Pension Plan Protection Act of 1987

Pension Plan Protection Act of 1987 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 to authorize the Pension Benefit Guaranty Corporation (PBGC) to require security as a condition of certain pension plan funding waivers and extensions.

Provides that such security may be required of single-employer defined benefit plans where: (1) accumulated funding deficiencies exceed $1,000,000; and (2) the fair market value of the assets of the plan does not exceed 70 percent of an amount equal to the present value of benefits under the plan which would be treated as accrued were the plan terminated on the determination date. Provides that, if any benefit under the plan is payable under an irrevocable commitment from an insurer, the fair market value of such commitment and the present value of the benefits payable under such commitment shall not be taken into account for purposes of determining the asset/benefit ratio.

Directs the Secretary of the Treasury to provide the PBGC with information to carry out such security requirements.

Decreases the amount of accumulated funding deficiencies exempt from waiver limitations.

Authorizes the PBGC to require security for a pension plan where the fair market value of the assets of a single-employer defined benefit plan does not exceed 70 percent of the present value of accrued benefits under the plan. Provides that, if any benefit under the plan is payable under an irrevocable commitment from an insurer, the fair market value of such commitment and the present value of the benefits payable under such commitment shall not be taken into account for purposes of determining the asset/benefit ratio. Provides for imposition of a lien where there is a failure to provide the requested security.