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(6) If Employer's assets in the Prefunding Plan exceed the amount required to fully fund <br /> the actuarial present value of total projected benefits, the Board, in compliance with <br /> applicable accounting and legal requirements, may return such excess to Employer. <br /> E. Reports and Statements <br /> (1) Employer shall submit with each contribution a contribution report in the form and <br /> containing the information prescribed by the Board. <br /> (2) The Board shall prepare and provide a statement of Employer's Prefunding Account <br /> at least annually reflecting the balance in Employer's Prefunding Account, contributions <br /> made during the period and income allocated during the period, and such other <br /> information as the Board determines. <br /> F. Disbursements <br /> (1) Employer may receive disbursements not to exceed the annual premium and other <br /> costs of post employment healthcare benefits and other post employment benefits as <br /> defined in GASB 43. <br /> (2) Employer shall notify CaIPERS in writing in the manner specified by CaIPERS of the <br /> persons authorized to request disbursements from the Prefunding Plan on behalf of <br /> Employer. <br /> (3) Employer's request for disbursement shall be in writing signed by Employer's <br /> authorized representative, in accordance with procedures established by the Board. <br /> The Board may require that Employer certify or otherwise establish that the monies will <br /> be used for the purposes of the Prefunding Plan. <br /> (4) Requests for disbursements that satisfy the requirements of paragraphs (2) and (3) <br /> that are received on or after the first of a month will be processed by the 15 of the <br /> following month. (For example, a disbursement request received on or between March <br /> 1st and March 31st will be processed by April 15th; and a disbursement request <br /> received on or between April 1st and April 30th will be processed by May 15th.) <br /> (5) CaIPERS shall not be liable for amounts disbursed in error if it has acted upon the <br /> written instruction of an individual authorized by Employer to request disbursements. In <br /> the event of any other erroneous disbursement, the extent of CaIPERS' liability shall be <br /> the actual dollar amount of the disbursement, plus interest at the actual earnings rate <br /> but not less than zero. <br /> (6) No disbursement shall be made from the Prefunding Plan which exceeds the <br /> balance in Employer's Prefunding Account. <br /> Rev 6/23/2010 5 <br />