Military Widows and Surviving Children Benefits Restoration Act

Military Widows and Surviving Children Benefits Restoration Act - Directs the head of a designated agency to make monthly payments to the surviving spouse of a veteran in the amount such spouse would have received under the Social Security Act were she caring for a child under 16 (when such child is actually between 16 and 18 years of age). Directs the head of a designated agency to make monthly payments equivalent to the child's insurance benefit under the Social Security Act before the Omnibus Budget Reconciliation Act of 1981 to certain children between the ages of 18 and 22 attending institutions of higher learning. Limits eligibility for such payments to children of veterans who died on active duty before August 13, 1981, or from a service-connected disability.

Directs the Secretary of Health and Human Services to provide the designated agency head with information necessary to carry out this Act.

Sets forth provisions determining time and percentage of increases in benefits, including a requirement that all payments be rounded down to the next lower multiple of $1.

Directs the Secretary of Defense during FY 1983 to transfer funds from the Retired Pay, Defense account to whomever is chosen to administer this program. Requires such head to establish an account in his or her agency to receive such payments.

Permits such head and the Secretary of Health and Human Services to combine specified payments into a single monthly payment.