Employee Retirement Savings Act of 1981

Employee Retirement Savings Act of 1981 - Amends the Internal Revenue Code to allow employees who are participants in tax-qualified employer retirement plans an income tax deduction for contributions to such plans or to individual retirement plans. Limits the amount of such deduction to the excess of the employee's compensation for the taxable year or $2,000, whichever is less, over the amount contributed by the employer for an annuity contract and any excluded social security tax applicable to the employee.