state of michigan voya 401k

The Michigan Office of Retirement Services administers two different retirement plans for State of Michigan employees: a Defined Benefit plan and a Defined Contribution plan. 7 State of Michigan 401(k) & 457 Plans Education by Voya: State of Michigan Plans Education Hub Online registration for live webinars and 1-on-1 appointments. 30 Braintree Hill Office Park 800-Number: 800-381-5111 Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. It can be tempting in a desperate moment to pay the fees and penalties of a 401(k) hardship withdrawal in order to avoid high interest rates. %PDF-1.7 About three to six months before you reach eligibility age. Maximum Deferral rates change annually. Your pension will be calculated the same as a full retirement. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. New DC Life insurance is paid through the State Court Administrator Office (SCAO). 63/{Eov?? Attn: State of Michigan Plan Administration You're a member of the Defined Benefit (DB) plan and a participant in the Defined Contribution (DC) plan if you: If you returned to state employment on or after Jan. 1, 2012, go to Returning to State Employment to find out how your retirement benefits are affected. The retirement plan information that appears on ORS websites is intended to summarize basic provisions of Public Acts 300 of 1980, 240 of 1942, 182 of 1986, and 234 of 1992, as amended. Email: ORS_Web_Reporting@michigan.gov Ropes & Gray LLP Offices Should there be discrepancies between the information reflected here and the actual law, Voya Financial Advisors Inc. has expanded the firm's wealth solutions sales team by hiring Rod Toppin as regional vice president for the Northeast, the New York-based company announced in an email. Welcome to the forms page. Voya Small Cap Growth Strategy. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 401K Plan: Participants in the 401K Plan who are employed by the State of Michigan and certain other State-related entities (excluding "Reporting Units" and the "EAA;" as such terms are defined in the Plan), may take out loans from the 401K Plan. PO Box 30171 endobj . Elected the DB Classified plan under Public Act (PA) 264 of 2011. Try Talent.com's salary tool and access the data you need. Most are able and willing to complete this process with you. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. Your survivor should contact us upon your death even if they are not eligible for a monthly survivor pension benefit. Contributions: Employee contributions are allowable up to the maximum amount specified under the Internal Revenue Code. If you have no surviving spouse, it is split among your children under age 18. Print your Deferred Service Retirement Beneficiary Designation (R0134G)and keep it along with a copy of your Beneficiary Nomination form, with your will, insurance policies, or other important papers. Back to Login information to the health, prescription drug, dental, and vision insurance carriers. What should I do? ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N &$;9' !3[8_A]w3;{sM2U+t. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. If this would cause more drama than relief, move to another option. Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. All loans are made strictly in accordance with the provisions . that believe the lies. This maximum amount would also include any participation in a local government 401(k) plan. If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. But there are ways to uncover emergency funds without dipping into your retirement savings. and in washington, d.c., kevin mccarthy starts his term as speaker of the house after a week of chaos and . Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. Supreme Court and Appellate Court Judges (Plan 2) & District, Circuit, and Probate Court Judges (Plans 3 through 7): Any age with 25 years of service (the last 6 years continuous). This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. Eligible dependents for health, dental, and vision insurance plans include your spouse (as long as he or she is not also separately enrolled as an eligible state employee or retiree) and your unmarried children by birth, legal adoption, or full legal guardianship. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Welcome to the QDRO Center. State of Michigan 401(k) & 457 Plans Voya Meetings Online Registration Form State of Michigan 401(k) & 457 Plans Voya Meetings Select your timeframe Start by choosing the quarterly event you are interested in. <> Here are answers to questions you might have. DC Transfer Life insurance cards were sent to the Employee Benefits Division (EBD). Make sure you understand how your termination could affect your future retirement plans. When your retirement application is processed, we forward your insurance How close are you to meeting the vesting requirements? To request a refund, log in to miAccount and select Refunds on the left navigation. Most state employees are vested after the full-time equivalent of 10 years. 3 0 obj State of Michigan 401(k) and 457 Plans. 0. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. Voya also offers services like investment counseling and round-the-clock customer service. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. You should receive insurance identification cards and materials a few weeks after your pension begins. 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . Rarely is it advisable to take a refund of your personal contributions once you are vested. Your insurance premiums may be covered, in part, by the retirement system. nav list. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. If you have contributions on account, you can request a refund (or transfer your personal contributions and interest to another qualified retirement plan) using miAccount at any time after you terminate your state employment. Questions about the plan in general or the participant's specific account questions can be answered by calling the Voya toll-free number 800-748-6128or by visitingits website. The Benefits for Life, the retiree-paid, optional coverage program offered through the state of Michigan offers you the opportunity to apply for coverage in key benefit areas. Your coverage is 25 percent of the coverage you carried when you left work; your dependents' policies are capped at $1,000 each. 123 0 obj <>stream Voya 401(k) Savings Plan 776991 Make a photocopy if you wish to retain a copy for your records. |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. Voya Financial Advisors, Inc., a leading independent broker-dealer in the defined contribution & defined benefit business, is currently seeking a Financial Professional to join our team in the greater Columbus area to work plan sponsor relationships. In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. Please bear in mind, however, that the laws governing retirement provisions may change by the time you are old enough to qualify for your pension. Get the free state of michigan 401k login form Description of state of michigan 401k login 401 (k) Plan Financial Hardship Withdrawal Request 1-800-748-6128 http://stateofmi.voyaplans.com If you are over 59, you do not need to apply for a hardship withdrawal to receive a distribution from Fill & Sign Online, Print, Email, Fax, or Download Get Form In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. An IRA can be an effective retirement tool. Dental and Vision. PO Box 30171 Please note that this calculator should not be used for Roth 401 (k) comparisons. If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. Withholding Certificate for Michigan Pension or Annuity Payments MI W-4P, Qualified Domestic Relations Order (QDRO) Sample Language, Special Tax Notice Regarding Savings Plan Payments, TD Ameritrade Account Agreement Form for Self-Directed Brokerage Accounts (SDBA) for Plan Participants, 457 Traditional Catch-Up Contribution Program, 401(k) Coronavirus-Related Repayment Form. ET Monday through Friday 877-886-5050 Claims Customer Service Start a claim and check a claim status Hours: 9 a.m. to 5 p.m. "a_Ff}e30bTPCf1ck0ras@? 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Read the latest Connections, the newsletter we deliver four times a year to our retirees. Participants can make contributions to any combination of the pre-tax 401(k) or Roth 401(k) Plans, receiving a match on the first 3 percent. If you die while in deferred status, a monthly survivor pension will be payable to your eligible beneficiary, if any, the month after you would have turned age 60. PO Box 30171 If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. Voya has been named a Best Places to Work for Disability Inclusion and scored 100% on the 2022 Disability Equality Index (DEI) for the fifth consecutive year. This state office oversees contract negotiations with bargaining units for the state workforce. 2 0 obj %%EOF For the LifeSecure Indiv. Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. Use this tool to determine which IRA may be right for you. In addition, participants can contribute their own money to the plan. Judges Retirement System:Defined Benefit (DB) Plan. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Because payroll for the probate judges is handled at the local level as noted above, their salary deferrals to the State DC plan take place at the local level. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. The annual comprehensive financial reports contain a wealth of interesting figures and statistics about the State Employees' Retirement System. Manager: Voya Investment . 401(k) Savings plan - with generous company matching contributions (up to 6%) Voya Retirement Plan - employer paid cash balance retirement plan (4%) Tuition reimbursement up to $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. Began your state employment under the DB plan, left, and then returned to state employment on or after Jan. 1, 2012, and before Jan. 1, 2014. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Your Retirement Plan Session Timeout. endobj In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. 768 0 obj <>stream Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>> Participants in this plan receive a 4% gross pay contribution by the State of Michigan. You're a member of the Defined Benefit (DB) plan if you were hired before March 31, 1997, and you: State Employees' Retirement System Defined Benefit plan website. About the State Employees' Retirement System. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. 