Retired Pay Restoration Act - Expresses the sense of Congress that military retired pay should not be reduced because a military retiree is also eligible for veterans' disability compensation awarded for a service-connected disability.
Allows the receipt of both military retired pay and veterans' disability compensation with respect to any service-connected disability (currently, only a disability rated at 50 percent or more). Repeals provisions phasing in the full concurrent receipt of such pay through December 31, 2013.
Makes eligible for the full concurrent receipt of both veterans' disability compensation and either military retired pay or combat-related special pay those individuals who were retired or separated from military service due to a service-connected disability.