A disability retirement benefit is calculated in the same manner as a service or regular retirement benefit. (CCDU) July 1, 2020 to June 30, 2022. For example, if you work exactly half-time for one calendar year, you earn six months of service credit. Portfolio beats benchmark thanks to a private equity allocation exceeding the pension funds allocation range tolerance.. According to state law, the COLA for retirees who receive an inflation-adjusted increase is based on the change in the CPI-W index from the end of June two years before the COLA to the end of June the year previous to the COLA, with a maximum adjustment of 3 percent. Please call us at 800-222-7377 for questions about your benefit amount. Thank you Michael. The bad, PERS's lack of transparency and accountability, is ironic considering its fine investment management processes and results. 09/26/2023. If you would like to see your account details you can click on "Account Details" and see the yearly or monthly transactions reported by your employer. Let me ask the question in a different way and from my perspective. The alternative is active management, in which investors incur high costs trying to pick winners and avoid losers, even though they cant know the future. Historical Schedules. Working longer generally leads to a higher pension benefit, but to be sure call us or use our Benefit Estimator. Applications can be mailed to you or are available in our offices. We suggest you contact the Social Security Administration using their toll-free number 800-772-1213 or visit their website at www.ssa.gov to find out more information. The contributions increase to 42.5% of pay with a 22% employee split for police and 30.5% employer-paid contribution for firefighters. Nevada PERS also reported three-, five- and 10-year annualized returns of 9.0%, 8.8% and 9.2%, respectively, beating its benchmark, which returned 7.1%, 7.6% and 8.6%, respectively, during the same time periods. That person who has the Nov. 1 effective date will thus see the first 3 percent adjustment of 2022 in his/her November benefit payment. Upcoming (Fiscal Years 2020-2021) The first COLA would be paid on Dec. 1, 2023, not in January 2023. Nevada PERS also reported three-, five- and 10-year annualized returns of 9.0%, 8.8% and 9.2%, respectively, beating its benchmark, which returned 7.1%, 7.6% and 8.6%, respectively, during the same time periods. Because PERSs investment returns, prospects and risks are matters of voter and public interest, PERSs first transparency and accountability duties are owed primarily to those parties and PERS members. Which turned out to be not guaranteed. Retiree . Yes. If any of your beneficiaries have the relationship of "Survivor Beneficiary", this would indicate that a form was properly completed and is on file at the PERS office. Is this assumption correct? So next year I will or will not get the 3% cola if I retired in 2018??? Members who are planning to purchase service and then immediately retire have additional deadlines to meet in order to purchase service. Evidently many asking same question as there is a 3 1/2 to 5 hour wait to speak to them! Active members may also change their address online by logging into their account and clicking the "Address & Phone Number" link. so are the reps from Opers correct w info they give out. Its a simple COLA, meaning its always based on your initial pension and does not compound. Serves TRS, PERS, SERS . Below we have listed the eligibility requirements for retirement based on when you were first enrolled in PERS: Part-time members of PERS earn service credit based on the percentage of full-time hours they work. Ron Knecht is Senior Policy Fellow at Nevada Policy Research Institute. Details are provided below on upcoming, current and the prior biennium as well as primary financial information systems used in the budgeting process. For more information, click here to visit our Retiree Resources page. 2011 Compensation Schedules. I started working under PERS in 1984 and left in 1995 but left my money there. If you are receiving a 0.5 percent COLA this year, then you must have retired on or after Jan. 7, 2013. stream 1) The husband, wife, or registered domestic partner of a member who passes away prior to retirement. I am very happy about this. Request Benefit Verification. Save my name, email, and website in this browser for the next time I comment. Alternate Payees are eligible for a COLA increase with the anniversary of the retirement date. Infuriating. 