To amend chapter 67 of title 10, United States Code, to grant eligibility for retired pay to certain personnel who were members of the reserve components or other nonregular components of the Armed Forces before August 16, 1945, and did not perform active duty during certain periods; and for other purposes.

Makes those military personnel performing at least 20 years of service after August 15, 1945, eligible for retired pay based on reserve or other nonregular service in the armed forces.

Excludes service performed before August 16, 1945, from consideration in the computation of retired pay if the eligibility for retired pay of such person is based on service performed after August 15, 1945.