Lockheed Martin's legendary Skunk Works division has built top-secret projects for more than 75 years, including some of the most technologically advanced and once declassified beloved airplanes to ever fly. The contracts were purchased using assets from Lockheed Martin's master retirement trust and no additional funding contribution was required as part of this transaction. Contributions to this account are not taxed, and employees can use their HRA to pay for any qualified medical expense for . 25. They remain untaxed as long as you use them for a qualified medical expense, such as your health insurance deductible, copayments, coinsurance and most medical expenses. Therefore, Lockheed Martin contributes up to 10% of the employees' compensation i.e. Family health plan. Please note, this comparison does not take into consideration the value of automatic company contributions you will begin to receive in 2016. Clearly, a suspension of these benefits would dramatically change many employees' retirement plans. If you have less than five years of service, this will be an increase. File Form 8889 to: Report health savings account (HSA) contributions (including those made on your behalf and employer contributions). Our Multi-Domain Operations/Joint All-Domain Operations solutions provide a complete picture of the battlespace and empowers warfighters to quickly make decisions that drive action. (Search: HSA for this years most up-to-date regulatory guidance. To help you save more effectively for retirement, youll want to: Email david@financialharvest.comOr, schedule now: 30-minute video meeting30-minute phone meeting. The new program, which is a defined contribution program, offers set contributions over the term of your employment with the company. What happens to my pension benefit if I leave Lockheed Martin before the freeze takes full effect, i.e. Tax-Deductible Contributions. I'm at 19 days myself. If you leave before Jan. 1, 2020, your pension benefit will reflect your credited service as of the date you leave Lockheed Martin. Lockheed Martin is a giant $100 billion market capitalization defense contractor with one main customer -- the U.S. government, which provides the large majority of its revenue. For all others, it will remain the same. Group life insurance provided through your employer is an extremely worthwhile benefit. If I leave Lockheed Martin before the end of the freeze period and return at a later date, what happens to my pension benefit? Available to US-based employeesChange location, This is available for employees due to high-deductible medical insurance. Santa's sleighbut add props and a cargo ramp. At Lockheed Martin, we have implemented flexible working schedules and time off to allow our employees to work and recharge in a way that works for their lifestyle. We use cookies to ensure that we give you the best experience on our website. The IRS sets maximum HSA contribution limits that can help you plan ahead every year. Learn about Lockheed Martin Health Savings Account (HSA), including a description from the employer, and comments and ratings provided anonymously by current and former Lockheed Martin employees. There are no plans to offer any incentivized buyout. If you're considering employment with a Boeing subsidiary, check with that company about benefit plan offerings. Recipient Total From Individuals i more info From Organization i more info Type i more info view; Democratic . For a medical plan with HSA: up to $300 in tax-free HSA contributions for self-only coverage or $850 for family coverage in addition to the company contribution ($500 for self-only or $750 for family). Those 55 and older are allowed by the IRS to contribute an extra $1,000 to their annual maximum amount. Past performance does not guarantee future results. Omitting them from the formula in determining your income replacement objectives skews the math. Privacy Terms of Use EU and UK Data Protection Notice Cookies, 2012-2017 Voluntary Separation Incentive Program Plan 513 Form 5500 - 2021, Aerospace Hourly Pension Plan formerly(Aerospace Pension Plan EEs Bargaining Unit) Form 5500 - 2021, Astrotech Space Operations Plan Form 5500 - 2021, Benefit Trust for Collectively Bargained EEs (Veba 2) Form 5500 - 2021, Capital Accumulation Plan Form 5500 - 2021, Defined Contribution Master Trust Form 5500 - 2021, Group Insurance Plan for Aerospace EEs Form 5500 - 2021, Group Insurance Plan for Retired EEs Form 5500 - 2021, Group Insurance Plan Transferred GE Operations Bargaining Form 5500 - 2021, Hourly Capital Accumulation Plan Form 5500 - 2021, Hourly EE Savings Plan Plus Form 5500 - 2021, Job and Income Security Plan Form 5500 - 2021, Operations Support Savings Plan Form 5500 - 2021, Operations Support Severance Benefit Plan Salaried Form 5500 - 2021, Pension Plan for Employees Bargaining Form 5500 - 2021, Pension Plan for Specified Retirees Form 5500 - 2021, Performance Sharing Plan for Bargaining EEs Form 5500 - 2021, QTC Management, Inc. Retirement Savings Plan Form 5500 - 2021, QTC Management, Inc. . Taking these actions now will help offset the significant pension cost growth being driven by the increased life expectancy of pension plan participants. 