A bill to amend title 10 of the United States Code to restore the system of recomputation of retired pay for certain members and former members of the Armed Forces.

Provides that the retired pay of a member of the Armed Services, who was on active duty on or before May 31, 1958, shall be computed at current active duty pay rates and will be recomputed to reflect later changes. Provides that a Member receiving an increase under this provision shall not be entitled to an adjustment of retirement pay based on the Consumer Price Index. (Amends 38 U.S.C. 1401(a))