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

Permits the recomputation of retired pay for any member or former member of the Armed Services who was on active duty or in an active status before April 1, 1958, for a period of not less than 10 years, and who became or will become entitled to retired pay based upon age, length of service, or physical disability under the provisions of the Career Compensation Act of 1949.

Provides that the Act shall not retroactively entitle any member or former member to additional retired or retainer pay.

Provides that the Act shall not reduce the retired or retainer pay to which a member or former member was entitled before this enactment.

States that eligibility for recomputation under this Act begins on the first day of the first month after the member or former member reaches 60 years of age.