A bill to modify the method for computing military retirement benefits.

Provides for the recomputation of military retirement benefits.

Provides that a member or former member of a uniformed service: (1) who is sixty years of age or older, is retired for reasons other than physical disability, and is entitled to retired pay computed under the rates of basic pay in effect before January 1, 1972; or (2) who is entitled to retired pay for physical disability whose disability was finally determined to be of a permanent nature and at least 30 percent under the schedule of rating disabilities, and whose retired pay is computed under rates of basic pay in effect after October 11, 1949, and before January 1, 1972, is entitled to have that pay recomputed upon the rates of basic pay in effect on January 1, 1972.

States that a member or fomer member of a uniformed service who elects to have his retired pay recomputed as authorized under this Act shall be entitled to retired pay based upon such recomputation effective on the first day of the first calendar month following the month in which he makes such election.