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 and the Internal Revenue Code of 1954 to promote more efficient and satisfactory management of the functions of the Federal Government relating to employee benefit plans and to more effectively carry out the purposes of such Act and such Code relating to such plans, and for other purposes.

[AI summary unavailable — showing source text] Title I: Public Employee Retirement Income Security - Public Employee Retirement Income Security Act of 1981 - Establishes Federal reporting and 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; (5) certain individual retirement accounts or annuities, annuity plans, State deferred compensation plans, and other plans under specified provisions of the Internal Revenue Code; and (6) plans maintained solely to comply with applicable workers' compensation or disability insurance laws. Subtitle A: Reporting and Disclosure - Requires that plan administrators submit, within a specified period, registration statements to the Board of Directors of the Employee Benefit Administration (established under title II), unless regis…