is the Vice President required to salute Military service members?

Actually, no regulation specifies that the president should salute (or return the salute of) military personnel. In fact, U.S. Army regulations, for example, state that neither civilians nor those wearing civilian attire (both of which describe the U.S. president) are required to render salutes. The regulation states:

“The President of the United States, as the commander in chief, will be saluted by Army personnel in uniform.

“Civilian personnel, to include civilian guards, are not required to render the hand salute to military personnel or other civilian personnel.

“Salutes are not required to be rendered or returned when the senior or subordinate, or both are in civilian attire.”

Although other presidents have saluted military personnel on various occasions, the returning of presidential salutes did not become commonplace until President Ronald Reagan began the practice in 1981, Snopes.com found.

Nope

Actually neither is the President they just do it out of tradition

the vice-president rates a salute from any rank in the US military..... he should return any salute

The President is the military's CINC, Commander in Chief.  There is only 1 CINC.

The President's salute is a return salute. 

Military members under him initiate the salute and must hold their salute until it is returned.

The VP is not in their COC, Chain of Command.  Therefore, a salute is not only necessary, it would be illegal.

About 11-12 years ago they changed the salute law to allow veterans (no longer in service) to salute the flag as it passes by during parades instead of just placing our right hand over our hearts.

No, but it is not a problem to do so. When I was in the military, I was told I could "render a salute whenever the member desires to express respect." Personally, I'm unimpressed with unnecessary salutes, just as "Thank you for your service" leaves me cold, but it depends on the motivation of the person who's saluting. When it comes to politicians, much of what they do (regardless of party) is play-acting for the camera, so you have to take that into account.