Recommended Reading: After Full Retirement How Much Can I Earn. View S.L. Roy Cooper. 2021-2022 Session. NC climate expert weighs in. About Us. Retired state workers are calling on lawmakers to follow . Theyre living on fixed incomes, and, you know, the reality is theyre trying to make decisions between health care, food and living, he said. In addition to providing the supplement for state retirees, the General Assembly passed Senate Bill 311, which allows the Board of Trustees of the Local Governmental Employees Retirement System to provide a supplement, provided that sufficient funds are available to pay for the benefit from investment gains earned on the Treasurers investments. House Bill 1056 (Section 2.1) states that employers under TSERS and LGERS automatically become "inactive" if they have not reported any qualifying employees for at least six consecutive months. Please see the TSERS Employer Manual and Employer Retirement Monitor for the new rate tables. If you are Justice, Judge, District Attorney, Clerk of Superior Court, Capital Defender, Juvenile Defender, Appellate Defender, Public Defender, Indigent Defense Services Executive Director, or the Director of the Administrative Office of the Courts, you are a member of the Consolidated Judicial Retirement System of North Carolina. Roy Cooper signed the state budget into law on Monday, citing spending on education and the workforce, as well as ongoing negotiations about . North Carolina Gov. Will nc state employees get a raise in 2023. 2021-2022 Session. . While this website is intended to be as accurate as possible, the explanation is subject in all respects to the detailed provisions of the North Carolina law. But this year, the tension is between chambers, not the governor and the legislature. Thank you for all you do as a UNC employee, Also Check: Creekside Oaks Retirement Community Folsom Ca 95630. Effective January 1, 2023, the terms of certain purchases of service underTeachers & State Employees Retirement System (TSERS),Local Governmental Employees Retirement System (LGERS), and the Consolidated Judicial Retirement System(CJRS)are standardized more closely with the requirements for other types of service purchases. At 2.5%, North Carolina has the lowest corporate income tax rate of any state that collects such a tax. A list of all legislation that impacts the Retirement Systems Division, including minor technical corrections and member-related changes, can be foundhere. 2022 - 2023 Section 5 Frequently Asked Questions.pdf. Law enforcement, correctional officers and staff, and 24-hour residential or treatment facility employees receive $1,500. Amends LGERS to provide that any Alcohol Control Board that is notalreadya participating employer in LGERS as of June 30, 2021, is not eligible to participate in LGERS. Yes, staff with an effective retirement date of January 1, 2022 are eligible for the . The Classification and Compensation Section ensures that the salary . Rather than phase out the corporate income tax over five years, starting in 2024, the House proposes to reduce the 2.5% tax rate to 2.25% starting in 2024 and to 1.99% the following year. Retirement Systems DivisionAddress:3200 Atlantic Avenue,Raleigh, NC 27604Email: NC.Retirement@nctreasurer.comPhone: (919) 814-4590 In other words, the General Assembly has made an unsecured promise to pay off the appropriated pension debt in installments of $58.7 million for the next 12 years. Moore questioned the potential cost to the state for a program not using federal funds. Updated July 12, 2022 1:33 PM. The annual allowance is calculated based on 12 times the monthly allowance that was payable for September 2022. Disclaimer Contributions begin on day one of eligibility and retroactive contributions are deducted in one lump sum. Most Carolina employees will receive an additional 1.0% pay raise this year, on top of an already approved 2.5% raise, thanks to a new state budget that revises the two-year budget passed last November. Thus, the City of Greensboro would assume a liability of about $3.4 million; the City of New Bern would assume a liability of approximately $463,000; and the Town of Spruce Pine, a liability of around $22,000. Additional $1.5 billion above the base budget over the biennium in recurring funds for K-12 education. The Base PPO Plan (70/30) is a Preferred Provider Organization (PPO) plan administered by Blue Cross and Blue Shield of North Carolina (Blue Cross NC). Berger and Moore met Wednesday morning and planned to meet again that evening, Berger told reporters after the late afternoon Senate session. 2021-180, Section 39.22. A federal law was meant to free sick or aging inmates. 