparing individuals for financial security. "We have a lot to do," he said.
Mr. Salisbury said Mr. Anthes' efforts have reminded Americans that "financial literacy and financial knowledge is absolutely essential if an individual is going to have any hope of contributing early and consistently, and (learn) how to invest the money and have some notion of how to spend your money in retirement and not outlive your money."
The award was named for Ray L. Lillywhite, who for decades guided state employee pension plans. In 1937, he was the first executive secretary of the Utah Teachers Retirement System, which he headed until 1952. He retired from Alliance Capital Management in San Francisco in 1992, at the age of 80. He died last July.
