Servicemember Parental Leave Equity Act This bill modifies Department of Defense parental leave provisions for members of the Armed Forces. Specifically, the bill increases parental leave for primary caregivers to 18 weeks (currently 12) following the birth of a child and to 12 weeks (currently 6) following the adoption of a child. The bill increases parental leave for a secondary caregiver from 21 days to 12 weeks in connection with the birth or adoption of a child. Primary or secondary caregivers of a long-term foster child are authorized to take up to 12 weeks of leave in connection with such placement. Parental leave for a primary or secondary caregiver for a birth, adoption, or foster child placement may be taken in more than one increment. For primary caregivers, the leave must be utilized within one year of the event. The bill authorizes up to 12 weeks of leave to certain service members who would have been secondary caregivers but for a miscarriage, stillbirth, or infant death. The following activities required of an active-duty member within a 12-month postpartum period must have the approval of a health care provider and be at the election of the member or in the interest of national security: (1) an order of temporary duty overnight travel or to participate in physically demanding field training exercises, (2) meeting of body composition standards, or (3) passing a physical fitness test. The bill also reduces the service commitment required for participation in the Career Intermission Program.