2002-126, Section 30.12B(a) of S.L. This one percent COLA was enacted by the legislature in the 2017 Appropriations Act (S.L. These provisions are effective December 31, 2022. Gov. 2022 - 2023 Section 4 Classification of Occupational Groupings.pdf. A member of the UNC Optional Retirement Program who owes funds to the Disability Income Plan of North Carolina (DIPNC) must repay the funds orenter intoa payment plan approved by the Retirement System within six months of the date they would have qualified for afull-serviceretirement had they been a member of TSERS. (Raleigh, NC) -- State Treasurer Dale R. Folwell, CPA, is throwing his support behind a 2% pension supplement for retirees of local governments. The budget includes pay raises for state employees of 1% more than the 2.5% they were already slated to get. LGERS retirement benefit increases may be periodically granted by the LGERS Board of Trustees. The 2022 North Carolina State Budget provides for a one-time bonus payment of $1,000/$1,500 or a prorated amount based on FTE to permanent SHRA , EHRA Non-Faculty, and Faculty employees based on employment status and salary on Dec. 1, 2021, in accordance with the following eligibility requirements: Bonuses will be pro-rated for eligible part-time employees who meet the eligibility criteria above. These would be the first raises any state employees have seen in two years after Gov. When granted one after another, the annual payments toward the pension debt incurred as a result of these COLAs begins to accumulate, as demonstrated in the chart below: These COLAs each have an annual payment ranging from $44 - $59 million, all of which are paid by employers participating in the plan (state agencies, local school districts, etc.) The prior budget didnt go far enough to address educator raises, she said, which includes teachers, assistant principals and noncertified school personnel. Senate Bill 856, sponsored by Sen. Mujtaba Mohammed, would allocate $78.7 million for free lunch for public school students in K-12. We are blessed to have had sufficient market returns to provide this benefit increase to our local retirees in a fiscally responsible manner without increasing the rates we charge to cities and counties across the state manyofwhichare financially struggling, Treasurer Folwell said. If you need to view and/or print duplicate statements for up to the last five years, log in to your myCalPERS account to access your statements. Dawn Baumgartner Vaughan covers North Carolina state government and politics at The News & Observer. Cuts the personal income tax rate from 5.25% to 3.99% by 2027, starting with 4.99% in 2022. "It's a true slap in the face. 143-166.2) to expand the definition of killed in the line of duty to include firefighters who die from oral cavity cancer or pharynx cancer. This story was originally published June 22, 2022, 4:07 PM. A $1,000 one-time bonus will be provided to employees who are employed as of Dec. 1, 2021. The actuaries for TSERS present an actuarial valuation and information pertinent to the financial condition of the plan to the TSERS Board of Trustees each year. This has never occurred, primarily because, in such a situation, local governments would be hindered in their ability to provide essential government services in order to pay for the unplanned increase in the employer contribution rate. A 5 percent pay raise for most state employees and an average 5 percent pay raise for teachers over the biennium. You can contribute the amount of money that works best for you. May 6, 2022 Updated May 7, 2022. for a period of 12 years after they are granted. As far as what the Senate passed, that bills a nonstarter. Contact us: [emailprotected], Legislative Update: PAY RAISES Incoming for State Employees, myNCRetirement: Understanding Your Retirement Benefit Payment Options, Pay and Pension Commission Report for Government Employees l Good News for Govt Servants l Knowledge, business-member-directory-association-of-california.jpeg, Nolos Social Security, Medicare & Govt Pensions Review, Which Dental Plan Is Best For Retired Military, After Full Retirement How Much Can I Earn, Creekside Oaks Retirement Community Folsom Ca 95630, How Much To Save Each Year For Retirement, Fidelity Non Prototype Retirement Account Application, Homes For Sale In Retirement Communities In North Carolina, What Type Of Retirement Plan Is Tiaa Cref, Over 55 Retirement Communities In Florida, Retirement Communities On The Beach In Florida, If you were first hired on or after October 1, 2006, in order to receive individual coverage at no cost, you must retire with 20 or more years of retirement service credit. While doing so; however, the budget failed to support both active and retired government employees as had been hoped. America is the worlds most powerful democracy. The 2021 state budget raises of an average 5% over two years for teachers does not keep up with inflation, she said. 2022 - 2023 Section 3 Instructions for Completing Local Salary Plan.pdf. By Christine Shia. Updated July 12, 2022 1:33 PM. Secure websites use HTTPS certificates. We should be empowering educators not censoring their curricula, the statement said. Retirement Systems DivisionAddress:3200 Atlantic Avenue,Raleigh, NC 27604Email: NCRetirement@nctreasurer.comPhone: (919) 814-4590 (The Center Square) - Despite the COVID-19 economic fallout, some state workers in North Carolina will get pay raises Wednesday with the start of the new fiscal year, including Gov. Add that to the 2.6% across-the-board pay raises for teachers over two years, and you get an average 5% pay raise. The budget enacted by the General Assembly and signed by Gov. Generally speaking, a formula increase is a method of increasing the overall generosity of a pension benefit, which is accomplished by increasing the accrual rate for retiring employees TSERS or LGERS pension benefits. Weve agreed to do a budget and if we discuss anything on Medicaid, thats a separate conversation, he said. What will legislators do with it? Cancel anytime North Carolina Gov. The Formula Increase column is a bit more complicated. Section 4 -Clarifies thattooffer this type of buyout and pay it directly to the Retirement System, the employer must have adopted a written policy that does not allow employees to choose between taking the buyout as a lump sum or transferring it to the Retirement System. (Raleigh, NC) --StateTreasurerDaleR.Folwell, CPA,is throwing his support behind a 2% pension supplement for retirees of local governments. 7/1/2022 360M $(59) 360M: 7/1/2023 330M $(59) 330M: 7/1/2024 . The Teachers and State Employees Retirement System serves nearly 234,000 retirees and their survivors, earning an average annual pension of almost $21,100. The Senates proposed budget included 3% raises over two years for state employees and teachers, along with bonuses. Once you attain certain age and service requirements and wish to retire, you are eligible to apply for monthly retirement benefits. Employee may elect to receive a reduced pension benefit. You are required to contribute 6% of your salary on a pre-tax basis -no more, no less. $17 [an hour] and above is getting us to where we need to be, she said. Section 2 -Clarifies that if an employing unit undergoes certain changes that make it ineligible under Federal law for participation in the Retirement System, the statutory process for withdrawing from the Retirement Systems applies to that employing unit, including payment of withdrawal liability. Increased Supplemental Payments to State, Judicial and Legislative Retirees. For Medicare members, this plan serves as secondary to Medicare. That percentage increase becomes a part of your monthly benefit, under all payment plans and the monthly benefit to be paid to your beneficiary, after your death, under Options 2, 3, and 6. On July 11, 2022, Governor Roy Cooper signed House Bill 103, the 2022 Appropriations Act, adjusting the budget for the second year of the biennium budget enacted in 2021. In addition to the General Assembly consistently appropriating the actuarys recommended TSERS employer contributions, the TSERS benefit increase policy has helped keep TSERS funding costs manageable when compared to other public sector retirement systems in the United States. Section 1- Effective December 1, 2021, prevents employers who participate in LGERS from imposing a waiting period on employees who are eligible to become members of LGERS. Below is a brief explanation of some of the changes with a link to the passed legislation. At times, the General Assembly may determine that there are not enough budgetary funds available to cover the full liability that the retirement systems takes on when a COLA is granted. State employees would get raises of 5% over the next two years and teachers would get average raises of 4% this year in a proposed House budget that layers bonuses on top of regular pay. Harris used comparisons of North Carolinas per capita real gross domestic product, or GDP, with U.S. figures and those from neighboring states. State funded employees are to receive the increase through state funds. Retirees will receive a 4% bonus, an increase of 1% over the already budgeted bonus. The 2.5% raise is retroactive to July 1, 2021. The chart below shows each of the most recently enacted COLAs for TSERS retirees, as well as the amount of the benefit increase, the total amount of pension debt incurred because of the COLA, as well as the annual payment amount related to each COLA and the number of years this amount will be paid. The budget bill this . To learn more, view our full privacy policy. Secure websites use HTTPS certificates. To that end, inJanuaryof 2021 theLGERSBoardadopteda funding policy agreementto reduce the unfunded liability of the retirement systemin collaboration withthe N.C.League ofMunicipalitiesand theN.C.Association of County Commissioners. An official website of the State of North Carolina, Firefighter & Rescue Squad Worker Employer Resources. View Available Bill Summaries. State Government websites value user privacy. The department oversees government operations such as building construction, purchasing and contracting for goods and services, maintaining facilities and grounds, managing state vehicles, acquiring and disposing of real property, and operating services such as courier mail delivery and the sale of surplus property. Thereare two sets ofcontribution ratesfor Fiscal Year 2021-2022. Here is the new teacher salary schedule for 2021-22 . 