2016 Compensation Schedules for Elected Officials Only. The total percentage earned is then multiplied by your average compensation. Thank you. How does Opers determine the cpi-w that is used for each years cola? The only difference is that the disability benefit is not reduced for retiring early. I retired the end of November, 2014 so I fall into this group: Those with a retirement effective date on or after that date have their COLAs based on the Consumer Price Index-W, the governments inflation index for urban wage earners and clerical workers. Latest News | NVPERS Latest News PERS News - Volume 1 2022 2022-12-09 | Employer News December 9, 2022 - Re-Employed Retiree Earnings Limitation for Fiscal Year 2023 2022-12-09 | Employer Notices December 9, 2022 - 2023 Active Member Salary Limitation for Members Enrolled On or After July 1, 2015 2022-12-09 | Employer Notices Please forward your questions through the online message center so we can review your account and provide account specific answers. Print and complete the Electronic Funds Transfer (EFT) Authorization form and return it to one of our offices. What happens if you retire after Dec 2021? OPERS inflation-based COLA uses the same index as Social Security. Those who retired after 2012 have their adjustment tied to the Consumer Price Index-W. That inflation-based COLA for 2021 was 0.5 percent, and you will receive that amount through November 2022. Some public employers require mandatory participation under the ER Paid plan for their employees and others, like the State, allow for a choice. <> The average monthly payment to KPERS' retirees is $1,200. g};L!2/0%"Pq#S-vd9HqkXtDG5;Pq0C$#Qy5Kb&c: *"rf lbx/ef&*FEu1{*w*Zt9"WTH'\sf9f1}{tE5eCvSR8Ty0smzSM^>EH$O2#? You should be too. Geplaatst op 3 juli 2022 door Forms received by the 14th of the month take effect the same month. 2+ X=J8$d, +]% Retirees of that date or later have their adjustment tied to inflation, as measured by the CPI-W, capped at a maximum adjustment of 3 percent. }}YPH%6V:Gs)_Yg:|_!llsTIyWbyd$~#oFL73](QFZq\=VW Kv0,^7Dr#$6]Y3'=dKgC] L5T|8(z??]. If you do not already have an online account, you may register from the upper right-hand corner of OPERS website. Im very angry. However, those who retired less than one year ago will receive a prorated increase based on the starting date of their retirement. You will have 60 days to activate the agreement by signing and returning it to our office. '%J~:$X,z(yQp|}!l@9+R-V+FFZh_.M@eJiKl:18^B^qu?uX I was under the impression Group A would not be affected. 2022 pension payment schedule. Retirees whose effective date of retirement is on or after Jan. 7, 2013, are scheduled to have next year's COLA based . However, if you wish to change to the higher Unmodified Option 1 benefit, you may do so with the concurrence of your spouse or registered domestic partner; however, the change is not retroactive and no beneficiary benefit will be paid after your death as a retired member. Meanwhile, private equity and private real estate were the top-performing asset classes for the pension fund, returning 23.3% and 19.6%, respectively. After you retire, you may not change your beneficiary to another person. Hello, If you have at least 5 years of service, you may apply for a Disability Retirement Benefit as long as you are still employed with your Nevada public employer at the time you submit your retirement application to the PERS office. With Guest Harpist, Renewed Commitment to the Epicenter for Judicial Education at University of Nevada, Reno, Edawn Invites Local Entrepreneurs to Pitch Start-Ups, Dickson Commercial Group Announces the Promotion of Nick Knecht, CCIM to Vice President, Congratulations 2022 Colliers Everst Award Winners, My Hometown Heroes to Host Poker Tournament on March 24, The Crime Solver, Danny Minor to Scale the Strat, Raise Money for American Lung Association, Celebrate Black History Month: Black in Vegas Viewing Party With Clint Holmes, Featured on the ABC Special, on February 22 at the Stirling Club, Pacific West Injury Creates Upside Down Billboard Campaign to Create Awareness for Accident Victim, CALV Supporting Nevada Partnership for Homeless Youth With Donations, Volunteering to Renovate Residences for Local Teens, Mark Twain Days Coming to Carson City in April, Drug-Free Depression Treatment Now Available in Reno, Catholic Charities Seeking Easter Basket Donations for Local Children in Need, SANDI And NCLab Announce Manufacturing Employee Recruitment Initiative, Dickson Commercial Group Completes MidTown Restaurant and Business Sale, Junior Achievement of Southern Nevada Announces New Board Member Elizabeth Delgado From Every Season Wealth Management, Project 150 Holds Its Annual Las Vegas Prom Closet on March 4, Broadbent & Associates Attend 2023 Nevada Water Resource Association Annual Conference, Eight Local Organ Donors and Their Families Recognized During Special Ceremony on National Donor Day, Dickson Commercial Group Expands Company