Sec. 632. Modernized retirement system for members of the uniformed services

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Section 1409(b) of title 10, United States Code, is amended by adding at the end the following new paragraph: Notwithstanding paragraphs (1), (2), and (3), in the case of a member who first becomes a member of the uniformed services on or after October 1, 2017, or a member who makes the election described in subparagraph

(B)(referred to as a full TSP member )— paragraph (1)(A) shall be applied by substituting 2 for 2½ ; clause

(i)of paragraph (3)(B) shall be applied by substituting 60 percent for 75 percent ; and clause (ii)(I) of such paragraph shall be applied by substituting 2 for 2½ . Pursuant to subparagraph (C), a member of a uniformed service serving on September 30, 2017, may elect, in exchange for the reduced multipliers described in subparagraph

(A)for purposes of calculating the retired pay of the member, to receive Thrift Savings Plan matching contributions pursuant to section 8440e(e) of title 5. Except as provided in clauses

(ii)and (iii), a member of a uniformed service may make the election authorized by subparagraph

(B)only during the period that begins on January 1, 2018, and ends on December 31, 2018. The Secretary concerned may extend the election period described in clause

(i)for a member who experiences a hardship as determined by the Secretary concerned. A member of a uniformed service who returns to service after a break in service that occurs during the election period specified in clause

(i)shall make the election described in subparagraph

(B)within 30 days after the date of the reentry into service of the member. The Secretary concerned shall prescribe regulations to implement this paragraph. . Section 12739 of title 10, United States Code, is amended by adding at the end the following new subsection: In the case of a person who first performs reserve component service on or after October 1, 2017, after not having performed regular or reserve component service on or before that date— subsection (a)(2) shall be applied by substituting 2 percent for 2½ percent ; subparagraph

(A)of subsection (c)(2) shall be applied by substituting 60 percent for 75 percent ; and subparagraph (B)(ii) of such subsection shall be applied by substituting 2 percent for 2½ percent . The Secretary concerned shall prescribe regulations to implement this subsection. . The table in section 1401(a) of title 10, United States Code, is amended— in paragraph

(1)in column 2 of formula number 1, by striking 2½% of years of service credited to him under section 1208 and inserting the retired pay multiplier determined for the member under section 1409 of this title ; and in paragraph

(1)in column 2 of formula number 2, by striking 2½% of years of service credited to him under section 1208 and inserting the retired pay multiplier determined for the member under section 1409 of this title ; and in column 2 of each of formula number 4 and formula number 5, by striking section 1409(a) and inserting section 1409 . Section 1401a(b) of title 10, United States Code, is amended— by redesignating paragraph

(5)as paragraph (6); and by inserting after paragraph

(4)the following new paragraph (5): Notwithstanding paragraph (3), if a member or former member makes the election described in section 1409(b)(4) of this title, the Secretary shall increase the retired pay of such member in accordance with paragraph (2). . Section 354 of title 37, United States Code, is amended— in subsection (f)— by striking If a and inserting

(1)If a ; and by adding at the end the following new paragraph: If a person who is paid a bonus under this section subsequently makes an election described in section 1409(b)(4) of title 10, the person shall repay any bonus payments received under this section in the same manner as repayments are made under section 373 of this title. ; and by adding at the end the following new subsection: A Secretary concerned may not pay a new bonus under this section after September 30, 2017. Subject to subsection (f)(2), the Secretary concerned may continue to make payments for bonuses that were awarded under this section on or before the date specified in paragraph (1). . Paragraph

(2)of section 245(a) of the National Oceanic and Atmospheric Administration Commissioned Officer Corps Act of 2002 ( 33 U.S.C. 3045(a) ) is amended to read as follows: the retired pay multiplier determined under section 1409 of such title for the number of years of service that may be credited to the officer under section 1405 of such title as if the officer's service were service as a member of the Armed Forces. . Section 211(a)(4) of the Public Health Service Act ( 42 U.S.C. 212(a)(4) ) is amended— in the matter preceding subparagraph (A), by striking at the rate of 2 ½ per centum of the basic pay of the highest grade held by him as such officer and inserting calculated by multiplying the retired pay base determined under section 1406 of title 10, United States Code, by the retired pay multiplier determined under section 1409 of such title for the numbers of years of service credited to the officer under this paragraph ; and in the matter following subparagraph (B)(iii)— in subparagraph (C), by striking such pay, and and inserting such pay, ; and in subparagraph (D), by striking such basic pay. and inserting such basic pay, and

(E)in the case of any officer who makes the election described in section 1409(b)(4) of title 10, United States Code, subparagraph

(C)shall be applied by substituting . 40 per centum for 50 per centum each place the term appears. The amendments made by section 403(a) of the Bipartisan Budget Act of 2013 ( Public Law 113–67 ; 127 Stat. 1186), as amended by section 10001 of the Department of Defense Appropriations Act, 2014 (division C of Public Law 113–76 ; 128 Stat. 151) and section 2 of Public Law 113–82 (128 Stat. 1009), shall take effect on October 1, 2017, rather than December 1, 2015. Subparagraph

(G)of section 1401a(b)(4) of title 10, United States Code, which shall take effect October 1, 2017, pursuant paragraph

(1)and section 403(a) of the Bipartisan Budget Act of 2013 ( Public Law 113–67 ; 127 Stat. 1186), section 10001 of the Department of Defense Appropriations Act, 2014 (division C of Public Law 113–76 ; 128 Stat. 151) and section 2 of Public Law 113–82 (128 Stat. 1009), is amended by striking January 1, 2014 and inserting October 1, 2017 . Effective on the date of the enactment of this Act, section 623 of the National Defense Authorization Act for Fiscal Year 2015 ( Public Law 113–291 ; 128 Stat. 3403) is repealed.

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