NC S804

Reduces the notification period for employees to opt out of participation in the North Carolina Local Governmental Employees' Retirement System from 90 days to 30 days following the employer's participation date.

Adds language to retirement system statutes clarifying that actuarial assumptions, mortality tables, interest rates, and employer contribution rates are part of the official Plan documentation once accepted by the Board of Trustees, preventing employer discretion in benefit determination.

Establishes restrictions on sick leave credit at retirement: unused sick leave cannot be credited if more than 365 days have passed since the member's last day of service (or more than 5 years for state employees), and state agencies with more generous sick leave policies must proportionally adjust retiring employees' balances.

Updates Internal Revenue Code compliance provisions across four retirement systems to reflect current federal tax law regarding minimum distributions (effective September 8, 2009), rollover distributions, and eligible retirement plans including Roth IRAs.

Designates all four major North Carolina retirement systems as governmental plans under Internal Revenue Code Section 414(d), establishing trust fund requirements and creating consolidated Plan documents combining statutory provisions, regulations, forms, and Board minutes.