HENRY ROSE 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 law 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 In Emerson Beier is Acting Director of the Office of Program Development of the Pension Benefit Guaranty Corporation. 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 Transporta- Mr. Beier is married with two children and resides in Falls Church, Virginia. 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 return 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. CHARLES W. SNEARER Director Office of Management Services 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 Officer. 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. BEFORE THE SUBCOMMITTEE ON LABOR-HEW Testimony of Henry Rose Pension Benefit Guaranty Corporation February 23, 1978 Mr. Chairman, it is a pleasure to appear before this subcommittee 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 as presented in this budget plan could change drastically if potential liabilities associated with multiemployer plans are realized. Last year, PBGC conducted a study of such plans which indicated that: |