Yup, an IQ below 70 is classified as "retarded". The average is 100. Above 120 is "bright". Above 130 is "gifted", and 140 is the cutoff of "genius". On the down side, 80 is "dull", the range 70-80 is "borderline", and below 70 is "retarded". Within that range, they used to break it down into "moron" (IQ in the 50s or 60s), "imbeciles" (IQs between 20 and 50), and "idiots" (below 20). These politically correct days, they call it "mild" (50-70), "moderate" (35-50), "severe" (20-35), and "profound" (below 20). Sometimes educable is used to denote people with IQs from 50-70, trainable from 35 (or so) to 50, and custodial below that.
Also, I believe the qualifications are that such a person must have an IQ at least 70 and no pschiatric disabilities and be at least 18 years of age. No coercion is allowed and they must be living in the Age of Aquarius (having access to the Internet and not afraid of using it). Somehow I think there is going to be the party.