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<br />6.3C <br />Page 17 <br /> <br />ATTACHMENT 3 <br /> <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 /> <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 15th 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 1 st and April 30th will be processed by May 15th.) <br /> <br />(5) CalPERS 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 /> <br />(6) No disbursement shall be made from the Prefunding Plan which exceeds the <br />balance in Employer's Prefunding Account. <br /> <br />G. Costs of Administration <br /> <br />Employer shall pay its share of the costs of administration of the Prefunding Plan, as <br />determined by the Board. <br /> <br />H. Termination of Employer Participation in Prefunding Plan <br /> <br />(1) The Board may terminate Employer's participation in the Prefunding Plan if: <br /> <br /> <br />(a) Employer gives written notice to the Board of its election to terminate; <br /> <br />(b) The Board finds that Employer fails to satisfy the terms and conditions of <br />this Agreement or of the Board's rules or regulations. <br /> <br />(2) If Employer's participation in the Prefunding Plan terminates for any of the foregoing <br />reasons, all assets in Employer's Prefunding Account shall remain in the Prefunding <br />Plan, except as otherwise provided below, and shall continue to be invested and accrue <br />income as provided in Paragraph D. <br /> <br />(3) After Employer's participation in the Prefunding Plan terminates, Employer may not <br />make contributions to the Prefunding Plan. <br /> <br />Rev 12/01/2009 <br /> <br />5 <br />