A bill to provide for the equalization of the retired pay of members of the uniformed services of equal grade and years of service.

Provides that the retired or retainer pay of any member or former member of a uniformed service entitled to such pay before, on, or after the effective date of this Act shall be computed on the basis of the rate of basic pay provided by law to which such member or former member would be entitled if he were serving on active duty in his retired grade. Provides that if at any time after the effective date of this Act the rates of basic pay for members of the uniformed service shall be computed or recomputed on the basis of the changed rate applicable in his case.

Prohibits the reduction in the retired or retainer pay of any member or former member of a uniformed service entitled to such pay on the effective date of this Act to an amount which is less than the amount of such pay to which he was entitled immediately before such date.