The episode title is a parody to the Judy Blume book Tales of a Fourth Grade Nothing.
The part where Peter has to repeat a grade in order to receive a promotion is a reference to the film Billy Madison, where Billy has to repeat grades in order to prove himself worthy of taking over his father's business.
Peter's journey to the executive bathroom is a reference to Jurassic Park.
Peter references Barack Obama's Presidential Campaign's key words "Hope & Change" when he gives the homeless man 'Hope' instead of change.
Stewie's accident as a field reporter is a reference to an identical accident involving Melissa Sander from Fox 5 news in Atlanta.