A bill to amend subchapter II of chapter 73 of title 10, United States Code, to eliminate certain inequities in the Survivor Benefit Plan provided for under such subchapter, to improve such plan by authorizing certain new options for participants in such plan, and for other purposes.

Amends the Military Survivor Benefit Plan to create more options for providing an annuity and designating beneficiaries. Permits a remarried participant to irrevocably elect within a year whether or not to provide an annuity for the new spouse. Permits a participant to again designate as beneficiary a natural person with an insurable interest in the participant if an initial beneficiary of the same type predeceases the participant.

Reduces the amount of an annuity when the widow or widower receives social security benefits based solely on the service of the participant unless such annuity is already being reduced based on the widow's or widower's government service.

Permits a participant with a dependent child but no current spouse to discontinue participation in the Plan.