A bill to amend chapter 67 (relating to retired pay for nonregular service) of title 10, United States Code, to authorize payment of retired pay at a reduced percentage to persons, otherwise eligible, at age 50, and for other purposes.

Authorizes payment of Armed Forces retirement pay for nonregular service at reduced percentages to persons, otherwise eligible, at age 50. Lowers the age for transfer to the inactive status list to 50 (now 60). (Amends 10 U.S.C. 1331a, 1335a)