Public Service Employees Retirement Income Security Act

[AI summary unavailable — showing source text] Public Service Employees Retirement Income Security Act - Sets forth regulations governing employee welfare or pension benefit plans established or maintained by State or local government entities. Requires that every employee benefit plan be established and maintained pursuant to a written instrument. Requires that such instrument provide for one or more named fiduciaries who jointly or severally shall have authority to control and manage the operation and administration of the plan. Specifies that all such fiduciaries shall discharge their duties with respect to a plan solely in the interest of the participants and beneficiaries. Requires that every benefit plan: (1) provide a procedure for establishing and carrying out a funding policy and method consistent with the objectives of the plan and the requirements of this Act; (2) describe any procedure under the plan for the allocation of responsibilities for the operation and administration of the plan; (3) provide a procedure for amending such plan, and for identifying the persons who have authority to amend the plan; and (4) specify the basis on which payments are to be made to and from the plan. Requires that all assets of an em…