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<br />6.3C <br />Page 16 <br /> <br />ATTACHMENT 3 <br /> <br />D. Administration of Accounts, Investments, Allocation of Income <br /> <br />(1) The Board has established the Prefunding Plan as an agent plan consisting of an <br />aggregation of single-employer plans, with pooled administrative and investment <br />functions, under the terms of which separate accounts will be maintained for each <br />employer so that Employer's assets will provide benefits only under employer's plan. <br /> <br />(2) All Employer contributions and assets attributable to Employer contributions shall be <br />separately accounted for in the Prefunding Plan (Employer's Prefunding Account). <br /> <br />(3) Employer's Prefunding Account assets may be aggregated with prefunding account <br />assets of other employers and may be co-invested by the Board in any asset classes <br />appropriate for a Section 115 Trust. <br /> <br />(4) The Board may deduct the costs of administration of the Prefunding Plan from the <br />investment income or Employer's Prefunding Account in a manner determined by the <br />Board. <br /> <br />(5) Investment income shall be allocated among employers and posted to Employer's <br />Prefunding Account as determined by the Board but no less frequently than annually. <br /> <br />(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 /> <br />E. Reports and Statements <br /> <br />(1) Employer shall submit with each contribution a contribution report in the form and <br />containing the information prescribed by the Board. <br /> <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 /> <br />F. Disbursements <br /> <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 /> <br />(2) Employer shall notify CalPERS in writing in the manner specified by CalPERS of the <br />persons authorized to request disbursements from the Prefunding Plan on behalf of <br />Employer. <br /> <br />Rev 12/01/2009 <br /> <br />4 <br />