A bill to provide for pension reform for a State and local public employee retirement systems, to amend the Employee Retirement Income systems, to amend the Employee Retirement Income Security Act of 1974 to promote more efficient and satisfactory management of the functions of the Federal Government relating to employee pension and welfare benefit plans and more effectively carry out the purposes of such Act, and for other purposes.

[AI summary unavailable — showing source text] Title I: Public Employee Retirement Income Security - Public Employee Retirement Income Security Act - Requires administrators of pension plans which are (A) not excepted by this Act or otherwise covered under the Employee Retirement Income Security Act of 1974 (ERISA), and (B) established and maintained for the benefit of the employees of any State government or political subdivision, to provide the following information to plan participants and beneficiaries: (1) a summary plan description which provides an accurate, comprehensive, and understandable summary of their rights and obligations; (2) a summary description of any material modification in the terms of the plan; and (3) upon written request, a statement which indicates the total accumulated contributions, pension benefits, and vesting status of the participant. Specifies the content of such summary plan description. Directs such administrators to provide to any participant or beneficiary who requests withdrawal of contributions, payment of benefits, or a benefit election, a written explanation of the effects of such action on remaining plan benefits. Requires such administrators to file with the Employee Benefit Administr…