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 retirement pay.
Establishes the position of Deputy Under Secretary of Defense for Personnel and Readiness (Reserve Affairs). Eliminates the position of Assistant Secretary of Defense for Reserve Affairs. Reduces the number of Assistant Secretaries of Defense.
Requires recruiters to fully define and disclose exactly what an individual's commitment to military service will entail, including an explanation of "Stop Loss" orders and their effect on the duration of such service.