Employee Pension Protection Act of 1990

Employee Pension Protection Act of 1990 - Title I: Fiduciary Responsibilities - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise fiduciary duties applicable to pension plan assets to include determination of whether employer reversions or transfers to health accounts are in plan participants' interests. Sets forth remedies for breach of such added fiduciary duty.

Revises the definition of "qualifying employer security" to include interest in a publicly traded partnership, but only if it is defined as an existing partnership under the Revenue Act of 1987.

Title II: Pension Portability-Pension Portability Act of 1990 - Subtitle A: Rules Generally Applicable to Simplified Employee Pensions - Defines simplified employee pension plan for purposes of title I of ERISA.

Directs the Secretary of Labor (the Secretary) to prescribe an alternative method of compliance with certain reporting and disclosure requirements for simplified employee pension plans.

Makes certain participation requirements inapplicable to simplified employee pension plans. Prohibits any such plan from requiring, for treatment of any individual as one on behalf of whom certain contributions may be made to the plan, that an individual have: (1) attained any age greater than 21; or (2) performed service for the employer during more than three years of the immediately preceding five years.

Makes certain vesting requirements inapplicable to simplified employee pension plans. Requires any such plan, in order to satisfy applicable vesting requirements, to further provide that an employee's rights in an accrued benefit derived from the employer's contributions are nonforfeitable.

Sets forth requirements for distributions of any accrued benefit under simplified employee pension plans or portable pension plans. Requires, in general, that such distributions be: (1) in a permitted retirement income form, in certain standard forms with specified exceptions; (2) made only with the consent of the participant (or beneficiary, in case of death); and (3) distributed in accordance with the plan terms, upon timely written application by the participant (or beneficiary, in case of death) requesting such distribution in a designated form and on a designated commencement date.

Prescribes as standard retirement income forms in which such distributions are permitted: (1) a qualified joint and survivor annuity; (2) any other joint life annuity (including a cash refund annuity); (3) a single life annuity (including a refund annuity); and (4) any other series of substantially equal periodic payments described under specified provisions of the Internal Revenue Code.

Provides a rule where a plan allows a form other than distribution over life expectancy.

Allows election of other than standard retirement income forms if: (1) it is expressly elected in writing; and (2) certain spousal consent requirements are met.

Requires the administrator of a simplified employee pension plan, immediately before making such a distribution, to provide a written explanation to the recipient of: (1) the provisions under which the distribution may or may not be subject to tax or penalty under the Internal Revenue Code; and (2) the terms and conditions of the applicable permitted retirement income form, the participant's right to elect a form, and the rights of the participant's spouse under this Act.

Sets forth a special definition of beneficiary, for simplified employee pension plans, as meaning: (1) the spouse of the participant; or (2) if certain spousal consent requirements are met, any other person designated by the participant, or by the terms of the plan, who is or may become eligible under the plan to receive some or all of the accrued benefit.

Makes certain funding requirements inapplicable to simplified employee pension plans.

Subtitle B: Portable Pension Plans - Defines a "portable pension plan," for purposes of ERISA, as a pension plan, consisting of one or more simplified employee pensions, individual retirement accounts, or individual retirement annuities, which: (1) meets specified Internal Revenue Code provisions with respect to amounts contributed by employers on behalf of employees in a certain manner; and (2) meets the portability requirements of this Act. Sets forth such portability requirements in detail.

Sets forth special rules for portable pension plans, which provide such plans "safe harbor" under title I of ERISA. Indicates certain fiduciary requirements for portable plans. Provides that certain good faith actions based on misinformation are not grounds for treating a portable plan as failing to meet certain ERISA requirements. Sets forth the responsibilities of a portable plan's sponsor, administrator, and employer. Preserves, under a portable plan, the employee's right of action against an employer with respect to certain ERISA requirements.

Requires portable pension plans to: (1) meet specified ERISA fiduciary requirements, subject to the Secretary's regulations specifically taking into account attributes peculiar to such plans; (2) designate in writing the plan sponsor as the named fiduciary; and (3) provide, as at least one means of investment of contributions, investment in U.S. Government securities or federally-insured securities, with exceptions for certain transfers if the participant (or beneficiary) chooses otherwise.

Directs the Secretary to prescribe necessary regulations for portable pension plans. Directs the Secretary and the Secretary of the Treasury to jointly prescribe one or more prototype portable pension plans.

Sets forth requirements relating to distributions from pension plans constituting transfers to portable pension plans. Revises distribution limitations. Sets forth requirements relating to joint and survivor annuities and preretirement survivor annuities. Limits the application of restrictions on direct transfers of plan assets to a portable pension plan from any other pension plan, under specified conditions, including consent of participant and spouse. Provides that certain service may be disregarded where a specified distribution is permitted.

Coordinates this title with applicable Internal Revenue Code provisions.