Establishes procedures to enable professional employees of public schools, colleges, and universities to transfer money and pensionable service between states. The purpose of the compact is to enable professional employees of public schools, colleges, and universities to move to states with shortages of such professionals, without these employees losing earned pension benefits. Any U.S. state, territory or possession, and the District of Columbia are eligible to join the compact. The compact becomes effective when two or more states enact statutes adopting it.