Pension Benefit Guaranty Corporation Reform Amendments Act of 1987

[AI summary unavailable — showing source text] Pension Benefit Guaranty Corporation Reform Amendments Act of 1987 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to require an employer maintaining a single-employer defined benefit plan to provide to the Secretary of the Treasury, as a condition for the granting of a waiver of the minimum funding standards or an extension of an amortization period, evidence assuring the adequate future funding of such a plan. (No such requirement exists under current law, although the Secretary is authorized to request that security be provided.) Requires that such evidence be incorporated in the materials provided by the Secretary to the Pension Benefit Guaranty Corporation (PBGC) as part of their mandatory consultation process. Decreases from five to three the number of allowable waivers of the minimum funding standard for employee pension benefit plans. Amends ERISA to: (1) increase from $8.50 to $23.00 per plan participant the annual premium rate to be paid to the PBGC in the case of a single-employer plan; (2) institute a procedure for an annual determination to provide for possible reductions in such premium amount; (3) direct the PBGC to …