A bill to amend title 10, United States Code, to permit the recomputation or retired pay of certain members and former members of the Armed Forces.

Provides that the retired pay of any member or former member of the Armed Forces who was on active duty or in an active status on or before May 31, 1958, and who became or will become entitled to receive retired pay based upon age, length of service, or physical disability under provisions of the Career Compensation Act of 1949, shall be computed at current active duty pay rates and increased to reflect later changes in applicable pay rates.