Public Service Employment Retirement Income Security Act

[AI summary unavailable — showing source text] Public Service Employee Retirement Income Security Act - Title I: Protection of Public Service Employee Benefit Rights - Establishes a system of regulation for State and local government employee welfare and pension benefit plans. Requires every employee benefit plan to be established and maintained pursuant to a written instrument. Specifies that such instrument shall 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 a fiduciary shall discharge his duties with respect to a plan solely in the interest of the participants and beneficiaries. Directs every employee benefit plan to: (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 title; (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 made to and from the plan. Requ…