National Guard and Reserve Personnel Transition Benefits Act of 1992

National Guard and Reserve Personnel Transition Benefits Act of 1992 - Title I: Personnel Protections Transition Plan - Provides that, during the period beginning on October 1, 1991, and ending on September 30, 1995 (force reduction transition period), no unit in the Selected Reserve of the Ready Reserve (the Reserve) of the armed forces may be deactivated and no member of the Reserve may be involuntarily separated from the armed forces, involuntarily reassigned to a unit or position not in the Reserve, or otherwise involuntarily given a status not in the Reserve before the Secretary of Defense has promulgated, implemented, and transmitted to the House and Senate Armed Services Committees regulations that govern the treatment of members of the Reserve assigned to such units and subjected to such actions, with exceptions.

Specifies that: (1) the purpose of such regulations shall be to ensure that the members of the Reserve are treated with fairness, with respect for their service, and with attention to the adverse personal consequences of Reserve unit deactivations and other involuntary changes in their status; and (2) such regulations shall include such provisions as necessary to implement the provisions of this Act, as well as such other policies and procedures for the recruitment of personnel for the Reserve, and for the reassignment, retraining, separation, and retirement of Reserve members, as are appropriate for satisfying the needs of the Reserve together with such purpose.

Directs that such regulations include: (1) the giving of a priority to Reserve personnel for reassignment to Reserve units not being deactivated and for transfer among the reserve components of the armed forces in order to facilitate reassignment to such units; (2) a requirement that the Secretaries of the military departments take diligent actions to ensure that members of the reserve components are informed in easily understandable terms of the rights and benefits conferred upon such personnel by this Act and by such regulations; and (3) such other protections, preferences, and benefits (protections) as the Secretary considers appropriate.

Requires such regulations to apply uniformly to the Army, Navy, Air Force, and Marine Corps. Makes such protections inapplicable with respect to personnel who are separated or transferred under adverse conditions.

Title II: Retired Pay - Authorizes the Secretary concerned (with exceptions) to grant a person under age 60, upon the application of such person, immediate reduced retired pay if: (1) as of October 1, 1991, such person has performed at least 20 years of service, or after that date and before October 1, 1995, completes 20 years of service; (2) the person is a member of the Reserve; (3) the person satisfies specified age and service requirements; and (4) the person applies for the immediate reduced retired pay within one year after the later of the date of the enactment of this Act or the date on which the person satisfies the applicable years-of-service requirement (such dates).

Permits the Secretary concerned (with exceptions) to grant a person, upon application of such person, retired pay if: (1) as of October 1, 1991, such person has performed at least 15 years of service or after that date and before October 1, 1995, completes 15 years of service; (2) the person is a member of the Reserve; (3) the person satisfies specified age and service requirements; and (4) within one year after the later of such dates, the person applies for retired pay or requests transfer to an inactive status list.

Authorizes the Secretary concerned (subject to restrictions consistent with the purpose set forth in this Act) to limit the applicability of provisions under this title to any category of personnel defined by such Secretary in order to meet a need of the armed forces under the jurisdiction of the Secretary concerned to reduce the number of members in certain grades, who have completed a certain number of years of service, or who possess certain military skills or are serving in designated competitive categories.

Sets forth a formula for reduced retired pay for non-regular service members of the armed forces who retire before age 60.

Title III: Additional Benefits - Entitles a member of the Reserve who, after completing at least six, and before completing 15, years of service, is involuntarily separated from the armed forces during the force reduction transition period, to separation pay. Sets forth a formula for determining the amount of such pay.

Sets forth provisions regarding: (1) the relationship of such pay to other service-related pay; and (2) uniformity of regulations among the various armed services.

Provides that a person who involuntarily ceases to be a member of the Reserve during the force reduction transition period may be provided educational assistance for specified periods of time, based upon the number of years of service completed.

Sets forth: (1) further provisions with respect to educational assistance; and (2) provisions regarding refunds of contributions in cases where a person's entitlement to such assistance is reduced below 36 months.

Directs the Secretary of Defense to prescribe regulations to authorize a person who involuntarily ceases to be a member of the Reserve during the force reduction transition period to continue to use commissary and exchange stores for a specified period.

Extends the period of group life insurance coverage from 120 to 365 days in the case of a former member of the Reserve. Sets forth requirements with respect to eligibility, payment of premiums, and actions necessary to implement this provision.

Authorizes the Secretary of the military department concerned (with exceptions) to limit the applicability of a benefit provided under this title to any category of personnel defined by such Secretary in order to meet a need of the armed force under the jurisdiction of the Secretary concerned to reduce the number of members in certain grades, who have completed a certain number of years of service, or who possess certain military skills or are serving in designated competitive categories.

Makes the provisions of this title inapplicable with respect to personnel who cease to be members of the Reserve under adverse conditions. Specifies that the eligibility of a member of a reserve component of the armed forces (after having involuntarily ceased to be a member of the Reserve) to receive benefits and privileges under this title terminates upon the involuntary separation of such member from the armed forces under adverse conditions.