Labor Racketeering Act of 1981

Labor Racketeering Act of 1981 - Amends the Labor Management Relations Act, 1947 (Taft-Hartley Act) to increase penalties for specified violations of restrictions on financial transactions. Makes violations involving more than $1,000 felonies punishable by up to $15,000 fines and/or five years' imprisonment.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Labor Management Reporting and Disclosure Act of 1959 to revise prohibitions against persons guilty of criminal offenses holding specified offices or positions involving employee benefit plans, labor relations, or labor relations consultation to employer organizations. Increases the types of positions from which an individual is barred upon conviction of enumerated crimes. Requires immediate removal upon conviction (rather than after appeal) of enumerated crimes and crimes relating to the position. Increases, from five years to ten years, the time during which a convicted individual is prohibited from holding such offices or positions. Raises, from one year to five years, the maximum time of imprisonment for violations of such prohibitions.

Provides that any salary payable but for such prohibition shall be placed in escrow pending final disposition of any appeal.

Sets forth the responsibility of the Secretary of Labor to detect and investigate violations of ERISA and other provisions for protecting employee benefit rights, without precluding such detection and investigation by other appropriate Federal agencies.