(a) An officer who is discharged in accordance with section 603(b)(2) or 604 is entitled, at his election, to—“(1) the severance pay to which he would have been entitled under the laws in effect before the effective date of this Act [Sept. 15, 1981]; or
“(2) separation pay, if eligible therefor, under section 1174(a) of title 10, United States Code, as added by this Act.
“(b) An officer who is separated in accordance with section 605(b)(3) or 606 is entitled, at his election, to—“(1) readjustment pay under section 687 of title 10, United States Code, as in effect on the day before the effective date of this Act [Sept. 15, 1981]; or
“(2) separation pay, if eligible therefor, under section 1174(c) of title 10, United States Code, as added by this Act.
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