A bill to amend the age and service requirements for immediate retirement under subchapter III of chapter 83 of title 5, United States Code.

Revises the retirement provisions relating to Federal employees by: (1) redefining basic pay; (2) providing that an employee separated from service after attaining an age plus service aggregating at lease 80 years is entitled to an annuity; (3) stating that an employee who is separated from the service involuntarily, except by removal for cause on charges of misconduct or delinquency; or (4) while his agency, or subdivision thereof, is undergoing a major reduction in force, after completing 25 years of service or after becoming 50 years of age and completing 20 years of service is entitled to an annuity.

Redefines annuity computation methods.