Ed-Flex

Educational Reform and Flexibility Act of 1992 (Ed-Flex) - Amends the General Education Provisions Act (GEPA) to establish a program for flexibility and accountability in education and related services.

Directs the Secretary of Education (the Secretary) to assist projects for elementary and secondary schools and other service providers to improve achievement of all students and other participants, but particularly disadvantaged individuals, by authorizing a limited number of waivers by which the performance of schools and programs can be improved by increasing their flexibility in use of resources while holding them accountable for achieving educational gains. Limits such waivers to not more than: (1) six States which have implemented comprehensive regulatory reform plans; and (2) 50 LEAs within each SEA of such States.

Authorizes the Secretary (in support of such projects, and if such requirements may impede a school or service provider from meeting the special needs of such students and other individuals) to only waive a statutory or regulatory requirement applicable to a program under: (1) chapter 1 or 2 of title I of the Elementary and Secondary Education Act of 1965; (2) the Dwight D. Eisenhower Mathematics and Science Education Act; (3) the Follow Through Act; (4) specified provisions of the Stewart B. McKinney Homeless Assistance Act; and (5) the Carl D. Perkins Vocational and Applied Technology Education Act (except specified provisions). Authorizes other Federal agency heads, with the Secretary's agreement, to make similar waivers of such requirements applicable to an elementary, secondary, or youth vocational training program administered by such agencies.

Limits duration of projects and associated waivers to a maximum of three years; but authorizes the Secretary to extend a project and any associated waivers for an additional two years if it is making substantial progress in meeting its goals. Requires the Secretary to terminate a project and its associated waivers at any time if acceptable progress is not being made. Grants other Federal agency heads authority to determine extension or termination of their waivers. Grants the Secretary exclusive authority to extend or terminate a project.

Requires each project that involves elementary or secondary schools to include participation of an LEA and at least two schools. Requires, to the extent possible, project participation by each grade and academic program in a participating school.

Requires LEAs wishing to conduct such projects and receive such waivers to submit applications within two years of enactment of this Act, for approval by the SEA and the Secretary. Requires such applications to include plans with specified features. Sets forth requirements for approval and distribution of projects (among not more than six States and 50 LEAs within each such State).

Prohibits waiver of requirements: (1) in awarding new competitive grants to a service provider within the LEA or other applicant participating in such a project; (2) relating to maintenance of effort, comparability, or equitable participation of private school students; and (3) under specified provisions of GEPA, the Civil Rights Act of 1964, the Rehabilitation Act of 1973, the Education Amendments of 1972, the Americans with Disabilities Act, and the Individuals with Disabilities Education Act.

Sets forth requirements for reports and evaluations.

Provides for the budget neutrality of such program.

Sets forth a sunset provision, making such project waiver program effective only during the six-year period beginning on the date of enactment of this Act.