Makes an individual eligible for retired pay for non-regular (reserve) military service if such individual: (1) satisfies one of the combinations of minimum age (between 53 and 60) and years of service (between 34 and 20); (2) performed the last six years of qualifying service in currently authorized categories of military service, but not while a member of a regular component, the Fleet Reserve, or the Fleet Marine Corps Reserve (with an exception); and (3) is not entitled to any other retirement pay from an armed force or as a member of the Fleet Reserves.