Public Employee Retirement Income Security Act of 1981

[AI summary unavailable — showing source text] Public Employee Retirement Income Security Act of 1981 - Establishes Federal reporting and disclosure requirements and fiduciary standards for certain State and local government retirement plans. Extends the requirements of this Act to all public employee pension plans except: (1) those covered and not exempted under the Employee Retirement Income Security Act (ERISA); (2) unfunded plans maintained by the employer primarily to provide deferred compensation for select management or highly compensated employees; (3) severance pay plans; (4) certain coverage agreements entered into under the Social Security Act; (5) certain individual retirement accounts or annuities, annuity plans, State deferred compensation plans, and other plans under specified provisions of the Internal Revenue Code; and (6) plans maintained solely to comply with applicable workers' compensation or disability insurance laws. Title I: Reporting and Disclosure - Requires that plan administrators submit, within a specified period, registration statements to the Secretary of Labor, unless registration statements filed for a plan under Internal Revenue Code provisions still accurately reflect the status of the plan. E…