Unemployment Compensation, Reemployment, and Fairness Act of 1992

Unemployment Compensation, Reemployment, and Fairness Act of 1992 - Title I: Short-time Compensation Programs - Provides that adoption of short-time compensation programs (which provide partial unemployment benefits to individuals whose workweeks have been reduced by at least ten percent under qualified employer plans providing for shortened workweeks in lieu of layoffs) as part of State unemployment compensation law is not precluded by any Federal law (including specified Internal Revenue Code provisions). Declares that benefits payable under a short-time compensation program shall be treated as unemployment compensation payable for partial unemployment, for purposes of Federal law.

Requires annual State review of qualified employer plans to assure that they continue to meet short-time compensation program requirements of this Act and any applicable State law.

Directs the Secretary of Labor to assist States in establishing and implementing short-time compensation programs by: (1) developing model legislative language and proposing appropriate revisions; and (2) providing technical assistance and guidance. Requires the Secretary to report to the Congress on implementation of this Act.

Title II: Unemployment Reforms - Amends the Internal Revenue Code to allow States to pay unemployment benefits to eligible individuals while they participate in qualified self-employment training programs which are approved by the State agency administering unemployment compensation, and which meet requirements established by the Secretary of Labor.

Amends the Social Security Act to require the State agency administering unemployment compensation to provide: (1) early reemployment review of unemployed workers (within the first five weeks of their unemployment benefits); (2) technical and training program staff to assist with reemployment services; and (3) followup reevaluation and assistance to individuals participating in reemployment activities. Requires such agency, to the extent it determines effective, to provide: (1) reemployment review information to other State employment and training program staff, including staff of State job services and service delivery areas; and (2) job search and placement services, counseling, testing, occupational and labor market information, assessment, and referral to employers. Allows such agency to provide reemployment reviews and, if effective, reemployment reviews and, if effective, reemployment services for workers who have received notice of permanent layoff or impending layoff, or workers in occupations experiencing limited demand due to technological change, impact of imports, or plant closures. Directs the Secretary of Labor to prescribe necessary regulations, including ones: (1) for determining whether an individual should be considered temporarily or permanently laid off; and (2) for assisting States in examining use of computer technology for early reemployment review and services.

Amends the Social Security Act to require States to grant administrative hearings for employers with respect to their liability for paying unemployment taxes. Authorizes the Secretary of Labor to prescribe regulations relating to such hearing requirement.

Title III: Budgetary Treatment of Trust Fund - Amends the Social Security Act to exclude the Unemployment Trust Fund (the Fund) (including disbursement for administrative expenses) from the unified Federal budget, thus giving the Fund "off-budget" status, beginning in FY 1993. Exempts the Fund from: (1) any general budget limitation imposed by statute on Federal expenditures and net lending (budget outlays); (2) being counted for purposes of calculating the deficit under the Congressional Budget and Impoundment Control Act of 1974; and (3) any order under specified provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) (BBEDCA).