Uniformed Services Retirement Pay Equalization Act

Uniformed Services Retirement Pay Equalization Act - Provides that the retired pay of each retired officer of the Navy or the Marine Corps shall be computed on the basis of rates of pay provided by law at the time of his retirement or subsequently for officers on the active list.

Permits retirement members of the uniformed service, who were retired by reason of physical disability and who are entitled to retired or retainer pay computed under the Career Compensation Act of 1949, to elect within the one-year period following the effective date of this Act, to receive disability retirement pay under this Act in lieu of the retired or retainer pay to which they are otherwise entitled. (Adds 10 U.S.C. 6149)