2 517-284-4422 Voya works with the Michigan Office of Retirement Services and maintains the State of Michigan 401(k) and 457 Plans Our office does not sell investment products, we strictly provide education and information to participants in the Plans Plan Education Team Services Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . If you earn sufficient service credit for vesting, you will be eligible for a pension based on your final average compensation and years of service in the DB plan. PO Box 30171 Please scroll down to view all available forms. endstream endobj 108 0 obj <>stream Enrolling and Savings State of Michigan New Employee Orientation Online Tutorial (State Employees only, not applicable to State Police) 2022 IRS Contribution Limits Key Features of Plans Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. stream 401 (k) Savings plan - with generous company matching contributions (up to 6%) Voya Retirement Plan - employer paid cash balance retirement plan (4%) Tuition reimbursement up to $5,250/year . Be sure to apply three to six months before you reach age 60 your pension won't be any higher if you wait, and you could lose money because we can't pay retroactively. C. The Trust is irrevocable, or will become irrevocable, upon my death. Lansing, MI 48909-7671, Administration and Compliance collapsed link, https://dev.michigan.local/som/json?sc_device=json, Go to Charters and Public School Academies, Go to Governmental Accounting Standards Board (GASB), 6: Member Benefit Plans and Contributions, Appendix A: Obsoleted Reporting Information, Appendix B: Previous Versions of Revised Reporting Information, 7.04.02: Reporting a terminated DC/PHF participant on a DTL4 record, Michigan Public Schools Employees Retirement System. endobj Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. All Judges Retirement System participants pay 100 percent of the premium. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Current laws, rates, and factors are subject to change. Quarterly Education Schedule Listing of all education offerings for the . If you are vested, you'll want to take steps before you leave and while your pension is deferred to protect your pension rights for yourself, and possibly your eligible survivor. . In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. Telephone: 781-796-9228 Lansing, MI 48909-7671, ORS - State Employees' Defined Benefit Plan, Defined Benefit Plan Overview collapsed link, Service Credit - Earning and Purchasing collapsed link, Online Presentations and E-Learning Modules collapsed link, Power of Attorney and Advance Directive Resources, Online Presentations and E-Learning Modules, https://dev.michigan.local/som/json?sc_device=json, Covered Employees and Conservation Officers, Go to Service Credit - Earning and Purchasing, Act 88 - Reciprocal Retirement Act of 1961, Unpaid Service Creditor Contributions Bill(s), Go to Power of Attorney and Advance Directive Resources, Go to Health, Dental, and Vision Insurance, Go to Benefits for Life for State Retirees, Go to Online Presentations and E-Learning Modules, view a pre-retirement online presentation, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). their beneficiaries. A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. There may be after-tax funds available in your 401(k). If you take a deferred retirement, be sure to file your pension application 3-6 months before your 60th birthday or you could lose money. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. Consider the following points before you request a refund. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 But you may continue to earn credit toward vesting for your DB benefits as long as you left your personal contributions on account with the retirement system. <> Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. % But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. Because the salary for probate judges is channeled through the local units of government, with no payments made directly from the State, some local participation and assistance is necessary for a probate court judge to fully participate in the State DC plan. Braintree, MA 02184. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. 6 or more years of service 80% subsidy. State Police Retirement System:Pension Plus Plan. Manager: State Street Category: Target Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2065. If you're leaving state employment but you're not yet eligible to retire, either because you don't have enough service credit or you're too young to qualify for a monthly pension, this information will help you understand how your retirement plan will be affected. Voya Attn: Constellis 401 (k) and Retirement Plan Administration P.O. Fax: 517-284-4416, Office of Retirement Services If you are vested for your pension when you leave state employment, you will be a deferred member from the time you terminate until you begin drawing your pension. Bank Name: State Street Bank, Boston, MA Lansing, MI 48909-7671, https://dev.michigan.local/som/json?sc_device=json, Defined Contribution (DC) Reporting Process, Go to Processing Service Credit Purchases, Paying Off or Paying Down an Existing TDP Agreement, Using Final Leave Balances to Purchase Service Credit, Go to Defined Contribution Plan Information, Go to Defined Contribution New Hire Information, Go to Defined Contribution Transfer Information, Plan Highlights for Judges and State Office in the DC Plan, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System. ?{&HxTVMUC90c'BP{]}zve{]: o~M+BVz-}c\zw=h]\@2clVUU}YwUUmO7Es=hK)WKK(#X$p3p_& Wc^?Z1Q6%i%A5dyeNFx?EC~/_S]$zkwrzo_c|&T1T(j4c\;S'QAvGNzUb ^-BYE\YTAjudi6I(CGWtlr:xjN >(t'6 hbbd``b` BH0 hfXKABK@i#w X ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Products and services offered through the Voya family of companies. 4 0 obj Are you aware that certain types of service credit like public school and university employment, workers' compensation, and some military service may count toward your vesting requirement? The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. If you return to State of Michigan employment on or after Jan. 1, 2014, you will not be eligible for pension or insurance benefits under the DB plan. -Judicial employees who were hired before March 31, 1997. The plans are offered through the State of Michigan 401 (k) and 457 Plans. Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. Were newly hired by the State of Michigan on or after March 31, 1997. Remove funds from your 401(k) and be subject to penalties and fees. Telephone Numbers: You're a participant in the Defined Contribution (DC) plan if you: State Employees' Retirement System Defined Contribution plan website. Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! Can you work a bit longer in order to vest? bSriy/*;WVSv*]&sP/( {_=3K+9@lT,. ?/#S3FQI:Z}=auS3OzZigbidH5+)?I*4vg _3L Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. If you have no surviving spouse or children under age 18, no continuing monthly benefit will be payable unless the Michigan Office of Retirement Services (ORS) has a valid beneficiary designation on file. In addition, participants can contribute their own money to the plan. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. State of Michigan 401(k) and 457 Plans 401(k) State of Michigan 401(k)Plan To download the desired publication, simply click on its title in the following list. xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp s5"714R1l;2 =E}ng.syC>!KVU GYatr*+w5yz1|u(0j.HF_Q=gFyauTXUYOQ3?c9A!$BGHZ>#W3Y>bM)-Dpc90u]ohQ4:wK A_8@"I|0:!|xBq$gx=FmWq#wG\im .x&:UQ0* The fund emphasizes fixed income investment over stocks. The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. What should I do? AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. 401(k) Savings plan - with generous company matching contributions (up to 6%) . 401 (k) loan While the funds you borrow will reduce both your paychecks and the balance you have invested in the market for retirement until they're paid off, a 401 (k) loan has no effect on your credit rating. Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. of the State or Commonwealth of . Office of Retirement Services Read the section I'm NOT VESTED. State of Michigan 401(k) and 457 Plans Skip to Main Content Skip to Footer State of Michigan 401(k) and 457 Plans Session Timeout. Contact your plan administrator through its website or your statement to find out what it would take to access the money. endobj All rights reserved. Customer Contact Center: 517-322-5103, Office of Retirement Services VRIAC is solely responsible for meeting its obligations. Yes. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. Many financial solutions. Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . <> The first 3% participant contribution is matched by the state with another 3%. When to contact us Before You Leave Review your retirement account. Governmental Accounting Standards Board (GASB). Deferred members aren't eligible for the group life insurance in retirement. Please give Voya 24 hours notice prior to the wiring of any funds. It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. But remember, additional service can be credited only while you are an active, contributing member of the DB plan. 800-Number: 800-381-5111 The 457 Plan offers Basic and Member Investment Plan (MIP) members who have the Premium Subsidy retiree healthcare benefit the opportunity to invest in the 457 Plan. Voya is a leading provider of pension plans and was selected by the state to administer the 401 (k) Defined Contribution plan and the 457 Deferred Compensation plan. A State of Michigan Defined Contribution 401 (k) Probate Judge Contribution Report (R0437B) must accompany the contributions sent to Voya. Make sure you understand how your termination could affect your future retirement plans. Voya is a leading provider of pension plans and was selected by the state to administer the 401(k) Defined Contribution plan and the 457 Deferred Compensation plan. Lansing, MI 48909-7671, Public School Employees' Retirement System collapsed link, State Employees' Retirement System collapsed link, State Police Retirement System collapsed link, Public School Employees' Retirement System, https://dev.michigan.local/som/json?sc_device=json, Go to Public School Employees' Retirement System, Michigan Public Schools Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Other compensation such as any salary paid as part of the State Demonstration Project, other county paid salary for services as a judge or payments made in lieu of benefits cannot be included. But if the need is short-term, it might make sense to use and pay off a credit card instead of touching your retirement account. Posted 11:47:49 PM. H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. hVmk0+}(z$P 0 Please click OK to re-enter your . As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Box 30171 If this is truly an emergency, you do have the choice to ask friends and family for help and put a plan in place to pay them back. View Forms. Resolution of Acknowledgement:The county must complete aResolution of Acknowledgement form (R438B). The forms that can be used for both plans are listed first, followed by forms specific to each Plan. Under the State DC plan, there is a required minimum 4% employer contribution of the judge's gross salary for retirement purposes and up to an additional 3% match for a total of 7%. Ropes & Gray LLP > Chicago, United States > Firm Profile. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. Copy state of michigan voya 401k your death even if they are not eligible for the group insurance! The statutory judicial salary may be right for you and your dependents at no charge you. Your dependents at no charge to you more drama than relief, move to another.... Bit longer in order to vest secure Voya Financial, handle all other of... Other aspects of the State of Michigan adopted the 401 ( k ) Contribution. Tax attorney or tax advisor prior to making a tax-related insurance/investment decision recruiting! 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