To ensure that the reduced annual cost-of-living adjustment to the retired pay of members and former members of the Armed Forces under the age of 62 required by the Bipartisan Budget Act of 2013 will not apply to members or former members who first became members prior to January 1, 2014, and for other purposes.

(This measure has not been amended since it was passed by the House on February 11, 2014. The summary of that version is repeated here.) Amends the Balanced Budget and Emergency Deficit Control Act of 1985, with respect to the implementation of direct spending reductions, to require the President to order a sequestration for FY2024 on the date the Office of Management and Budget (OMB) issues its sequestration preview report for such fiscal year. Makes the reduction in annual cost-of-living adjustments of military retired pay for armed forces members under age 62 enacted by the Bipartisan Budget Act of 2013 inapplicable to those who first became members before January 1, 2014. (That Act reduced the cost-of-living adjustments from the full Consumer Price Index [CPI] to the CPI less 1%.) Amends title XVIII (Medicare) of the Social Security Act to replace the requirement to establish a Medicare Improvement Fund with one that requires the Secretary of Health and Human Services (HHS) to establish a Transitional Fund for Sustainable Growth Rate (SGR) Reform, available to provide funds to pay for physicians' services under part B (Supplementary Medical Insurance) to supplement the conversion factor for 2017 if the conversion factor for that year is less than that for 2013. Makes $2.3 billion available to the Fund from the Federal Supplementary Medical Insurance Trust Fund for expenditures during or after 2017.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985, with respect to the implementation of direct spending reductions, to require the President to order a sequestration for FY2024 on the date the Office of Management and Budget (OMB) issues its sequestration preview report for such fiscal year. Makes the reduction in annual cost-of-living adjustments of military retired pay for armed forces members under age 62 enacted by the Bipartisan Budget Act of 2013 inapplicable to those who first became members before January 1, 2014. (That Act reduced the cost-of-living adjustments from the full Consumer Price Index [CPI] to the CPI less 1%.) Amends title XVIII (Medicare) of the Social Security Act to replace the requirement to establish a Medicare Improvement Fund with one that requires the Secretary of Health and Human Services (HHS) to establish a Transitional Fund for Sustainable Growth Rate (SGR) Reform, available to provide funds to pay for physicians' services under part B (Supplementary Medical Insurance) to supplement the conversion factor for 2017 if the conversion factor for that year is less than that for 2013. Makes $2.3 billion available to the Fund from the Federal Supplementary Medical Insurance Trust Fund for expenditures during or after 2017.

(This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.) South Utah Valley Electric Conveyance Act - Requires the Secretary of the Interior, insofar as the Strawberry Water Users Association conveyed its interest in an electric distribution system to the South Utah Valley Electric Service District, to convey and assign to the District: (1) all interest of the United States in all fixtures owned by the United States as part of the electric distribution system and the federal lands and interests where the fixtures are located, (2) license for use in perpetuity of the shared power poles, and (3) licenses for use and access in perpetuity to specified project lands and interests and corridors where federal lands and interests are abutting public streets and roads and can provide access to facilities. Requires the District to assume all liability from the United States for the administration, operation, maintenance, and replacement of such electric distribution system. Requires the Secretary, before conveying such lands, interests, and fixtures, to be in compliance with all applicable requirements under the National Environmental Policy Act of 1969, the Endangered Species Act of 1973, and any other law applicable to such land and facilities. Prohibits anything, except for the uses as granted by license in the shared power poles, from being construed as granting or conveying to the District or any other party any interest in any facilities comprising a part of the Strawberry Valley Project power generation system or the federally owned parts of the 46 kilovolt transmission system, the ownership of which shall remain in the United States. Prohibits, upon conveyance of any land or facility under this Act: (1) the conveyed and assigned land and facilities from any longer being considered as part of a federal reclamation project; (2) the District from being entitled to receive any future Bureau of Reclamation benefits respecting such land and facilities, except for those that would be available to other non-Bureau facilities; and (3) the United States from being liable for damages arising out of any act, omission, or occurrence related to the land and facilities, including the transaction specified above between the Association and the District. Requires the Secretary to report to Congress on the status of such conveyance, any obstacles to completing it, and the anticipated date for its completion, if the conveyance is not completed within one year of enactment of this Act.

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) South Utah Valley Electric Conveyance Act - Requires the Secretary of the Interior, insofar as the Strawberry Water Users Association conveyed its interest in an electric distribution system to the South Utah Valley Electric Service District, to convey and assign to the District: (1) all interest of the United States in all fixtures owned by the United States as part of the electric distribution system and the federal lands and interests where the fixtures are located, (2) license for use in perpetuity of the shared power poles, and (3) licenses for use and access in perpetuity to specified project lands and interests and corridors where federal lands and interests are abutting public streets and roads and can provide access to facilities. Requires the District to assume all liability from the United States for the administration, operation, maintenance, and replacement of such electric distribution system. Requires the Secretary, before conveying such lands, interests, and fixtures, to be in compliance with all applicable requirements under the National Environmental Policy Act of 1969, the Endangered Species Act of 1973, and any other law applicable to such land and facilities. Prohibits anything, except for the uses as granted by license in the shared power poles, from being construed as granting or conveying to the District or any other party any interest in any facilities comprising a part of the Strawberry Valley Project power generation system or the federally owned parts of the 46 kilovolt transmission system, the ownership of which shall remain in the United States. Prohibits, upon conveyance of any land or facility under this Act: (1) the conveyed and assigned land and facilities from any longer being considered as part of a federal reclamation project; (2) the District from being entitled to receive any future Bureau of Reclamation benefits respecting such land and facilities, except for those that would be available to other non-Bureau facilities; and (3) the United States from being liable for damages arising out of any act, omission, or occurrence related to the land and facilities, including the transaction specified above between the Association and the District. Requires the Secretary to report to Congress on the status of such conveyance, any obstacles to completing it, and the anticipated date for its completion, if the conveyance is not completed within one year of enactment of this Act.

South Utah Valley Electric Conveyance Act - Requires the Secretary of the Interior, insofar as the Strawberry Water Users Association conveyed its interest in an electric distribution system to the South Utah Valley Electric Service District, to convey and assign to the District: (1) all interest of the United States in all fixtures owned by the United States as part of the electric distribution system and the federal lands and interests where the fixtures are located, (2) license for use in perpetuity of the shared power poles, and (3) licenses for use and access in perpetuity to specified project lands and interests and corridors where federal lands and interests are abutting public streets and roads and can provide access to facilities.