i don't know for sure, but my guess would be "no". why? well when you reach your date of separation / ETS, that is the end of your contract. you aren't being "fired", you jsut aren't being retained or being given the opportunity to reenlist. from a legal standpoint, there is a difference.
Why would you get separation pay for not being 'released' with time still left on your contract? you will be reaching the END of the contract, and they are telling you your services are no longer required and they aren't going to 'offer' you another contract. it is only 'involuntary' because apparently you expressed an interest in re-enlisting. From the Air Forces perspective, you aren't being fired (where you might get separation pay, i.e. you had 2 or 3 years left on your contract)..you jsut aren't being retained in the position.
honestly, i do not know how that works - i would ask your military personnel flight.
It is a scary time to be in the Air Force, and i HOPE that some of the fine airman i see are allowed to have careers. The Air Force has always been on the end of a swining pendulim (so it seems), one one swing they throw the doors open, allow everyone and everyone to join, then it swings all the way to the other side, and they have to kick thousands out. Right now they are in a mode of having to force people out, and you may be one of those people (i will give you benefit of the doubt you weren't a troublemaker or underachiever). This year the air force is looking to cut 6,000. so those 6,000 come from recruiting, hopeful retirements, and forced separations, or denial of re-enlistments. Many wil lface forced re-training into careers they have no interest in, but they will ahve no choice if they want to stay in the air force. i think that would be tough to be in the air force today and have THAT hanging over your head every time you came up for reenlistment.
as many people unfortunately find out, re-enlistment is NOT a 'right' and it is not automatic (and they don't have to give you a reason to deny you). it is getting more competative all the time. It is fast becomming a one-mistake service...
if you want to continue your military service, look at the "blues to greens" army program. but even prior-service opportunities with the Army are becoming hard to get.