A bill to amend title 10, United States Code, to provide for a Department of Defense Military Retirement and Disability Fund, and for other purposes.

Authorizes the establishment of a Department of Defense Retirement and Disability Fund within the Treasury to be used for the payment of military retirement and retainer pay and for the payment of annuities to survivors of military personnel.

Directs the President to appoint three actuaries to be members of the Board of Actuaries of the Military Retirement System. Requires the Board to report annually to the Secretary of Defense on the actuarial status of such system.

Directs the Secretary to keep such records as may be necessary for making periodic valuations of such system and directs the Board of Actuaries to review annually such valuations and to report to the President and the Congress on the status of such Fund together with any recommendations for changes in the Fund at least once every four years.

Stipulates that from funds appropriated for military pay there shall be deposited in the Fund such amounts as are necessary to fund its currently accruing retirement liability.