Sec. 634. Continuation pay after 12 years of service for members of the uniformed services participating in the modernized retirement systems
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Subchapter II of chapter 5 of title 37, United States Code, is amended by adding at the end the following new sections: The Secretary concerned shall make a payment of continuation pay to each member of the uniformed services under the jurisdiction of the Secretary who— first becomes a member of a uniformed service after January 1, 2018; or subject to paragraph (2), makes the election described in section 1409(b)(4) or 12739(f) of title 10; and after the date on which the member satisfies the applicable requirement in subparagraph (A)— completes 12 years of service; and enters into an agreement with the Secretary to serve for an additional 4 years of obligated service.
A member who makes an election described in paragraph (1)(A)(ii) after the member completes 12 years of service is not eligible for continuation pay under this section. The amount of continuation pay payable to a member under this section shall be the amount that is equal to— in the case of a member of a regular component— the monthly basic pay of the member at 12 years of service multiplied by 2.5; plus at the discretion of the Secretary concerned, the monthly basic pay of the member at 12 years of service multiplied by such number of months (not to exceed 13 months) as the Secretary concerned shall specify in the agreement of the member under subsection (a); and in the case of a member of a reserve component— the amount of monthly basic pay to which the member would be entitled at 12 years of service if the member were a member of a regular component multiplied by 0.5; plus at the discretion of the Secretary concerned, the amount of monthly basic pay described in subparagraph
(A)multiplied by such number of months (not to exceed 6 months) as the Secretary concerned shall specify in the agreement of the member under subsection (a). The Secretary concerned shall pay continuation pay under this section to a member when the member completes 12 years of service. A member may elect to receive continuation pay under this section in a lump sum or in a series of not more than 4 payments. Continuation pay under this section is in addition to any other pay or allowance to which the member is entitled. A member who receives continuation pay under this section and fails to complete the obligated service required under subsection (a)(2)(B)(ii) shall be subject to the repayment provisions of section 373 of this title. Each Secretary concerned shall prescribe regulations to carry out this section. . The table of sections at the beginning of chapter 5 of such title is amended by adding at the end the following new item: 356. Continuation pay after 12 years of service: members participating in modernized retirement systems. . The amendments made by subsection
(a)shall take effect on January 1, 2018, and shall apply with respect to agreements entered into under section 356 of title 37, United States Code, after that date.