A bill to provide for pension reform for State and local public employee retirement 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 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 of 1980 - Establishes Federal disclosure requirements and fiduciary standards for certain State and local government retirement plans. Extends the requirements of this Act to all public employee pension plans except: (1) those covered and not exempted under the Employee Retirement Income Security Act (ERISA); (2) unfunded plans maintained by the employer primarily to provide deferred compensation for select management or highly compensated employees; (3) severance pay plans; (4) certain coverage agreements entered into under the Social Security Act; and (5) certain individual retirement accounts or annuities, annuity plans, State deferred compensation plans, and other plans under specified provisions of the Internal Revenue Code. Exempts a plan from the requirements of this Act if the Employee Benefit Administration (established under title II) determines that such plan is subject to State law which imposes substantially equivalent requirements. Requires that a summary plan description apprising participants and their beneficiaries of their rights and obligations be published with r…