Reserves Pay and Benefits Modernization Act

[AI summary unavailable — showing source text] Reserves Pay and Benefits Modernization Act - Requires the Secretary of Defense to limit the length of assignment of reservists during U.S. Central Command deployments of not less than one year. Requires the Secretary to submit to specified congressional committees a report on Department of Defense policies and communications regarding the length of deployments for reservists in connection with Operation Iraqi Freedom. Directs the Secretary of the Army to designate a senior level official of the Department of the Army to implement recommendations for executive action to address military pay problems. Removes conditions on Ready Reserve members' eligibility for TRICARE enrollment. Makes such eligibility permanent. Requires the Secretary concerned to pay applicable premiums to continue qualified health benefit plan coverage for family members of eligible reservists serving on active duty for the benefits coverage continuation period. Authorizes the Secretary of Defense to fund child care for members of the Armed Forces on active duty for Operation Enduring Freedom or Operation Iraqi Freedom. Reduces from 60 to 55 the age at which members of Reserve components may receive military ret…