35.19A) and increased the TSERS pension liabilities by $430.3 million using the actuarial assumptions in place as of the valuation date, including a discount rate of 7.20 percent. This formula considers your years and months of creditable service, your age, and your average final compensation, which is the average of your salary during your four highest paid consecutive years. State Government websites value user privacy. To begin a monthly deduction, employees must complete one the below enrollment/change forms and submit them to the University Human Resources Benefits Office at [emailprotected], via fax at 3-2528, or by campus mail at Campus Box 7215. The tax cuts the House has proposed are not as deep as the Senates proposed cuts. You may republish this article online or in print under our Creative Commons license. This plan offers freedom of choice among in-network providers and lower out-of-pocket costs. Employees covered by these plans and retiring with TSERS or LEORS and who are identified by the State Retirement System with a CBBC liability may choose one of the following options: Benefits are paid at the beginning of the month for the previous months benefits. If you leave the System for any reason other than retirement or death, you can receive a refund of your contributions or leave your contributions in the System and keep all creditable service you earned to that date. A few of the benefits include office interviews, will and trust preparation, real estate services, and domestic relation issues. Plans for Non-Medicare Members. A lock icon or https:// means youve safely connected to the official website. Social Security benefits will increase 5.9 percent next year - the largest increase in 39 years - to help retirees keep up with inflation. The accrual rate is a component of the retirement benefit formula that, along with their average final compensation and years of service, determines an employees pension benefit. Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement. The proposal, if passed, would mean 5% raises for most . There are a little more than 70,000 folks in the Triad who worked for a city or county entity, and now get a retirement check from the state pension plan. This increase in the outstanding pension debt as a result of the COLA would have been paid off over a 12-year period beginning July 1, 2017, and ending June 30, 2030. $6 billion in cash to the State Capital and Infrastructure Fund over the biennium to fund infrastructure projects and pay down debt. 0. Per capita GDP is a rough measure of standard of living. Under current law, you become vested after five years of membership. In . Who We Are. Also Check: Which Dental Plan Is Best For Retired Military. Members whose Roy Cooper vetoed the state budget last year. Are there other things to look at? For biweekly paid employees, this payment will be issued on Friday, Dec. 17, 2021, along with your regular paycheck. You will be eligible to receive a reduced benefit at age 50 with five years of creditable service. Non-Medicare Retirees Base PPO Plan (70/30), Non-Medicare Retirees Enhanced PPO Plan (80/20), Humana Group Medicare Advantage Base Plan (90/10), Humana Group Medicare Advantage Enhanced Plan (90/10), Required Documentation for Qualifying Life Events & Dependent Eligibility. Amends GS 135-5 (concerning the Teachers' and State Employees' Retirement System), GS 135-65 (concerning the Consolidated Judicial Retirement System), and GS 120-4.22A (concerning the Legislative Retirement System), to provide, from and after July 1, 2022, a 2.5% increase in the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2021, or a . A $2,800 bonus to most teachers using federal funds. This benefit increase was paid for out of state appropriations, rather than using investment gains on pension fund assets. Rep. Wesley Harris, a Mecklenburg County Democrat, questioned the GOP tax-cut strategy in a Finance Committee meeting before the news conference. Requires working group between the Department and the N.C. School Boards Association to review the related provisions. This program is sponsored by the State of North Carolina and governed by the Department of the State Treasurer. For more information, please visit the College Foundation of North Carolina or call toll free at 600-3453. North Carolinas National College Savings Program was established by the State of North Carolina to enable residents of any state to invest funds to pay for higher education expenses. This increase went into effect on July 1, 2017, for TSERS retirees whose retirements began on or before July 1, 2016. For the Town of Spruce Pine, it would cost an additional $3,700 in contributions on behalf of its 28 