Mustering-Out Payment Act

Mustering-Out Payment Act - Provides that each member of the Armed Forces who served on active duty during the Vietnam era and was engaged in: (1) armed conflict; (2) extrahazardous service, including such service under conditions simulating war; or (3) in direct support of such operations, and who is discharged or released from active duty under honorable conditions, shall, subject to the provisions of this chapter, be eligible to receive mustering-out payments of $300, $200, or $100, depending on the place and length of service.

Specifies members of the armed forces ineligible for such payment because of severance or retired pay, type of service, or pay grade.

Requires applications for mustering-out payments to be made within two years of the enactment of this Act.

Authorizes payments to surviving spouses, children, or parents of deceased members of the Armed forces.