Footprint in Downtown Reno Office, Project 150 Receives $250,000 Donation From the Frias Charitable Trust to Support Local High School Students, Celebrate Spring With Chef Charlie Palmer at Grand Sierra Resort, Nevada State Contractors Board to Hold 2023 Hammers & Hope Event in Las Vegas, Hb Build Partners With Interior Construction Leader Falkbuilt, Special Olympics Nevada Delegates to Champion for Inclusion and Need for Critical Funding on Capitol Hill, Faith Lutheran Offers Flexible Learning Options With Launch of Faith Lutheran Online for 2023-24 Academic Year Faith Lutheran Online Students Eligible to Participate in Sports and Extracurricular Activities, Safenest Hosts Inaugural Advocate Conference Unpacking the Teenage Brain Will Explore Resources and Solutions for Preventing Violence & Victimization Before It Starts, Southwest Medical Adds New Healthcare Provider, REMSA Health Announces Adam Heinz as COO and Devan Walker as CFO, College of Southern Nevada to Host Mental Health Conference on April 14, Nevada Donor Network Partners With Compassioncare Hospice & YMCA Southern Nevada to Host Day of Heroes in Honor of National Donor Day on Feb. 14, Contractors Board Welcomes David Behar as Director of Investigations, Aaron Ford II Joins Government Relations Firm TriStrategies, CAMCO Hosts Its 3rd Annual Girl Scout Cookie Party on Valentines Day to Benefit Troop #760 and Munchies 4 the Military, Optum Care Allergy Care Adds New Location, Goodwill of Southern Nevada Adds Executive to Lead Programs of Service, After A Successful, Sold-Out First Debut: Winnie & Ethels Downtown Diner Is Hosting Their Second 2023 Dinner Pop-Up Experience, Best Buddies Volunteer and Teacher Named December Community Smiles Winner of Move 4 Less Recognition Program, Ryder Homes Unveils New Model Homes at Shadow Hills, a Spacious Spanish Springs Community in the Harris Ranch Master-Plan, February is National Childrens Dental Health Month, Nevada Moms Join Forces to Fundraise for Charity and Better the Community, Craig Drummond News 3 Las Vegas Salute Our Troops Recipient, Dickson Commercial Group Announces the Promotion of Chris Shanks, CCIM to Senior Vice President, New Las Vegas Dental Office Provides Compassionate Care for the Underserved Special Needs Population, Feb. 16 NAIOP Southern Nevada Breakfast Presents Show Me the Money, Henderson Symphony Orchestra Announces Winners of 2023 Young Artists Competition, Broadbent & Associates, Inc. Launches Upgraded Website, Roundabout Announces Ownership of Franco Baking Company, LVR Reports Home Prices and Sales Falling to Start 2023, Rainbow Club Casino to Host Paired Beer Dinner, Enjoy a Variety of Globally Inspired Cuisine at JING Las Vegas for the Big Game and Valentines Day, Watch the Big Game and Celebrate With Axs and Os for Galentines and Valentines Day at Dueling Axes Las Vegas This February, Project 150 Adding Second Las Vegas Location to Expand Services for Local High School Students in Need, Colliers Brokers Sale of 237,630 SF West Henderson Industrial Development, Lexicon Bank Appoints Amanda Klein to Vice President of Marketing, LP Insurance Services Announces New Members/Owners, Minority Health Consultants Co-sponsors Feb. 7 Black HIV/Aids Awareness Day Event, Broadbent & Associates, Inc. COLAs are initiated in the month of your effective date of retirement. You can check that in your online account. PERSs pension management encompasses the good, the bad and the ugly. Nevada PERS to Add Another Investment Officer, Public Pensions Face Sharpest Funded Ratio Drop Since Great Recession, New York State Pension Loses $26 Billion in Asset Value in Q1, Tags: fiscal year 2022, Nevada PERS, Nevada Public Employees' Retirement System, Private Equity, Real Estate, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. What is my adjustment? Francie, The MPERS' COLA amount is capped . The first step is to contact PERS and request a payoff amount. PERS representatives are available to discuss how a payoff works and the paperwork required. Heres a link to a video that explains how the Benefit Estimator works: https://www.opers.org/videos/#!/eJ3Np9li6wM. The remainder is in cash. Nevada does not have reciprocity rights with any other state. Clark County Prosecutors Association. A COLA is an adjustment to your monthly benefit after you retire. The amount of COLA a PERS member receives is 10% of their base retirement benefit (or a minimum of $50 per month, whichever is larger). OPERS took away spousal medical insurance, played with member medical insurance, and the DIET COLA stinks. 