Pension and Health Benefits Protection Act of 1987

[AI summary unavailable — showing source text] Pension and Health Benefits Protection Act of 1987 - Title I: Withdrawal or Transfer of Excess Assets from Single Employer Defined Benefit Pension Plans - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to permit withdrawal or transfer of excess assets from single employer defined benefit pension plans without plan termination. Sets forth limitation on the amounts of such withdrawals. Reduces the amount of a permitted withdrawal where the employer made a prior withdrawal within five years. Applies certain limits to withdrawals in the case of plan mergers or spinoffs. Sets forth procedures relating to withdrawals. Requires notice to be given to employees and the Secretary of the Treasury. Provides that the amount of such a withdrawal shall be included in the gross income of the employer maintaining the plan, for income tax purposes. Makes an exception for amounts transferred to other qualified retirement plans or health benefits plans which are nondiscriminatory. Makes such provisions regarding withdrawals inapplicable: (1) to any amount distributed to or on behalf of an employee (or his beneficiaries) if such amount could have been s…