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.

Provides that the retired pay of any member or former member who was on active duty or in an active status on or before May 31, 1958, and who became or will become entitled to receive retired pay based upon age, length of service or physical disability shall be computed at current active duty rates and increased to reflect later changes in applicable pay rates.

Provides that the enactment of this Act shall not reduce the retired pay to which a member or former member was entitled on the day before the effective date of this Act, nor create any retroactive entitlement to additional retired pay.