Air Force Rated Officer Retention Program Act This bill requires the Department of Defense to establish and carry out a demonstration program within the Department of the Air Force to assess and improve retention on active duty in the Air Force of rated officers, excluding those officers with a reserve appointment in the Air National Guard or Air Force Reserve whose continued service on active duty would be in the best interest of the Department of the Air Force and who have not more than three years and not less than one year remaining on a specified active duty service obligation.