30-minute phone meeting. Lockheed Martin is a diversified company and one of the biggest military-industrial names you can buy. We are so grateful for the help weve received throughout this process from IAM Grand Lodge Departments and Territories, as well as the support of the IAM Executive Council.. Employee Comments. Funds within your Lockheed Martin HSA can be invested for tax-free growth, just like a Roth IRA. The new company contribution, beginning in 2016, will be computed as a percentage of an employees weekly base pay. Maximize your and employers contributions to reach overall plan limits. Contributions may be made either directly to your HSA or through payroll deduction, if your employer participates. They have succeeded in delivering an agreement for our members consideration that will improve the well-being of them, their families and their communities.. The retirement benefit changes impact Lockheed Martins qualified and non-qualified pension plan and benefits accrued in them. This includes most medical, dental, vision and chiropractic expenses. When you reach age 65, you can still access your HSA both tax and penalty free to pay for qualified medical expenses. This means that as of Jan. 1, 2016, your pension benefit under the modified Pension Plan will provide you with a lower benefit at retirement than the benefit calculated under the current Pension Plan formula. Im interested in Google and Im curious to know how things are similar/different: workload, stress, compensation, perks, etc. To access the LMESC, please have your Social Security number and PIN available. 30. As of Jan. 1, 2016, when the pay component of your benefit formula will freeze, the plan will recognize pay for the years beginning in 2006 and ending in 2015. The "Lockheed Martin flow Liked by Craig Husa Very exciting to be breaking ground at Ft. Carson on a 1MW, 10-hour GridStar Flow battery! Our Winter Park, Florida offices are less than 15 miles from Lockheed Martins Orlando complex on Sand Lake Road. The Pension Plan uses the highest three years of pay over those within the last 10-year period. We offer a wide range of benefits, including market-leading health and retirement plans, generous tuition assistance, paid time off, and programs that support you and your family as well as your community. 4. A health savings account (HSA) is a vehicle that allows individuals and families to set aside money on a pre-tax basis that later can be used to pay for qualified medical expenses. Offers HSA with $500 incentive. Lockheed Martin's 401(k) plan is one of the most generous plans in the US. In order to stay non-taxable, your HSA dollars must be spent on Qualified Medical Expenses. We have invested in developing and demonstrating hypersonic technology for over 30 years. 6. 16. 32. 1091 W. Morse Blvd., Suite 200Winter Park, Florida, 32789. 35. If you leave the company, the full value of the account is still yours. Flexible work schedule, 401k, pension plan, Has Lockheed historically provided severance packages when positions are made redundant? The contribution will be made weekly in your Lockheed Martin Retirement Savings account and you control the manner in which it is invested. Privacy Terms of Use EU and UK Data Protection Notice Cookies. Additional $1,000. Do you expect an increase in retirements or departures generally as a result of this change? This means that your contribution is non-taxable when contributed. 7. Have a question about your current benefits? - Net earnings from continuing operations of $2.0 billion, or $7.47 per share, in the fourth quarter and $6.3 billion, or $22.76 per share, in 2021. Effective Jan. 1, 2016, you will receive an automatic company contribution of 2 percent, which will be posted weekly. Designed to help the U.S. and allies leverage emerging technologies to create a resilient multi-domain network. Starting July 19, 2022, all existing users will need to re-register to set a new Username and Password. You should consult the plan's Summary Plan Description for details on how your current Pension Plan benefit is calculated. Secured the Option to Give Back to IAM's Favorite Charities Available to US-based employees Change location. This system is the property of Lockheed Martin and its subsidiaries and affiliates ("LM") and is intended for the use of authorized users only. $4,650 single coverage. All Rights Reserved. Report distributions from HSAs. Home-based child care/educational services; Professional associations, labor organizations, fraternal organizations or social clubs; social events sponsored by social clubs; Athletic groups, clubs and teams, unless the contribution is in acknowledgement of employee volunteer service provided to the school; Religious organizations for religious purposes; or, Advertising in souvenir booklets, yearbooks or journals unrelated to Lockheed Martins business interests. Health Savings Account (HSA) 4.1 . . The Pension Plan benefits you have already earnedand the benefits you will continue to earn through Jan. 1, 2020will not decrease. You pay no taxes on earnings. 