World War I Pension Act

World War I Pension Act - Establishes a monthly pension for qualified World War I veterans of $135 if unmarried and with no children, or $150 if married and living with or contributing to the support of a spouse or with children. Provides an additional monthly payment of $50 if the veteran is permanently homebound, or $125 if he is in need of regular aid and attendance.

Provides that no pension shall be paid to a veteran who has income in excess of $3,000 if unmarried or $4,200 if married. Provides that a veteran entitled to another pension shall receive which ever amount is greater.

Establishes for widows of qualified World War I veterans a monthly pension of $100 if there is no child or $125 if there is one child, with an additional $20 for each additional child. Provides that no pension shall be paid if the total annual income of the widow with children exceeds $3,000 or $4,200 in the case of a widow with children.

Establishes a monthly pension for the children of qualified World War I veterans when there is not widow. Sets such pension at $45 for the first child and $13 for each additional child. Requires each pension to be equally distributed among the eligible children and makes any child with an annual income, including earned income, in excess of $2,000 ineligible for a pension.

Exempts increases in Social Security benefits, railroads retirement annuities or pensions, or Federal government employee annuities from the determination of annual income.

Gives priority for hospital care to those veterans receiving a pension under the Act. (Adds 38 U.S.C. 513-515; Amends 38 U.S.C. 503, 610)