Mobile Teachers' Retirement Assistance Act

Mobile Teachers Retirement Assistance Act - Sets forth criteria to be used in order to participate in a Federal-State teachers' retirement program.

Provides that such State retirement system must: (1) provide for payment of retirement Benefits on the amount of out-of-State service by a covered teacher; (2) allow covered teachers at least 10 years of credit for public teaching service covered by the system, upon payment by the covered teacher of a portion of the cost involved and payment from the public funds of the remainder; (3) provide that the teachers' contribution for out-of-State service credit shall be at a rate which does not exceed the rate of the teachers' contribution for in-State service, plus interest; (4) require no more than one year of in-State service for each year of out-of-state service credit granted; (5) allow a reasonable period after the State retirement system becomes eligible to participate in the program; (6) provide for vesting after not more than five years of credited service in a State retirement system; and (7) provide for making such reports, in such form and containing such information as the Commissioner may reasonable require to carry out his functions under the Act.

Defines the term of "benefit-cost-factor" as an amount equal to 2 percent of the present value of payments to one person annually for life, determined on the basis of the life expectancy of teachers in the State at age 65 and an assumed rate of interest. Defines the "level of teachers' salaries" to be deemed to be the salary which is the 75th percentile of a distribution of the salaries paid to teachers who are classroom teachers in public elementary and secondary schools in all the States.

Provides that a teacher may receive credit for out-of-State service as a teacher towards his retirement. Provides that the Federal contribution on account of each year of a teacher's salary by the benefit cost factor.

Provides for a system of deferred benefit payments. Provides for a yearly grant to each State system which shall be equal to five percent of the Federal contribution made for out-of-State credit and deferred benefits. Provides that such grants shall be used to pay for the cost of administering such programs.

Makes this Act effective July 1, 1973 with respect to teachers who retire after such date. Authorizes necessary appropriations to carry out the purposes of this Act.