ANNUAL PAYMENTS FOR MEMBERS RETIRED UNDER GUARD AND RESERVE TRANSITION INITIATIVE.

SEC. 518. ANNUAL PAYMENTS FOR MEMBERS RETIRED UNDER GUARD AND RESERVE TRANSITION INITIATIVE. (a) Annual Payment for One to Five Years.— Subsection (d) of section 4416 of the Defense Conversion, Reinvestment, and Transition Assistance Act of 1992 (division D of Public Law 102–484; 10 U.S.C. 1162 note) is amended— (1) by striking out “for 5 years” and inserting in lieu thereof “for a period of years prescribed by the Secretary concerned”; (2) by striking out “the 5-year period” and inserting in lieu thereof “that period”; and (3) by adding at the end the following: “A period prescribed for purposes of this subsection may not be less than one year nor more than five years.”. (b) Computation of Annual Payment.— Subsection (e) of such section is amended by adding at the end the following: “(3) In the case of a member who will attain 60 years of age during the 12-month period following the date on which an annual payment is due, the payment shall be paid on a prorated basis of one-twelfth of the annual payment for each full month between the date on which the payment is due and the date on which the member attains age 60.”. (c) Effective Date.— The amendments made by this section shall apply only to payments to a member of the Armed Forces under subsection (b) of section 4416 of the Defense Conversion, Reinvestment, and Transition Assistance Act of 1992 (division D 108 STAT. 2755of Public Law 102–484) that are granted by the Secretary of Defense to that member after the date of the enactment of this Act.