I have a permanent resident visa since 1987. I have not applied for US citizenship yet. I hear that the law has changed in regards to this type of resident green card. What is the new law status and how does that impact my residency? Thank you

It does not have any impact on your legal status but you are required to replace your card with newer version. New card is valid for 10 years.

Submit for form I-90: Application to Replace Permanent Resident Card (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=b3f7ab0a43b5d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=db029c7755cb9010VgnVCM10000045f3d6a1 RCRD)