REDUX RETIRED PAY SYSTEM APPLICABLE ONLY TO MEMBERS ELECTING NEW 15-YEAR CAREER STATUS BONUS.

SEC. 641. REDUX RETIRED PAY SYSTEM APPLICABLE ONLY TO MEMBERS ELECTING NEW 15-YEAR CAREER STATUS BONUS. (a) Retired Pay Multiplier.—Paragraph (2) of section 1409(b) of title 10, United States Code, is amended by inserting after “July 31, 1986,” the following: “has elected to receive a bonus under section 322 of title 37,”. (b) Cost-of-Living Adjustments.—(1) Paragraph (2) of section 1401a(b) of such title is amended by striking “The Secretary shall increase the retired pay of each member and former member who first became a member of a uniformed service before August 1, 1986,” and inserting “Except as otherwise provided in this subsection, the Secretary shall increase the retired pay of each member and former member”. (2) Paragraph (3) of such section is amended by inserting after “August 1, 1986,” the following: “and has elected to receive a bonus under section 322 of title 37,”. (c) Recomputation of Retired Pay at Age 62.—Section 1410 of such title is amended by inserting after “August 1, 1986,” the following: “who has elected to receive a bonus under section 322 of title 37,”.