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General Counsel
Pension Benefit Guaranty Corporation

Mr. Rose has been General Counsel of the Pension Benefit Guaranty

Corporation since its establishment in September of 1974. Previously,

he had served since 1962 in the Office of the Solicitor of the Department

of Labor in a number of positions, including Associate Solicitor for

Legislation and Legal Counsel, Deputy Associate Solicitor for Labor

Management Laws, and Special Assistant to the Solicitor for Civil Rights.

Mr. Rose also served earlier on the staff of the General Counsel of the

National Labor Relations Board (1952-53) and had been in private lew

practice in Buffalo, New York (1953-56).

Mr. Rose has a B.A. degree in history and government from the

College of Arts and Science, University of Buffalo and a J.D. degree from

the University of Buffalo School of Law.

He was Sterling Fellow at

Yale University School of Law from 1956-57.

Mr. Rose has held a number

of academic positions including, Associate Professor, University of

Toledo College of Law; Associate Professor, Rutgers University Law

School; Lecturer, University of Virginia Law School; Academic Visitor,

London School of Economics Law Faculty.

Mr. Rose undertook full-time

research on the administration of the Hatch Act under a Ford Foundation

grant in 1959, and on comparative legislative process under a Career

Service Award of the Department of Labor in 1971-72.

Mr. Rose, born March 28, 1927, is married and has three children.

They reside in Columbia, Maryland.

Biographical Sketch

Emerson H. Beier

Emerson Beier is Acting Director of the office of Program Development of the Pension Benefit Guaranty Corporation. In this capacity, he has principal responsibility for the design, development, and ongoing evaluation of the Corporation's insurance programs. Since joining the Corporation, he has also served as Deputy Director of the Office and Chief of its Division of Program Development. Prior to joining the Corporation, Mr. Beier was a Labor Economist with the Bureau of Labor Statistics where he was responsible for initiation, formulation and research of projects dealing with employee benefits including pre-ERISA planning and formulation. He also represented the Bureau on activities involving other Federal Government Agencies, private pension practitioners and the President's Committee on Corporate Pension Plans. on an interim assignment with the Department of Transportation, Office of the Secretary, Mr. Beier served as Senior Analyst with the Auto Insurance and Compensation Study Group which was involved in the study of the Reparation System we now have for compensation of accident victims. Mr. Beier is a Marine Corps veteran, born in Rush Lake, Wisconsin. He obtained a bachelor's degree in Business Administration from the University of Wisconsin and his Master's degree in Public and Business Administration from the University of Missouri, Columbia. He returned to the University of Wisconsin to receive his Ph.D. in Major Insurance.

Mr. Beier is married with two children and resides in Falls Church, Virginia.

Acting Director Office of Finance
Pension Benefit Guaranty Corporation

Mr. Borschow has been Acting Director of the Office of Finance

since September 6, 1977 pursuant to his appointment through the Presidential

Executive Interchange Program.

Prior to joining the Corporation, Mr. Borschow was a manager in the

Washington Office of Ernst & Ernst, CPA'S, where he was an executive on

the audit staff with client responsibilities for accounts such as the

United States Postal Service, Suburban Bancorporation, Raleighs Stores

Corporation and a number of other accounts.

In addition, Mr. Borschow

served for three years as the Ernst & Ernst MidAtlantic District executive

responsible for Mergers and Aquisitions. He will retum to Ernst & Ernst

after completing a 'year at PBGC.

Prior to Mr. Borschow coming to Washington in 1972, he was the

treasurer and chief financial officer of Airtron, Inc., a national

heating and air conditioning corporation with offices in Dayton, Ohio.

From 1964-1969, Mr. Borschow was in the Wichita, St. Louis and Denver

offices of Ernst & Ernst with whom he started in 1964 after graduation

from the University of Colorado.

He obtained a B.S. degree in business

with a major in accounting.

Mr. Borschow is a CPA in four States and a

member of numerous professional accounting and financial organizations.

Mr. Borschow was born in Philadelphia, Pennsylvania in 1942 and

grew up in El Paso, Texas.

He resides in Rockville, Maryland and has

two children.


Office of Management Services
Pension Benefit Guaranty Corporation

Mr. Snearer was appointed Director of the Office of Management Services

in July 1977.

He had previously served the Corporation as Deputy Director,

Office of Finance and Administration and earlier as its first Administrative


Before joining the Corporation in November 1974 he was Director, Office of

Administrative Services, Office of the Assistant Secretary for Administration,

Department of Labor.

He had held that position for two years and had previously

served as Deputy Director of the Office and earlier as the Chief, Division of

Supply and Property Management and Assistant Chief, Division of Field Operations.

He also served as a management analyst with the Wage and Hour and Public Contracts

Division after joining the Department in July 1962.

On February 7, 1975, he

was awarded the Secretary of Labor's Recognition Award.

From January 1961 to July 1962 he was employed by the Central National

Bank of Richmond, Virginia, and the U. S. Army Ordnance Corps.

Mr. Snearer, born July 27, 1938, graduated from Virginia Polytechnic

Institute with a B. s. degree in Business Administration in December 1960.

He is married and has four children.

They reside in Oakton, Virginia.



Testimony of Henry Rose

General Counsel of the
Pension Benefit Guaranty Corporation

February 23, 1978

Mr. Chairman, it is a pleasure to appear before this sub

committee to present the Fiscal Year 1979 budget plan of the

Pension Benefit Guaranty Corporation.

The Pension Benefit Guaranty Corporation was established

by Title IV of the Employee Retirement Income Security Act of 1974 (ERISA) as a self-financing, Government corporation charged with guaranteeing the basic benefits of participants in private defined benefit pension plans. We receive no appropriations

from Congress.

Our major sources of revenue are the annual

premiums collected from the approximately 80,000 pension plans

covered by our program, and payments by the employers whose plan

terminations give rise to claims against our insurance funds.

This budget plan consists of two activities:

Activity 1

(administration) requiring $23, 238,000 and 544 positions, an increase of 21 positions over Fiscal Year 1978, and Activity 2

(benefit payments and annuity purchases) requiring $ 46,172,000.

I must point out that the financial condition of PBGC


presented in this budget plan could change drastically if potential liabilities associated with multiemployer plans are


Last year, PBGC conducted a study of such plans

which indicated that:

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