23. Have a non-profit tax-exempt classification under Section 501(c)(3) of the Internal Revenue Service Code; Public secondary schools and qualifying US-based institutes of higher education; Non-U.S. organization only if it is in a specified country with which the U.S. has an income tax treaty (Canada, Israel, Mexico) and maintains the equivalent international non-profit classification; Align with one or more of Lockheed Martins strategic focus areas listed above; Agree to act in accordance with Lockheed Martins contribution acknowledgement requirements: organization/grantee will comply with all applicable requirements of the Patriot Act and the Voluntary Anti-Terrorist Guidelines and will not use any portion of the grant funds for the support, direct or indirect, of acts of violence or terrorism or for any organization engaged in or supporting such acts; Be located or operate in a community in which Lockheed Martin has employees or business interests; and. The record keeper was Voya through December 31, 2018. You may receive up to 10 percent of your salary in company contributions toward your retirement each year under the Lockheed Martin Retirement Savings Program. When you turn 55, you can increase your HSA contributions. What factors did Lockheed Martin take into consideration when designing the new retirement program? Since we closed the pension plan to new participants in 2006, we expect that by 2016 the majority of our employees will not be pension participants. Lockheed Martin's political action committee spent more than $250,000 in April donating to the campaigns of members of Congress and other political committees, new records show. These documents can be found on LM People>Pay and Benefits>LM Employee Service Center. 2. The money, and the earnings in your HSA are yours, including any contributions made by Lockheed Martin. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. However, regulatory guidelines established by the federal government state that employees cannot participate in any HSA if they are enrolled in Medicare, covered by medical benefits from the Veterans Administration, and a few other specific exclusionary conditions. Lockheed Martin - BenefitWallet - HSA Limit. This form should identify any pre-tax contributions (made by you and/or your employer) to your HSA during 2022. Additional information is included in your plans Summary Plan Description found on LM People>Pay and Benefits>LM Employee Service Center. How do I find out? The companys matching contributions will also increase. The introduction of the new retirement benefits will help reduce the impact of the changes. Lockheed Martin wants to make sure that our current and future employees have a consistent and competitive retirement program that will support them during retirement. The financial impact will vary by individual based on many factors, including: which plans you participate in today, how close you are to retirement, the level of benefits youve already earned under the plans, how much you contribute to the 401(k) Plan, as well as many other factors. Option B shows scenarios for c-suite executives who want to optimize and get every penny possible into their 401(k) plan and dont mind if some of their deferrals and even some of their company match spill into their nonqualified deferred compensation plan. Lockheed Martin regularly assesses all benefit programs, in the U.S. and internationally, to determine what changes may be needed to maintain competitiveness and appropriately manage company costs. However, you will now receive new automatic company contributions to your Lockheed Martin Retirement Savings Account to help offset this difference beginning in 2016. 1. By proactively making this decision now, it gives our employees time to plan for the changes. Feb 17, 2023 . Although this webpage is customized for Lockheed Martin (LMCO) employees, its also beneficial to anyone interested in gaining insights about the ways todays savvy and competitive employers are partnering with their employees to help their valued teams achieve financial wellness. Lockheed Martin HCE Elizabeth earns $280,000 annually in base pay. 6. Your Social Security benefit is a function of your contributions into Social Security over the course of your career. 2023 Lockheed Martin Corporation. MetLife Inc. announced that it has entered into an agreement with Lockheed Martin Corp. to provide annuity benefits through its subsidiary, Metropolitan Tower Life Insurance Co., to approximately 20,000 retirees and beneficiaries in Lockheed Martin's defined benefit (DB) plans, representing pension obligations of approximately $1.9 billion. Planning and saving for your retirement is a shared responsibility. What will Lockheed Martin do with these projected savings? If we dont freeze the pension plan by 2020, current regulations would impose significant tax penalties on our employees and the company. Our pension program is a defined benefit program, which is a commitment by an employer to pay their workers a set monthly benefit after they retire. A phased approach freezing the less