Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. PURPOSE.

It is the purpose of this Act to promote the retention of members
of the Armed Forces in critical specialties by establishing a bonus
savings plan that provides significant resources for meeting the
expenses encountered by the members in providing for the education of
the members of their families and other contingencies.

SEC. 2. EDUCATION SAVINGS PLAN FOR REENLISTMENTS AND EXTENSIONS OF
SERVICE IN CRITICAL SPECIALTIES.

(a) Establishment of Savings Plan.--(1) Chapter 5 of title 37,
United States Code, is amended by adding at the end the following new
section:
''Sec. 323. Incentive bonus: savings plan for education expenses and
other contingencies
''(a) Benefit and Eligibility.--The Secretary concerned shall
purchase United States savings bonds under this section for a member of
the armed forces who is eligible as follows:
''(1) A member who, before completing three years of
service on active duty, enters into a commitment to perform
qualifying service.
''(2) A member who, after completing three years of service
on active duty but not more than nine years of service on
active duty, enters into a commitment to perform qualifying
service.
''(3) A member who, after completing nine years of service
on active duty, enters into a commitment to perform qualifying
service.
''(b) Qualifying Service.--For the purposes of this section,
qualifying service is service on active duty in a specialty designated
by the Secretary concerned as critical to meet requirements (whether
such specialty is designated as critical to meet wartime or peacetime
requirements) for a period that--
''(1) is not less than six years; and
''(2) does not include any part of a period for which the
member is obligated to serve on active duty under an enlistment
or other agreement for which a benefit has previously been paid
under this section.
''(c) Forms of Commitment to Additional Service.--For the purposes
of this section, a commitment means--
''(1) in the case of an enlisted member, a reenlistment;
and
''(2) in the case of a commissioned officer, an agreement
entered into with the Secretary concerned.
''(d) Amounts of Bonds.--The total of the face amounts of the
United States savings bonds purchased for a member under this section
for a commitment shall be as follows:
''(1) In the case of a purchase for a member under
paragraph (1) of subsection (a), $5,000.
''(2) In the case of a purchase for a member under
paragraph (2) of subsection (a), the amount equal to the excess
of $15,000 over the total of the face amounts of any United
States savings bonds previously purchased for the member under
this section.
''(3) In the case of a purchase for a member under
paragraph (3) of subsection (a), the amount equal to the excess
of $30,000 over the total of the face amounts of any United
States savings bonds previously purchased for the member under
this section.
''(e) Total Amount of Benefit.--The total amount of the benefit
payable for a member when United States savings bonds are purchased for
the member under this section by reason of a commitment by that member
shall be the sum of--
''(1) the purchase price of the United States savings
bonds; and
''(2) the amounts that would be deducted and withheld for
the payment of individual income taxes if the total amount
computed under this subsection for that commitment were paid to
the member as a bonus.
''(f) Amount Withheld for Taxes.--The total amount payable for a
member under subsection (e)(2) for a commitment by that member shall be
withheld, credited, and otherwise treated in the same manner as amounts
deducted and withheld from the basic pay of the member.
''(g) Repayment for Failure To Complete Obligated Service.--(1) If
a person fails to complete the qualifying service for which the person
is obligated under a commitment for which a benefit has been paid under
this section, the person shall refund to the United States the amount
that bears the same ratio to the total amount paid for the person (as
computed under subsection (e)) for that particular commitment as the
uncompleted part of the period of qualifying service bears to the total
period of the qualifying service for which obligated.
''(2) Subject to paragraph (3), an obligation to reimburse the
United States imposed under paragraph (1) is for all purposes a debt
owed to the United States.
''(3) The Secretary concerned may waive, in whole or in part, a
refund required under paragraph (1) if the Secretary concerned
determines that recovery would be against equity and good conscience or
would be contrary to the best interests of the United States.
''(4) A discharge in bankruptcy under title 11 that is entered less
than five years after the termination of an enlistment or other
agreement under this section does not discharge the person signing such
reenlistment or other agreement from a debt arising under the
reenlistment or agreement, respectively, or this subsection.
''(h) Relationship to Other Special Pays.--The benefit provided
under this section is in addition to any other bonus or incentive or
special pay that is paid or payable to a member under any other
provision of this chapter for any portion of the same qualifying
service.
''(i) Regulations.--This section shall be administered under
regulations prescribed by the Secretary of Defense for the armed forces
under his jurisdiction and by the Secretary of Transportation for the
Coast Guard when the Coast Guard is not operating as a service in the
Navy.''.
(2) The table of sections at the beginning of such chapter is
amended by adding at the end the following new item:

''323. Incentive bonus: savings plan for education and other
contingencies.''.
(b) Effective Date.--Section 323 of title 37, United States Code
(as added by subsection (a)), shall take effect on October 1, 2001, and
shall apply with respect to reenlistments and other agreements for
qualifying service (described in that section) that are entered into on
or after that date.
A:
Directs the Secretary of the military department concerned to purchase U.S. savings bonds for military personnel who have completed certain periods of active duty and who enter into a commitment to perform at least six years of additional active-duty service in a specialty designated as critical by such Secretary. Makes such bond amounts: (1) $5,000, for members who enter into the agreement before completing three years of active duty; (2) the excess of $15,000 over the face amount of any bonds previously purchased for such members who have completed at least three years of active service but less than nine years; and (3) the excess of $30,000 over such face amount for members who have completed nine years of active service. Requires the pro rata repayment of such bond amounts for the non-completion of the required additional service, with a waiver when repayment is considered to be against equity and good conscience or contrary to the best interests of the United States.