US HB333

Allows retired Armed Forces members with service-connected disabilities rated below 50 percent to receive both military retired pay and VA disability compensation simultaneously, eliminating the current offset requirement

Extends concurrent receipt eligibility to Chapter 61 disability retirees who have fewer than 20 years of creditable service

For disability retirees with less than 20 years of service, retired pay reduction is limited to the amount exceeding 2½ percent of creditable years multiplied by the retired pay base

Amends Section 1414 of Title 10, United States Code, removing the phase-in period provisions and "qualifying" disability threshold language

Takes effect on the first day of the first month after enactment, applying to all payments from that date forward