2. 3. The regular formula is used, but the benefit is reduced twice, once depending upon the length of service (eg. and employee with 10 years of service would receive 72% of the normally computed accrued benefit), and once actuarially if he elects to receive the pension before age 65. German Pension Plan a) Normal Retirement Same as under the HQ Pension Plan (age 65). Definition of creditable service and salary are the same. 13 monthly salaries are used in computing the pension. A full 2% is included in the formula for each year during which employees were not covered by the German Social Security system. b) Early Retirement - None c) Early Termination - Minimum requirements are age 45 and 16 years of service and termination must be involuntary. Benefits are based on accrual to date using normal retirement formula, actuarially reduced, as appropriate. d) Disability Pension For total disability regardless of age provided 11 years of service has been attained. Benefit based on accrued pension to date using normal formula. No actuarial reduction. e) Widows and Orphans - 60% of accrued benefit at date of death years of service is required. Spanish Pension Plan The Spanish Pension Plan provides death, disability and old age benefits to employees and/or survivors. Again, a minimum of 11 years of employment is required. Benefits are based on annual salary in effect as of the date of occurrence and are designed to supplement the Spanish Social Security System. a) Death and Disability: 3 annual salaries at age 55; thereafter, a reduced benefit, culminating in 2 annual salaries at age 65. b) Retirement at age 65: 2 annual salaries. SUBCOMMITTEE RECESS [Whereupon, at 12 noon, the subcommittee was recessed, to reconvene at 2 p.m., the same day.] [AFTERNOON SESSION, 2 O'CLOCK, THURSDAY, MAY 10, 1973] U.S. TARIFF COMMISSION STATEMENT OF CATHERINE BEDELL, CHAIRMAN ACCOMPANIED BY: JOSEPH O. PARKER, COMMISSIONER WILLIAM T. HART, SPECIAL ADVISOR TO COMMISSION ON G. PATRICK HENRY, DIRECTOR OF INVESTIGATIONS RUSSELL N. SHEWMAKER, GENERAL COUNSEL EDWARD C. WALLINGTON, CHIEF, FINANCIAL MANAGEMENT BUDGET REQUEST AND JUSTIFICATIONS Senator PASTORE. The next item concerns the request of $7,300,000 for salaries and expenses of the Tariff Commission. This sum is $1,300,000 over the 1973 appropriation. The increase provides for 67 additional positions. Justifications filed in support of the request will be placed in the record. [The justifications follow:] 1973 over their cost in fiscal year 1973... Excess of cost in fiscal year 1974 of employees added in fiscal year +293 Within-grade increases__. +77 Wage-board increases +3 Employee benefits resulting from the above.. +31 Rental of New York Office, resulting from required move. +10 Increases in postage and telephone costs... +14 Other unavoidable cost increases.. +9 Total automatic increases__ +437 Program increases: Salaries of 67 employees added in fiscal year 1974 (lapsed about 40 percent)..... Higher ADP contract costs (46) and related rentals (16). Conversion of space previously occupied by GAS Guard School to usable office space.. +62 +39 Increased training (9), supply and material (23), and equipment (43) costs, mainly for new employees... SUMMARY AND HIGHLIGHTS The Tariff Commission requests $7,300,000 to finance its activities in FY 74, an increase of $1,300,000 from the FY 73 appropriation. In FY 74, the Commission expects that its compulsory workload of investigations to determine whether industries, firms, or groups of workers are entitled to tariff or other relief will continue at a high level. It expects increased requests from the President and the Congress for complex fact-finding analysis of trade and tariff matters, as well as for the prompt furnishing of technical information and assistance. There will be special requirements by Congressional Committees for technical information and assistance related to consideration of trade legislation. The project being conducted at the direction of the President to prepare a conversion of the Tariff Schedules of the United States (TSUS) into the format of the Brussels Tariff Nomenclature (BTN) will continue into FY 74; extensive follow-up work will be required after the report on the project is submitted to the President. Finally, the Commission anticipates a massive workload in connection with preparing for and assisting in international trade and tariff negotiations scheduled to begin early in FY 74. To meet these demands, the Commission must improve its operations as well as have adequate resources. The FY 73 and FY 74 budgets provide for a key step in the Commission's plan for improving its management of operations--the acquisition of an Executive Director for the Commission. The Commission's FY 74 budget emphasizes the improvement of operations in three major areas: Development of trade and tariff information, analysis of key tariff and trade questions, and development and maintenance of professional competence in the specialized fields where the Commission's abilities are unique. Progress has been made in these areas in FY 72 and in FY 73 but due to the combination of limited staff and further increases in required statutory investigations we have not been able to achieve our goals. Congressional Committees, as well as the President, continue to stress to the Commission their strong desire for the Commission to improve its basic preparations so as to be able to address itself to the "conditions, causes, and effects relating to competition of foreign industries with those of the United States," as directed |