To repeal the annual adjustment of retired pay and retainer pay amounts for retired members of the Armed Forces under age 62, and for other purposes.

Repeals a provision of the Bipartisan Budget Act of 2013 that reduces the cost-of-living adjustment to the retirement pay of members of the Armed Forces under age 62.

Requires a reduction in the unobligated balances of the Department of Defense (DOD) to offset the costs incurred by such repeal.