12/26/2023. For most retirees and beneficiaries, the increase will amount to a 2 percent cost-of-living-adjustment. I thought I had a secure pension when I retired and I retired earlier than I wanted because of the guaranteed 3%. The type of COLA you are eligible for depends on your retirement system and plan. The percentage is calculated for each member based on the years, months . Its great were getting a cola, but Id rather they passed this now than later. Thanks!!! To get an idea of what your purchase cost will be, go to the OSC Estimator or log-in to your member account and click on "Service Credit Purchase Estimate. It compounds each number, then keeps a running total . Your spouse or registered domestic partner is first in line to receive any benefit available from your account as well as any dependent children. Missouri law states that a 5% COLA must be granted when the CPI-U equals or exceeds 5%, as does the PSRS/PEERS funding policy. If you request a rollover agreement, the agreement will include an additional form that you must provide to your tax deferred administrator. Please call us at 800-222-7377 for accurate information regarding your retirement effective date if youre not sure what it is. What is the calculation used to determine each new cola? By this ruse, it denies everyone the opportunity to fully understand and independently assess its processes, prospects and risks. Linda, I need to speak w an actual person who knows whats happening. We cant tell what that is via the blog. Will those who retired between 1/1/2021- 12/01/2021 also receive the 3% COLA for 2022. I was told that this would be $159 per YEAR. Local 9110. You may review or request a copy of your 1099R information for the current and past tax years through your PERS secureon-line account. If you are under the Employee/Employer Contribution Plan, the retirement deduction from your paycheck will increase. Rising prices Estimates for the 2022 COLA range from 5.8 percent from economist Bill McBride, who writes the finance and economics blog Calculated Risk, to 6 to 6.2 percent from The Senior Citizens League. PERS does not place a value on your retirement account. Service Employees International Union Local 1107 (SEIU Non-Supervisory), International Union of Elevator Constructors, 500 S. Grand Central Pkwy., Las Vegas, NV 89155, Regional Transportation Commission (RTC Bus Routes), Town Advisory Boards and Citizens Advisory Councils, Clark County Detention Center / Inmate Accounts, House Arrest / Electronic Monitoring Program, July 1, 2017 to June 30, 2021 (Extended to June 30, 2022), July 1, 2019 to June 30, 2022 (Extended to June 30, 2023), July 1, 2021 to June 30, 2024, 06/15/2021 BCC Meeting, Agenda Item #51, July 1, 2018 to June 30, 2021 (Extended to June 30, 2022), 07/05/2018 BCC Meeting, Agenda item #48, 2020 Letter of Agreement, 07/07/2020 BCC Meeting, Agenda #71, 2021 Letter of Agreement, 06/15/2021 BCC Meeting, Agenda Item #52. Survivors include a spouse or registered domestic partner, designated survivor beneficiary with or without additional payees, and dependent children who are under the age of 18 at the time or your death. The other 11.8 percent, invested in private equity and private real estate, which lack appropriate indexes, have earned well above PERSs stated market objectives for them. All retirees will receive a 3 percent COLA in 2022. Members who retired in 1997 receive an annual COLA of 3 percent of their original benefit. 11/27/2023. Will there be only a COLA of 3% for employees who retired in 1997 or will it be reflective on the lower amount of pension in 1997? This is due to the elimination of cost-of-living adjustments (COLA). ?IR %-8K="fui/g|,V)hA%+|O'n+r9Yi=2}/ QL$&CRT4~?uTAbr G@7[? IRS regulations require that no more than 12 monthly payments can be issued in a calendar year, and no more than one payment can be issued in a month. COLAs are paid on the anniversary of a retirees effective date. Your first COLA would follow 12 months later, no matter when you retire. That effective date is the first day of the month that follows the last day they worked. Contact the PERS office and request a Refund Request Form. cZy.LB8pt61&Ax]A_OL4$_GsZrDtx0}b"&m5h\NG,i w|v!W *{HLZ`Y!9IGFKIG6 'I9O{o *jz=F "@cQZEO^u BEO(%^.n!bC)TCW07\|^,!hR There is a shockingly high 14.5% . Federal employees in the US will receive an average pay rise of 2.7 percent on January 1, 2022, including the amount set aside for locality pay. The CPI-W rises when inflation increases, leading to a . If you are a retiree or beneficiary of the Public Employees Retirement System of Nevada it is important to stay informed about your retirement system. After Feb 15th, 2023 you will be able to request a duplicate 1099-R to be mailed to you. DRS will update this page when the information becomes available in 2023 (usually sometime in March). If I retired in March of 2022 will I get the 3% ? endobj 2016 Compensation Schedules. The 2022 1099-R tax forms for Benefit Recipients will be mailed out on or before Jan 31st, 2023. The proposal requires passage by the Ohio General Assembly. The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. 