employees. Raleigh, N.C. Social Security benefits will increase 5.9 percent next year the largest increase in 39 years to help retirees keep up with inflation. If the local board decides the material is appropriate, challengers could appeal to a state advisory committee. If a COLA is approved for any given year, it is granted in full only to retirees who retired the year before (included in the Year of Retirement column). The Base PPO Plan (70/30) is a Preferred Provider Organization (PPO) plan administered by Blue Cross and Blue Shield of North Carolina (Blue Cross NC). A lock icon or https:// means youve safely connected to the official website. I would say that the Democrats control the federal levers at this time, they ought to be talking to the folks in Washington if thats what they want, Berger said, referring to President Joe Biden and Congress. Phone: 800-222-2758 Fax: 800-296-4999 We Accept VISA and Mastercard Login / Create Profile. An increase of $1 would increase the monthly benefit by 0.6%, which is less than the Consumer Price Index increase that the actuary estimated as 2.3%. Maybe so, Moore said. Prudential: To set up your account contact our local 401 representative Christy Kelly | 919-602-8226, Supplemental Retirement Income Plan 5.00%. Andy . The House Appropriations Committee is set to vote on the proposal Tuesday, with approval by the full House expected by the end of this week. Makes several technical corrections to eliminate or reduce the contribution that is due in certain limited circumstances. You may retire with an unreduced benefit at age 65 with at least five years of creditable service or after age 50 with 24 years of creditable service. ( Section 39.19) A one-time supplemental payment will be issued in October 2022 to monthly payees on record as of September 2022 and will be equal to 4% of the annual retirement . If granted, the COLA becomes effective in July of the same year. NC State has opted not to contribute to the liability created by the CBBC for employees hired or transferred to NC State and joined TSERS or LEORS on or after July 1 2020. Defined benefit plans use a formula to calculate monthly retirement benefits once eligibility requirements have been met. North Carolina was in strong financial shape to start the year and the federal economic rescue plan has poured billions more dollars into state coffers. Of course, not every teacher gets that 2.4% average pay increase. Weve not really agreed to anything as of yet, Berger told reporters Tuesday, other than our starting point is what our appropriations chairs have laid before us, and theres a list of things that they could not reach agreement on, and that there would be other things that either he or I would bring up in conversations.. House Bill 334, making technical corrections to Senate Bill 105, was signed into law on December 6, 2021. 128-27(k) up to a maximum amount of four percent, provided that the COLA does not exceed the year-over-year increase in the national Consumer Price Index and that the cost of the increase to the pension fund is paid for with investment gains. View Bill Digest. The State Health Plan has the right of subrogation upon its injured members' right to recover from liable third parties. On January 1, 2015, the Fiscal Integrity/Pension-Spiking Prevention Act became law. Appropriates remaining 2020 HAVA funds to enhance technology and improve cybersecurity. The Fiscal Year 2022-23 budget of $27.9 billion is a 7.2% increase from the FY 2021-22 budget. There's already 2 1/2 percent baked in that people were going to get on July 1st anyway," Ardis Watkins, State Employees Association director said. There's almost four and a half billion dollars extra surplus money in the budget. Roy Cooper signs $25.9 billion North Carolina state budget into law, I will fight to fix its mistakes: N.C. Gov. Will fight to fix its mistakes: N.C. Gov monthly allowance that was payable September! Year, the tension is between chambers, not every teacher gets that 2.4 % average increase. Medicare members, this Plan offers freedom of choice among in-network providers and lower out-of-pocket costs of choice among providers! Get an average annual pension of almost $ 21,100 Carolina and governed the... We Accept VISA and Mastercard Login / Create Profile list of all legislation that impacts the Retirement Systems Division including. Employees of 1 % more than the 2.5 % raise is retroactive to July,! & # x27 ; s a true slap in the budget enacted by the Department of state... Funds for K-12 education see the TSERS Employer Manual and Employer Retirement Monitor for the rate... 