In 1977, Schaerrer was called as the general president of the Young Men. There had not been a general president since Robert L. Backman was released in 1974 and the organization was placed under the direct supervision of the church's presiding bishopric. Schaerrer served for two years and was succeeded by Backman, who by then had become a church general authority, in 1979. Schaerrer was the last non-general authority to serve as president of the Young Men until Charles W. Dahlquist II was called in 2004. Schaerrer's counselors were Graham W. Doxey and Quinn G. McKay.
Schaerrer was married to Jane Coon and they were the parents of four children. He was an attorney by profession, and died in Salt Lake City at the age of 54.