2015 Compensation Schedules. 2) The owner retired from the Police and Firefighters retirement fund, selected the Unmodified Retirement Option 1 benefit and you were the spouse or registered domestic partner of the owner at the time of retirement. Thanks, They have received as much as a 25.4 percent pay increase in just the last three years and as much as a 74.9 percent pay increase in the last seven years. Six to eight months before your intended retirement date, we recommend you review the Pre-Retirement Guide publication and obtain an estimate of your retirement benefit by contacting one of our offices and requesting one. Also with the deficit how long until they start cutting pensions? Bon, The portfolios actual allocation is 9.2%, which exceeds its target by more than 50%, and is beyond the pension funds allocation range tolerance of 4% to 8% as stated in its investment policies. Beginning with the month that youre eligible for the COLA, your benefit check will increase by the appropriate percentage as applied to your initial benefit, and will remain at that amount until the next COLA. The COLA amount, capped at 3 percent, is set in Ohio law and would take an act of the Ohio General Assembly to change. You may also call one of our offices and a PERS representative can verify the receipt of your form. Direct deposits to your bank account will be on this date or later due to bank processing. THANKS MikeIt cant be clearer than that! In case you were wondering, Medicare Part B premiums pay for doctors' fees outpatient care and are directly deducted from your monthly Social Security benefits. Moody's Analytics estimates the 2022 COLA at 5.6 percent. The OPERS Board of Trustees understand how important health care is to retirees while recognizing that pensions are a guaranteed benefit and must be funded first and health care is discretionary. On the anniversary of your retirement effective date. If you have not previously created an online account, click here to get started. Due to our pre-notification process, you may receive your monthly check by mail for that month only, and then the following month, we will direct deposit your benefit into the new bank account. If your benefit amount recently changed because of a COLA, thats the 2021 adjustment, as it isnt 2022 yet. 9EG J4IT:5I}c:9 ~`BZ The COLA will be a percentage increase of your monthly benefit, thus issued monthly. The COLA is calculated according to RCW 41.26.440 dividing the CPI (regional Seattle-Tacoma-Bellevue (CPI-W)) for the calendar year before retirement and the prior year. The bad includes PERS managers refusal to be reasonably transparent and accountable to taxpayers, voters and their representatives, the broad public interest and PERS members. According to the Public Employee Retirement System of Nevada (PERS), public employees split a 29.5% of pay contribution with their employers, with the employee picking up 15.25% of the tab. You may request a verification of your benefits by contacting PERS Customer Service. After reading your reply to Linda, I concluded I wont get my 2022 COLA until nearly the end of next year. The final calculation is taking the percentage increase of 8.003% and multiply it by 80% which results in 6.402%. Service credit earned on or after July 1, 2001 will be calculated using the 2.67% multiplier. You may also make this change yourself through your PERS secure, on-line account. . CNN announced that Social Security recipients will get a cost of living increase of 5.9 in 2022 but rising prices will offset the boost. The cost to purchase service is determined based on two factors: Your average compensation (the monthly average of your 36 highest months of consecutive salary) and your age at the time of the purchase. We announced the formation of Group B in 2012, and its creation was never predicated on eliminating the COLA. It means that retirees will first receive an adjustment in the month of their effective date of retirement. You may also call one of our offices and speak with a PERS representative or review your service credit on your Member Statement. It is best to contact us no later than 30 days before your last day of employment. Clark County. 