Nell Hennessy was the “definitive source of knowledge” on every aspect of the benefits world and made a number of contributions for employees throughout the years, according to industry leaders.

Hennessy, who many described as a champion for employee benefits for the past 30 years, died Feb. 4 at age 61.

She was posthumously honored last week by the International Foundation of Employee Benefit Plans with this year’s public service award for her “outstanding contribution to and concern for the benefit of others through support and advancement of employee benefit programs.”

Hennessy’s husband, Frank Daspit, accepted the award on her behalf.

“Nell’s contributions to employee benefits and plan participants were many,” says Jack Simmons, International Foundation president and chair of the board. “Her commitment to the industry was truly awe-inspiring.”

Hennessy was part of one of the most significant benefit transactions in U.S. history when she worked with the Department of Labor and negotiated an agreement with General Motors that permitted GM to contribute employer stock to its hourly plan. That plan formed the basis for a ground-breaking prohibited transaction exemption that allowed GM to subsequently spin off its EDS subsidiary, according to the Employee Benefits Security Administration.

Hennessy was president and chief executive officer of Fiduciary Counselors Inc., a registered investment advisory firm that acts as independent fiduciary for employee benefit plans. From 1993 to 1998, she was deputy executive director and chief negotiator of the Pension Benefit Guaranty Corporation and headed PBGC’s multiemployer program. She also had served as president of Aon Fiduciary Counselors and was a partner at a law firm—advising clients on a wide range of benefit, investment and corporate governance issues— after beginning her career as an attorney with first the Internal Revenue Service and then PBGC.

Hennessy negotiated the restructuring of TWA’s debt to PBGC and Carl Ichan, which allowed TWA to successfully reorganize. The Early Warning Program she headed at PBGC was awarded one of the first federal Innovations in American Government Awards by the Ford Foundation and the Kennedy School of Government at Harvard University.

Since 1985 Hennessy was an adjunct professor at Georgetown University Law Center, where she helped develop the graduate certificate program in employee benefits.

Beyond her professional accomplishments, though, she will be remembered for her sense of humor, warmth and energy, Simmons says.

“Her passing is a great loss to our industry,” he says.

Instant Insights /

Nell Hennessy posthumously honored by International Foundation

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