Uniformed Services Retired and Retainer Pay Equalization Act

Uniformed Services Retired and Retainer Pay Equalization Act - Authorizes the recomputation of the retired or retainer pay for members and former members of the uniformed services if such pay was computed under the rates of basic pay in effect after September 30, 1949, and before October 1, 1974. Stipulates that such recomputation shall be based on the rates of basic pay in effect on October 1, 1974. Entitles members and former members not eligible for retired pay for physical disability to such recomputated pay at age 65 and entitles those eligible for retired pay for physical disability to such recomputed pay at age 65 and entitles those eligible for retired pay for physical disability to such recomputed pay one month after the enactment of this Act.