3% cola for pers retires. Ph 330 393 5595. Under this plan, the member does not accrue refundable contributions and will retain their service credit in the event of termination. If thats in October, then your 2022 COLA will begin in October 2022 and will continue for one year. I retired in 2002. Phone: 775.687.4200 | 702.486.3900 | Toll Free: 866.473.7768, Carson City | 693 W. Nye Lane, Carson City, NV 89703 | Fax: 775.687.5131, Las Vegas | 5740 S. Eastern Ave, Suite 120, Las Vegas, NV 89119 | Fax: 702.678.6934, Change of Address for Benefit Recipients form, Electronic Funds Transfer (EFT) Authorization, Summary Plan Description for Part-Time Employees. Members enrolled in PERS before July 1, 1985 may still receive up to 90% of their average compensation when they retire. How can I find out what my pers check amt will be in jan.2022. You will need to complete, sign, and return the Verification Code Request Form before creating your online account. Sept. 4, 2020 - OPERS has announced the cost-of-living adjustments that will be available for retirees in 2021. PERS will calculate the payoff amount, including interest, and provide the amount to you in writing. I am aware that the COLA is calculated based on the initial benefit amount. But to be sure and to do its duty, it needs to come clean with all data except personal identification details. Retirees under the Civil Service Retirement System (CSRS) will receive a 5.9 percent increase while those under the Federal Employee Retirement System (FERS) will see their monthly pensions adjusted by 4.9 percent starting with January 2022 payments. Active members may print the Change of Personal Information form , make changes and return the form to PERS. Congratulations on your Nevada PERS retirement! How are people getting cola raises when you reduced peoples retirement income from what they were previously projected by putting them in group B. I thought the system did not have enough money and thats why the whole retirement system was changed where is the 3% coming from? The Summary Plan Description for Part-Time Employees publication provides more detailed information. In addition, please keep us informed when your contact information changes. PERS seems to have improved the reasonableness of its assumptions about the future, used in estimating future returns. Cost-of-living-adjustment (COLA) rates for federal annuities in 2022 were announced earlier today. 2 0 obj In this public records request matter, the Supreme Court held that the Nevada Public Records Act requires the Public Employees' Retirement System of Nevada (PERS) to disclose certain employment and pension payment information held in its computer database about its government retirees where the requested information merely requires searching a database for existing information, is readily . The average of a member's 36 highest consecutive months of compensation as certified by the public employer. If you would like to give us feedback or suggest future topics, send us an email. The increases begin at 2% in each of the fourth, fifth, and sixth years; increase to 3% in years seven, eight, and nine; 3.5% in years ten, eleven, and twelve; 4% for years thirteen and fourteen; and 5% in year fifteen and each year thereafter. Chief among them was the unforeseen Great Recession, which in one year reduced our defined benefit portfolio by more than 27 percent. Knowing the current COLA is 3%, I was just checking my new benefit amount and was horrified to calculate it was only 0.5%. %PDF-1.7 Members newly enrolled in PERS on or after January 1, 2010, receive 2.5% for all service earned in the system. I didnt get any COLA raise. PERS improve our member . In total, state employees are receiving as much as a 15.6 percent pay increase in the 2007-2009 biennium. If you have created an online account you will be able to view your pension information, see and manage your account information, and more. All we can say is that if you retire this year, your initial COLA would be granted in 2022 at 3 percent. CPI inflation has been 4.6% since the last state COLA in July 2019. If your beneficiary under one of the Options 2 through 7 predecease you, your monthly benefit would be adjusted to the higher Unmodified Option 1 benefit at the beginning of the next month upon receipt of a certified copy of your beneficiary's death certificate. Those already retired as of the date mentioned above were grandfathered into the fixed, 3 percent COLA. nevada pers cola 2022. WHY did I get a letter today stating that Im receiving less than 1/2% raise? In the latest year for which data is available, July 1, 2020 to June 30, 2021 a year in which nearly all investment returns soared PERSs total return was 27.3 percent. The executive director of PERS says. Sacramento, Calif. - The CalPERS Board of Administration today approved health plan premiums for calendar year 2022, at an overall premium increase of 4.86%. Weve explained this further in another comment on this blog. s+>R^AS>H.

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