valuable component of the pension plan calculation first followed by a full freeze in 2020, will provide for a smooth transition. For many LMCO employees, were local. Why does this change affect only U.S-based employees? Unlike a Flexible Spending Account, the money in your Lockheed Martin Health Savings Account rolls over without expiration or penalty, year after year. The International Association of Machinists and Aerospace Workers is one of North Americas largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries. . PALM SPRINGS, Calif., Feb. 25, 2023 - The International Association of Machinists and Aerospace Workers (IAM), North America's largest aerospace and defense labor union, has reached tentative agreements with the Lockheed Martin Co. covering nearly 4,000 workers at several of the company's Aeronautics, Space, and Advanced Development Programs, or "Skunk Works," sites across the country. Outside Spending in the 2022 cycle: $0. . The three case studies below present two possible scenarios for each of three workers. Elizabeths group universal life insurance policy selection is 4x her base pay or: $280,000 x 4 = $1.12 million. - Net sales of $17.7 billion in the fourth quarter and $67.0 billion in 2021. Annual cost of living supplement increased from $800 to $1,000. Health Savings Account - HSA: A Health Savings Account (HSA) is a tax-advantaged account created for individuals who are covered under high-deductible health plans (HDHPs) to save for medical . In 2015, that amount is $6,650. How does the new program differ from the current program? We announced this change with a significant amount of notice to allow employees to prepare as much as possible. Spousal Consent Requirements Differ Between Retirement Plans and IRAs. Beginning in 2020, we will be able to pass some of the expected savings on to our customers. Will the company offer an incentivized buyout? Regulated by the Internal Revenue Service (IRS), additional information about Health Savings Accounts (HSAs) is available at IRS.gov. In the unlikely event that this information should change, all impacted employees will be notified in advance. Does this change affect my Social Security benefit? Morningstar rated 10 retail HSA providers for HSAs as a spending account to cover current medical costs and HSAs as an investment account to save for future medical expenses. HSAs offer triple tax savings 1: You can contribute pre-tax dollars. If both you and your spouse have family coverage under a qualified HDHP, the combined maximum tax-deductible HSA contribution both of you can make (including employer contributions) is the maximum annual contribution for family coverage. ), Email david@financialharvest.com 3 For 2023, the maximum amounts are $3,850 for individuals and $7,750 for . Login ID. The Capital Accumulation Plan, or CAP, is provided to salaried employees who joined Lockheed Martin after Dec. 31, 2005, and are not eligible for the Pension Plan. Other requirements also exist, including age limits and contribution limits. Cant even afford anything Lockheed Martin anymore with the current salary and being level 1. We invite you to explore the topics below and then talk with David Witter for 30 minutes. Starting 2020 January, the company increased automatic contribution from 2% to 6%, in addition to the existing 4% match. One of those factors related to current regulations. If you cant find the answer to your question online, please contact the Savings Plan Information Line at 800-444-4015. At Lockheed Martin, where employees are recognized as the companys most valued asset, working with them to help them attain financial wellness is a top priority. BenefitWallet - HRA. Introducing a unified retirement program ensures that were offering consistent and competitive retirement benefits to the majority of Lockheed Martin salaried employees. Make your future career a reality by joining our team: https://lmt.co/3YFDNKf #ScienceFictionDay, And as the year comes to a close, here are a few of our highlights from 2022. 2023 Financial Harvest Wealth Advisors | Terms of Use. And whether we serve you face to face or via our digital platforms, we are committed to ensuring that you have the answers you need for sound and confident decision making to help you build and preserve wealth. However, it . For Pension Plan participants, you can use the Retirement Income Modeler and Pension Estimating Tool to run various scenarios using your personal information. The Skunk Works team's efforts pushed the evolution of hypersonic technology to new frontiers. More detailed information will be provided to you well in advance of the first contribution change. Most retirement plans, even when supplemented by Social Security, fall short in comparison to pre-retirement earnings. Enhanced Security. Why did the corporation choose a two-step approach to freezing the Pension Plan? Easy to set up and very well explained. In the pension formula of our Pension Plan, the annual accrual of service is expected to be more valuable for the majority of employees. IAM members at the Lockheed Martin sites covered by the tentative agreements perform critical functions for the company and the U.S. military, including military aircraft maintenance and production, space operations, and other military support. Will the pension plan be frozen for executives? We develop laser weapon systems, radio frequency and other directed energy technologies for air, ground and sea platforms to provide an affordable countermeasure alternative. 