A bill to amend the Internal Revenue Code of 1954 to provide pension reform.

Provides for pension reform under the Internal Revenue Code.

Subtitle A: Participation, Vesting, Funding, Administration - Sets forth minimum participation standards for pension, profit-sharing, and stock bonus plans under the Internal Revenue Code. Prohibits such plans from setting age and service requirements in excess of the later of age 25 or one year of service. Authorizes pension plans to exclude employees hired later than five years before retirement age.

States that all qualified pension plans under this Act must provide that an employee's rights in his accrued benefits derived from his own contributions are nonforfeitable. Provides that after 10 years of service an employee must have a nonforfeitable right to 100 percent of his accrued benefits derived from employer contributions.

Establishes methods for calculating accrued benefits and accumulated contributions for plans set up under the provisions of this Act.

Provides that all government plans (including Federal Civil Service) are exempt from the participation and coverage standards established under this Act.

Requires every employer, in accordance with regulations prescribed by the Secretary of the Treasury, to maintain records with respect to each of his employees sufficient to determine the benefits due or which may become due to such employees. Imposes a civil penalty for failure to maintain such records.

States that a plan to which this Act applies shall have satisfied the minimum funding standard for such plan for a plan year at the end of which the plan does not have an accumulated funding deficiency. Requires each plan to which this Act applies to establish and maintain a funding standard account.

Requires the Secretary of Labor to approve amendments to plans established under this Act if such amendment is adopted after the close of the plan year and reduces plan benefits.

Authorizes the Secretary of Treasury to waive minimum funding standards under this Act in cases of substantial business hardship.

Imposes special taxes on employers who fail to meet the minimum funding standards imposed under this Act.

Makes special provisions with regard to plans which are established as a result of a collective-bargaining agreement between employee representatives and one or more employers.

Establishes provisions for plans set up by self-employed individuals and owner-employees.

Sets forth procedures for public inspection of specified information relating to pension, profit-sharing, and stock bonus plans under this Act.

Requires the Committee on Ways and Means and the Committee on Education and Labor of the House of Representatives to study retirement plans established and maintained or financed by the Government of the United States and by any State or political subdivision thereof. States that such study shall include an analysis of: (1) the adequacy of existing levels of participation, vesting, and financing arrangements to existing fiduciary standards; (2) the unique circumstances affecting mobility of government employees; and (3) the necessity for Federal legislation and standards with respect to such plans. States that not later than December 31, 1976, the Committee on Ways and Means and the Committee on Education and Labor shall each submit to the House of Representatives the results of the study.

Directs the Secretary of Labor, during the 2-year period beginning with the date of enactment of this Act, to conduct a study of the steps necessary to insure that professional, scientific, and technical personnel and others working in associated occupations employed under Federal procurement, construction, or research contracts or grants will be protected against forfeitures of pension or retirement rights. Requires the Secretary of Labor to report the results of his study to the Congress within 2 years after the date of enactment of this Act. Authorizes the Secretary of Labor to issue regulations to protect the pension and retirement rights of such personnel. States that either the House or the Senate may disapprove of such regulations.

Requires the administrator of each plan established under this Act to file an annual registration statement with the Secretary of the Treasury. Specifies the information to be contained in such registration statements. Establishes civil penalties for a failure to file a registration statement.

Authorizes the United States Tax Court to make declaratory judgments with regard to the initial or continuing qualification of a plan established under this Act.

Establishes, within the Internal Revenue Service, the Office of Employee Plans and Exempt Organizations which shall be responsible for carrying out the functions and duties of the Secretary of the Treasury under this Act.

Authorizes to be appropriated to the Department of the Treasury for the purposes of carrying out all functions of the Office of Employee Plans and Exempt Organizations $20,000,000 for the fiscal year 1974, and $70,000,000 for each fiscal year thereafter.

Subtitle B: Other Amendments to the Internal Revenue Code Relating to Retirement Plans - Increases the maximum amount deductible under the Internal Revenue Code for pension contributions by self-employed individuals and shareholder employees from $2,500 to $7,500. Imposes a 6 percent tax on excess contributions made to pension plans by self-employed individuals.

Authorizes a tax deduction under the Internal Revenue Code for retirement savings. Limits the amount of such deduction to 20 percent of the compensation includible in the taxpayer's gross income for such taxable year, or $1,500, whichever is less.

States that the amendments made by subtitle A shall take effect on the 90th day after the date of enactment of this Act and the amendments made by subtitle B shall apply to taxable years ending on or after June 30, 1972.