Agricultural Extended Retirement Credit Act of 1987

Agricultural Extended Retirement Credit Act of 1987 - Extends creditable service under the Civil Service Retirement System for periods of service in certain Federal-State cooperative programs which had agricultural or related purposes.

Establishes a hiring limitation period of three fiscal years after 60 days following enactment of this Act on the replacement of retirees in the United States Department of Agriculture.

Prohibits the obligation or expenditure of any budget authority or outlays saved in any fiscal year by reason of reduced pay and personnel resulting from implementation of this Act. Requires that the budget authority and outlays thus saved be credited against pay and other personnel costs required to be sequestered under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Requires the Comptroller General to notify the Congress, in writing, of each instance of noncompliance with the requirement of this Act.

Directs the Director of the Office of Personnel Management to report to the Congress on an evaluation of the extended credit retirement program and the limitation on replacement of retirees provided under this Act.