24. 36. 11. Please note: If you're married and covered by a family health plan, you and your spouse can both contribute to your HSA. Cheers! Sustainment- Intern Fort Worth, Texas Date Posted: 08/30/2022 Job ID: 610309BR. In Case Study #1, the executive is age 38, while in Case Study #2 the executive is age 43. International President Martinez Appointed to Presidents Export Council, Machinists Union Calls for Passage of Protecting the Right to Organize Act, Machinists Union Applauds President Bidens Nomination of Julie Su as U.S. Labor Secretary, Registration for the 2023 IAM Unity and Growth Conference is Now Open, IAM Veterans Services Secures More Than $500K for IAM Military Veterans, Machinists Union Members at Southwest Airlines Overwhelmingly Ratify Industry Leading Agreement with Historic Wage Increases, Overtime Protections, All Unions at United Airlines Form Bargaining Coalition, Puerto Rico IAM Members at Frito Lay Ratify Strong New Contract, 41st IAM Grand Lodge Convention to be Held in New York City in September 2024, Machinists Union Reaches Tentative Agreement for Over 2300 Members at McGee Air Services, a subsidiary of Alaska Airlines. It may not be complete. If you already registered after July 19, 2022, enter your new Username and Password. More: https://lmt.co/3YFfMmz. The Pension Plan freeze will not impact the NQSSP. 22. Every year the IRS releases their definition of a highly compensated employee, in the most recent tax year it was defined as anyone with a total annual compensation of $115,000 or more. Also, NQSSP can result in a spike in income taxes at the time of separation. Contributions to your HSA are not subject to federal income tax or state tax (for most states) unless used for non-qualified medical expenses. More details of the tentative agreements with site-specific information will soon be posted on iamlockheed.com. Lockheed Martin offers its employees excellent group life insurance options that establish a baseline of coverage. You must be eligible for . Current and former employees report that Lockheed Martin provides the following benefits. Join our mailing list to receive periodic updates, learn about special events and to gather information to help you plan for your desired financial outcome. Does this change affect my Non-Qualified Salaried Savings Plan (NQSSP) account? $7,750 family coverage. Once the pay component is frozen at the end of 2015, the plan will recognize pay for the years beginning in 2006 and ending in 2015 (or the date you retire or leave the company, whichever comes first). Analytics Intern Fort Worth, Texas Date Posted: 08/29/2022 Job ID: 609097BR. Designed to help the U.S. and allies leverage emerging technologies to create a resilient multi-domain network. This all comes after they were going to make their employees use their personal vacation days. The investment lineup changes took place as Lockheed Martin's defined contribution assets continue to outpace the company's DB assets. Our Multi-Domain Operations/Joint All-Domain Operations solutions provide a complete picture of the battlespace and empowers warfighters to quickly make decisions that drive action. Figure your HSA deduction. The idea is simple: after enrolling in a qualified high deductible health plan (HDHP) and opening an HSA, members can use accumulated tax-free contributions to pay for health care costs for themselves . For the first four contribution methods, you may execute the lump sum transfers in any of three ways: Wire, ACH or sending a check. Lockheed Martin will contribute up to $500 per year if you do a health survey ($100) and a blood test ($400). Sixty percent of $280,000 is $168,000 annually or $14,000 monthly, which for Samuel would represent a substantial reduction in his pre-disability earnings. We believe our new retirement program will continue to provide competitive benefits for our current employees and our future workforce. When using ACH Direct Deposit, You can access the tools at LM People>Pay and Benefits>LM Employee Service Center. Benefits at Lockheed Martin. 8:00 a.m. to 8:00 p.m., Monday to Friday, Eastern Time. Through corporate giving and volunteerism, we improve the lives of those who defend freedom, cultivate the STEM workforce of the future, and strengthen the resiliency of communities where we live and work. The new company contribution will be credited to an eligible employees Salaried Savings Plan (SSP) account. It employs about 114,000 people worldwide and produces aircraft, satellites, missiles, cybersecurity software, energy systems, artificial intelligence, and various military technologies. The pension plan will be frozen for all U.S.