Uniform Services Retirement Modernization Act

[AI summary unavailable — showing source text] Uniformed Services Retirement Modernization Act - States that, under regulations prescribed by the Secretary of Defense, a member of an Armed Force who is discharged or released from active duty and who has completed at least 5 but less than 20 years of service immediately before that discharge or release is entitled to a readjustment payment if: (1) his discharge or release from active duty is involuntary; (2) he was not accepted for an additional enlistment for which he volunteered; or (3) he was not accepted for an additional tour of active duty for which he volunteered. States that such a member is entitled to a readjustment payment equal to 5 percent of the product of twelve times the monthly basic pay to which he was entitled at the time of his discharge or release from active duty multiplied by his years of service. Provides that such provisions do not apply to a member who: (1) is discharged or released from active duty at his request; (2) is released from active duty for training; (3) upon discharge or release from active duty, is immediately eligible for retired or retainer pay based entirely on his military service; or (4) is discharged or released from active duty under…