Final answer:
An RE-3 reenlistment code indicates that a sailor is ineligible to reenlist without a waiver, but it alone does not affect a sailor's veterans' benefits. These benefits are based on the characterization of discharge, not the reenlistment code.
Step-by-step explanation:
When a Sailor receives an RE-3 reenlistment code, it generally means that they are ineligible to reenlist without a waiver due to some specific circumstance. However, the RE-3 code alone does not directly affect a sailor's veterans' benefits. Benefits such as the GI Bill or VA loan eligibility are contingent upon the characterization of the service member's discharge, not the reenlistment code. Therefore, the correct answer is a) No effect.