Retiree Benefits Security Act of 1987

[AI summary unavailable — showing source text] Retiree Benefits Security Act of 1987 - Amends Federal bankruptcy law to apply provisions governing the rejection of collective bargaining agreements in reorganization cases to collective bargaining agreement provisions relating to benefits for retired employees. Provides that bankruptcy claims for retiree benefits and claims arising under any collective bargaining agreement or rejection thereof shall not be limited to one year's compensation. Designates the labor organization which is the recognized exclusive collective bargaining representative in a collective bargaining agreement as the authorized representative of persons receiving retirement benefits under such agreement in bankruptcy proceedings. Directs the court to appoint a committee of retirees to serve as such representative if the labor organization elects not to serve or if the recipients of retiree benefits are not covered by a collective bargaining agreement. Requires the debtor in possession or trustee in a reorganization case to pay and not modify any retiree benefits under any program established or maintained by the debtor prior to filing a bankruptcy petition. Allows modification of such benefits: (1) by court o…