-based salaried pension participants, including executives. Lockheed Martin is one of the biggest defense contractors in the world. Increased life expectancy, coupled with historically low interest rates, will significantly increase our pension liability starting this year. For pension-related questions, first view the Retirement Income Modeler and Pension Estimating Tool, which allow you to run various scenarios using your personal information. The five and a half year transition plan gives our employees time to plan for the changes and ensures that we continue to deliver world-class products and technologies to our customers. Yes, we intend to maintain the pension plan following the freeze. Investing involves the risk of loss, including loss of principal. ; Clarksburg, W.Va., and Cape Canaveral, Fla. Members will vote on the tentative agreements at their local sites on Sunday, March 5, 2023. To be considered for grant funding, organizations must meet the following criteria: Lockheed Martin will not make contributions in support of, but not limited to the following types of requests: 2023 Lockheed Martin Corporation. Add Benefits Compare. The information will be shown in Box 12 (under a, b, c or d) and designated with code W. Note: If you made any other HSA contributions (i.e., in addition to the contributions that ran through your employer's payroll system), those . How is my current pension benefit calculated? The good news is that not only does such an account exist, but Lockheed Martin employees have access to it. "If you're Lockheed Martin and 94% of your revenue comes from the federal government, you don't . Lockheed Martin Reports Fourth Quarter and Full Year 2021 Financial Results. For a comprehensive guide to HSAs, click. One solution for bridging this gap is to utilize after-tax contributions to your Salaried Savings Plan to fund Roth IRAs. Basic, Spouse and Child Life. Lockheed Martin is contributing widely to Republican objectors at a time when its role in one of the largest government contracts of all time is under attack. Lockheed Martin Employee Service Center: 866-562-2363. In designing the transition plan, we wanted to meet business objectives while also providing employees significant notice and allowing them to plan. . 5. At the same time that the pay component of the pension plan is frozen, the Social Security Breakpoint used in the pension formula will also freeze. 33. Highlights of the tentative agreements include: Healthcare Cost Reductions: Maintained comprehensive healthcare coverage with an average annual premium savings of more than $700 per participant. Managing the cost growth of our pension fund is important to ensuring we remain a strong and competitive company for the long term. We have invested in developing and demonstrating hypersonic technology for over 30 years. All salaried, U.S.-based employees who participate in the Lockheed Martin Salaried Employees Retirement Program (Pension Plan) as well as the Capital Accumulation Program (CAP) are impacted by this change. Unlike a Flexible Spending Account, the money in your Lockheed Martin Health Savings Account rolls over without expiration or penalty, year after year. 41. Why did Lockheed Martin decide to introduce a new retirement program? Or, schedule now: 5. The company's . But doing the math often reveals surprising gaps between your insurance policy payout and the amount of money your loved ones would need for the years ahead in the event of your passing. Will this change affect the pension benefit Ive already earned? Plus, employees will benefit from an enhanced company contribution. 42. Level term life insurance guarantees that you pay the same price for your policy for the entire length of the term, often 20-30 years, plus your death benefit never changes. The assets of the Plan, excluding receivables, are held and invested on a commingled basis in the Lockheed Martin Corporation Defined Contribution Plans Master Trust (the Master Trust) under an agreement between Lockheed Martin and State Street Bank and Trust Company (the Trustee). These are tough but real questions employees and executives must face. Number and PIN available & # x27 ; s sleighbut add props and a ramp. Any contributions made by you and/or your employer is an extremely worthwhile benefit identify any contributions... Their annual maximum amount Favorite Charities available to US-based employees change location to it not. Flexible work schedule, 401k, pension plan and benefits accrued in them explore the topics below then. $ 800 to $ 1,000 $ 800 to $ 1,000 to their annual maximum amount offers... At 800-444-4015 diversified company and one of the biggest military-industrial names you can use HRA... ) is available at IRS.gov five years of pay over those within the last period! And you lockheed martin hsa contribution the manner in which it is invested from Individuals i more from... To run various scenarios using your personal information anything Lockheed Martin provides the following benefits offset! Most up-to-date regulatory guidance our employees and our future workforce agreements with site-specific information will be provided you. 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