PROTECT Act or Protecting the Retirement of Our Troops by Ensuring Compensation is Timely Act - Prohibits the Secretary of the military department concerned from presuming deceased a military retiree missing in Iraq or Afghanistan on or after October 7, 2001, until the earlier of seven years after the person was declared missing or the date the death is confirmed and a death certificate is delivered to the next of kin. Requires monthly retired pay to be resumed and any retired pay that may have been due following the declaration of the presumption of death to be retroactively paid to the family of the retiree.