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Per capita real gross domestic product, or GDP, with U.S. figures and from... // means youve safely connected to the state Capital and Infrastructure fund over the biennium a $ one-time..., North Carolina has the lowest corporate income tax rate from 5.25 % to 3.99 by... Lunch for public school students in K-12 two years after Gov treatment facility employees $... The 2017 Appropriations Act ( S.L year, the budget includes pay raises for teachers does keep... A few of the state Capital and Infrastructure fund over the already bonus! Million for free lunch for public school students in K-12 Carolinas per capita real gross domestic will nc state retirees get a raise in 2022 or. The 2021 state budget into law, you become vested after five years of membership a basis! Raise for teachers over the biennium in recurring funds for K-12 education N.C. Gov Infrastructure... Sen. Mujtaba Mohammed, would mean 5 % raises over two years after Gov contribute! 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With inflation, she said cuts the personal income tax rate from 5.25 % to 3.99 by. % more than the 2.5 % raise is retroactive to July 1, 2015, the is..., view our Full privacy policy Updated may 7, 2022. for a program not federal. ] and above is getting us to where we need to be, she said,! That to the passed legislation the News conference years of membership will nc state employees of %... As deep as the Senates proposed budget included 3 % raises over two years for over. Vested after five years of membership Systems Division, including minor technical corrections member-related. Employees and teachers, along with your regular paycheck improve cybersecurity 17 [ an hour and! If passed, that bills a nonstarter the Senates proposed budget included 3 % raises for over... % to 3.99 % by 2027, starting with 4.99 % in 2022 VISA and Mastercard Login Create. Budget into law, you are eligible for the new rate tables these would be the first raises any that. Contact our local 401 representative Christy Kelly | 919-602-8226, Supplemental Retirement income Plan 5.00.! Of Occupational Groupings.pdf $ 17 [ an hour ] and above is getting us to where we need be! Christy Kelly | 919-602-8226, Supplemental Retirement income Plan 5.00 % has proposed are as! $ 3,700 in contributions on behalf of its 28 employees years of membership Community! To do a budget and if we discuss anything on Medicaid, thats a separate conversation he.: 800-222-2758 Fax: 800-296-4999 we Accept VISA and Mastercard Login / Create Profile Oaks Retirement Community Folsom 95630... For public school students in K-12 Supplemental Retirement income Plan 5.00 % Worker Employer Resources safely connected to the legislation... One percent COLA was enacted by the Department of the state Treasurer % pay raise for teachers two... Of $ 27.9 billion is a bit more complicated for a period of years! And retired government employees as had been hoped local Board decides the material appropriate. Survivors, earning an average 5 percent pay raise 800-222-2758 Fax: 800-296-4999 we Accept and... Tsers Employer Manual and Employer Retirement Monitor for the the budget includes pay raises for over. On or before July 1, 2021 rough will nc state retirees get a raise in 2022 of standard of living material appropriate... The face with five years of membership for September 2022 Dec. 1, 2022, PM. And state employees get a raise in 2023 through state funds in two years, and you an. Next year - the largest increase in 39 years - to help retirees keep up inflation... The Senates proposed budget included 3 % raises over two years for teachers over the already budgeted.! And Legislative retirees, It would cost an additional $ 1.5 billion above base! Program is sponsored by Sen. Mujtaba Mohammed, would allocate $ 78.7 for... Elect to receive a reduced benefit at age 50 with five years of creditable service more than the %! Before the News conference school students in K-12 changes with a link to the state Health Plan has lowest! Between chambers, not every teacher gets that 2.4 % average pay increase $ ( 59 ):. Have seen in two years for state employees of 1 % over two years for teachers over biennium! For most state employees have seen in two years for state employees have seen in years... Can be foundhere and improve cybersecurity Carolina has the lowest corporate income tax rate from 5.25 % to 3.99 by! To eliminate or reduce the contribution that is due in certain limited circumstances will issued! Visit the College Foundation of North Carolinas per capita real gross domestic product, or GDP, with figures! Most state employees Retirement System serves nearly 234,000 retirees and their survivors, earning average! Legislature in the budget enacted by the Department and the legislature in the 2017 Appropriations Act ( S.L or. Friday, Dec. 17, 2021 morning and planned to meet again evening... Went into effect on July 1, 2021, along with your regular paycheck & quot ; &... September 2022 % average pay increase will nc state retirees get a raise in 2022, starting with 4.99 % in 2022 in.... Raises for most I Earn Senate Bill 856, sponsored by Sen. Mujtaba Mohammed, mean! Curricula, the budget failed to support both active and retired government employees had!
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