During the funeral sequence, the USAF Air Demonstration Squadron "Thunderbirds" perform the Missing Man Formation in honor of a fallen pilot. Filmed in 1981, the Thunderbirds would themselves deal with tragedy three times during an 8 month span, losing 3 members of the formation seen in the film, and 6 pilots in all. In May of 1981, Thunderbird 6, Captain Nick Hauck (flying the rear-most aircraft, closest to the viewer during the funeral sequence), was killed during an airshow at Hill Air Force Base, Utah. Four months later, Thunderbird Commander/Leader, Lt Col David "DL" Smith, was killed when attempting to eject from his aircraft, shortly after takeoff from Lakefront Airport in Cleveland, Ohio, following their annual airshow. Four months later, the Thunderbirds would lose Commander/Leader, Major Norm Lowry, Captain "Willie" Mays, Captain "Pete" Peterson (the pilot executing the pull up in the Missing Man sequence in the movie), and Captain Mark Melancon, when all four Diamond Formation aircraft crashed during practice at Indian Springs, Nevada, at what is now Creech Air Force Base.
Rivers' awards appear to be, from lowest to highest: RVN Campaign Medal with 1960- device, RVN Gallantry Cross Unit Citation with palm and frame, Air Force Small Arms Expert, USAF Longevity Service Award with two oak leaf clusters denoting 12 years service (so he entered in 1968), Vietnam Service Medal, National Defense Service Medal, What looks like a Combat Readiness Medal with two devices, Outstanding Unit Award, what looks like an Air Force Commendation Medal with oak leaf cluster for a second award, Joint Service Commendation Medal, Air Medal, Bronze Star, and Distinguished Flying Cross with two Oak Leaf Clusters denoting additional awards. He mentions having no MiG kills, so he probably ran multiple bombing sorties. The decorations are appropriate for the character's background in the movie.
ACMI as referenced on the buildings is Air Combat Maneuvering Instruction.