A bill to amend title 19, United States Code, to permit the recomputation of retired pay of certain members and former members of the armed forces.

Authorizes the recomputation of retired pay of specified members and former members of the armed forces. Provides that the retired pay of any member or former member 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 the 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.

Provides that the enactment of this Act shall not create any retroactive entitlement to additional retired pay, nor reduce the retired pay or retainer pay to which a member or former member was entitled on the day before the effective date of this Act.