Lillywhite—pg. 2 News from EBRI th “Salisbury’s nonpartisan testimony before congressional committees has informed all pension and 1100 13 St. NW Suite 878 Washington, DC 20005 employee benefit legislation since EBRI was founded in 1978. As a result, Salisbury and EBRI have had (202) 659-0670 www.ebri.org Fax: (202) 775-6312 a significant, though often unrecognized, role in improving employee benefit protections for all American workers, and have contributed greatly to Americans’ economic security.” For Immediate Release: Feb. 10, 2009 Contact: John MacDonald, EBRI, 202-775-6349, macdonald@ebri.org Brief Bios of 2009 Winners • Kenneth Holmes’ half-century financial services career began in 1955 at Merrill Lynch, where his executive positions included very early service as assistant to the firm’s first corporate The 2009 EBRI Lillywhite Award: chairman, Winthrop H. Smith, a stint as global banking manager, and several years as national Two Recognized for Lifetime Contributions to Economic Security institutional sales manager. He left after 15 years to become a founder of what is now the global Alliance Bernstein, where he was responsible for retaining and expanding the firm’s $6 billion in WASHINGTON—The nonpartisan Employee Benefit Research Institute (EBRI) today announced two state and local retirement funds. winners of the 2009 EBRI Lillywhite Award, which recognizes outstanding lifetime contributions to America’s economic security. They are Kenneth L. Holmes, of Wilmington, DE, a retired investment In 1973, he established Holmes Clark Morong, a New York City firm which at one point manager and consultant; and Dallas L. Salisbury, of Washington, DC, EBRI president and chief executive managed more than $1 billion in assets. Later, he served as chief executive and/or chief officer. investment officer of several nationally active asset management organizations, and as a consultant to the U.S. Departments of Treasury and Labor, to major public sector, corporate, and EBRI, a nonprofit research organization, established the award in 1992 to acknowledge contributions by union retirement funds, and to endowments and foundations. He played the key role in the persons who have had distinguished careers in the investment management and employee benefits fields formation of the National Association of State Investment Officers, a professional association and whose outstanding service enhances Americans' economic security. The award is named for Ray serving senior investment officers of every state and major municipal retirement systems. Lillywhite, a pioneer in the pension field who for decades guided state employee pension plans. He retired from Alliance Capital in 1992 after a 55-year career in the pension and investment field. th • Dallas Salisbury joined EBRI at its founding in 1978. The organization celebrated its 30 anniversary in December 2008. Since the beginning, Salisbury has said that EBRI’s task is to Michael J. Clowes, retired editorial director of the financial newspapers Pensions & Investments and provide objective information regarding the employee benefit system and related financial InvestmentNews and chairman of the 2009 selection committee, said that before Lillywhite’s death in security issues, to achieve its primary goal—ensuring that policy and design decisions are based 2004, he expressed a desire that Holmes and Salisbury be recognized for their long service to the pension on verifiable facts. Researchers, policymakers, and the media rely heavily on EBRI research. and employee benefits sector. The committee decided this was the year to honor Lillywhite’s request, said EBRI does not lobby and does not take policy positions. Clowes, himself the winner of the award in 2005. Clowes is presenting the awards to Holmes and Salisbury this morning at a Pensions & Investments conference in Miami Beach, FL. Salisbury has written and lectured extensively on economic security topics. As a member of a number of commissions, he assists study panels as well as editorial advisory boards. He is a Clowes had these comments about Holmes and Salisbury: Fellow of the National Academy of Human Resources and a member of the Board of the NAHR Holmes: “Ken Holmes was honored for his long career in all aspects of the Foundation, the Commission on a High Performance Health System, the Board of Directors for employee benefits and pension field. In particular, Holmes is recognized for his role the FINRA Investor Education Foundation, and the Board of Advisors to the Comptroller General in the formation of the National Association of State Investment Officers (NASIO) of the United States. He has served on the Secretary of Labor's ERISA Advisory Council, the in 1976. He also represented the Association of Private Pension and Welfare Plans PBGC Advisory Committee, Board of Directors of the Society for Human Resources in testimony before President Jimmy Carter’s Presidential Retirement Commission Management, U.S. Advisory Panel on Medicare Education, and the Board of Directors of the in 1979. In a career extending more than 50 years, he was a founder of two National Academy of Social Insurance. investment management firms, and has been a consultant in pension and investment Ken Holmes matters to the Treasury and Labor Departments, as well as to major public More information about the Lillywhite Award is available at www.ebri.org/programs/lillywhite/ employee, corporate, and union pension plans.” Salisbury: “The committee chose Dallas Salisbury as deserving of the EBRI is a private, nonprofit research institute based in Washington, DC, that focuses on health, savings, retirement, Lillywhite Award because of his leadership of the Employee Benefit Research and economic security issues. EBRI does not lobby and does not take policy positions. www.ebri.org Institute, which has become the premier source of unbiased information on all aspects of employee benefits. Salisbury has directed EBRI’s collection and dissemination of research on employee benefit issues, and because of his steady PR #828 hand, EBRI has become the first place anyone seeking information about pensions and other employee benefits issues looks for factual information.” EBRI is now on Twitter! Name: @EBRI URL: http://twitter.com/EBRI Sign up for our RSS feeds! Dallas Salisbury ((more))