PART IV CONTRIBUTIONS TO AND WITHDRAWALS FROM INVEST FUND FOR MEMBER OF 2001 SCHEME |
[S 607/2023 wef 01/09/2023] 12.—(1) Subject to these Regulations, the Board shall cause the following to be credited to the accounts of each member of the 2001 Scheme in the INVEST Fund:| (a) | in the case of the Retention Account of such member who is an eligible junior officer, an annual contribution at the prescribed rate of the member’s gross salary; [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] | | (b) | in the case of the Retirement Account, a monthly contribution at the prescribed rate of a sum that is the total of the following:| (i) | the member’s gross salary and any bonus paid to the member in that month; | | (ii) | such additional remuneration component as may be approved by the Secretary to the Prime Minister and paid to the member in that month; [S 403/2019 wef 01/05/2019] |
| | (c) | any dividend declared by the Board under paragraph (5); and [S 403/2019 wef 01/05/2019] | | (d) | any other sums specified by these Regulations. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (2) For the purposes of determining whether the monthly contribution at the prescribed rate mentioned in paragraph (1)(b) must be credited to the Retirement Account of a member of the 2001 Scheme, if the member transfers from the service to another scheme of service in the public service and rejoins the service on transfer without break from the public service on or after 1 May 2019, any period of reckonable service completed before the date of the transfer from the service must be disregarded. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (3) The Board shall, subject to the directions of the Minister, credit to the accounts specified in paragraph (1) every such contribution and dividend in such manner as the Minister may direct, and the Minister may give different directions in respect of different classes of members of the 2001 Scheme. [S 607/2023 wef 01/09/2023] |
(4) Notwithstanding paragraph (1), no contribution shall be credited in respect of —| (a) | any whole period of absence without leave; | | (b) | any whole period of desertion; | | (c) | any whole period of imprisonment as a result of conviction on a charge by a court; [S 607/2023 wef 01/09/2023] | | (d) | any whole period of remand, custody, confinement, detention, or suspension or interdiction from duty pending trial by a court or disciplinary proceedings on a charge for which a member of the 2001 Scheme is subsequently convicted by the court or found guilty in the disciplinary proceedings, as the case may be; and [S 607/2023 wef 01/09/2023] | | (e) | any whole period of detention authorised under any written law. |
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| (4A) The Board may withhold any contribution payable to the accounts of any member of the 2001 Scheme under paragraph (1) if that member is in remand, custody, confinement, detention or under suspension or interdiction from duty pending trial by a court or disciplinary proceedings, but immediately on a finding of not guilty on all the charges against the member, any withheld contributions must be credited to the member’s accounts. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
(5) The Board may, during or after each financial year —| (a) | declare to the Retirement Account of each member of the 2001 Scheme one or more dividends out of the net income and net unrealised profits of the INVEST Fund for that financial year; and [S 607/2023 wef 01/09/2023] | | (b) | credit to the Retention Account (if any) of each member of the 2001 Scheme interest at such rate as the Board may determine for that financial year. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
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(6) In this regulation —| “net income” means the amount ascertained by adding to, or deducting from, the income received from the investments of capital moneys in the INVEST Fund any profit derived or loss sustained, as the case may be, from the realisation of such investments; |
| “prescribed rate”, in relation to any contributions for a member of the 2001 Scheme, means the rate prescribed in the First Schedule in relation to the number of complete years of reckonable service completed by the member when the contribution is credited to the member’s Retirement Account or Retention Account, as the case may be. [S 607/2023 wef 01/09/2023] |
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| Eligibility for withdrawals |
13.—(1) Subject to these Regulations, no amount of money standing to the credit of a member of the 2001 Scheme may be withdrawn from the INVEST Fund in respect of his Retirement Account unless the member —| (a) | retires or is required to retire from the service on any of the grounds specified in regulation 11; | | (b) | resigns from the service; [S 403/2019 wef 01/05/2019] | | (ba) | is transferred from the service to another scheme of service in the public service except the Administrative Service; [S 403/2019 wef 01/05/2019] | | (c) | dies in service; or [S 403/2019 wef 01/05/2019] | | (d) | is dismissed from the service subject to any forfeiture under regulation 17. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (2) Such moneys shall not be paid except in accordance with regulation 18 and on the application of the member of the 2001 Scheme eligible to withdraw the money under regulation 20. [S 607/2023 wef 01/09/2023] |
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| Payment from Retention Account to members of 2001 Scheme |
14. The Board shall cause to be paid to a member of the 2001 Scheme such amount of money from his Retention Account which vests in him under regulation 18 at the following intervals:| (a) | on his completing 6 years of reckonable service; | | (b) | on his completing 8 years of reckonable service; | | (c) | on his completing 10 years of reckonable service; | | (d) | on his completing 12 years of reckonable service. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
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15.—(1) Subject to these Regulations, where a member of the 2001 Scheme —| (a) | retires or is required to retire from the service on any of the grounds specified in regulation 11; | | (b) | resigns from the service; | | (ba) | is transferred from the service to another scheme of service in the public service except the Administrative Service; [S 403/2019 wef 01/05/2019] | | (c) | dies in service; or | | (d) | is dismissed from the service, |
| all his accounts in the INVEST Fund shall be closed with effect from the date of his retirement, resignation, transfer, death or dismissal, as the case may be, and all contributions to his accounts shall cease immediately. |
[S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] | (2) The Retention Account of a member of the 2001 Scheme shall be closed upon the member having completed 12 years of reckonable service, and all the moneys in his Retention Account have been paid to him in accordance with these Regulations. [S 607/2023 wef 01/09/2023] |
| (3) Where the accounts of a member of the 2001 Scheme are closed under paragraph (1) or (2) during a financial year before a dividend or interest (if any) is declared for that financial year or the previous financial year, the Board may, despite paragraph (1) or (2), cause to continue to be credited to the member’s accounts interest at such rate as it determines until the moneys in those accounts are paid; and that interest is in lieu of any dividend or interest that may be declared or credited under regulation 12(5). [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
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| Application to junior officers promoted to senior officers |
16.—(1) The Retention Account of a member of the 2001 Scheme who is —| (a) | an eligible senior officer; | | (b) | an eligible transferred senior officer; or | | (c) | an eligible junior officer or eligible transferred junior officer, who is appointed a senior officer on or after 1 May 2019, |
| must remain open until the relevant date for that member, and interest on the moneys in that account must continue to be credited to the member’s account in accordance with regulation 12(5)(b) until all moneys in the Retention Account are paid to the member in accordance with these Regulations. |
[S 403/2019 wef 01/05/2019] [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] | (2) In paragraph (1), “relevant date” means the date the whole of the amount standing to the credit of the member of the 2001 Scheme in his Retention Account vests in him. [S 607/2023 wef 01/09/2023] |
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| Forfeiture of moneys on dismissal |
| 17. Notwithstanding the provisions of these Regulations, where a member of the 2001 Scheme is dismissed from the service, an award officer may direct the forfeiture of all or any of the moneys, whether vested or unvested, standing to the credit of the member. [S 607/2023 wef 01/09/2023] |
| Withdrawals and vesting of contributions |
18.—(1) Subject to these Regulations, the following amounts, where applicable, shall vest in a member of the 2001 Scheme and may be awarded in respect of that member as follows:| (a) | such portion of the moneys standing to the member’s credit in his Retention Account as specified in the Second Schedule in relation to the length of reckonable service in years or part thereof; and | | (b) | such portion of the moneys standing to the member’s credit in the member’s Retirement Account as specified in the Second Schedule in relation to the member’s age as at —| (i) | the date of the member’s retirement; | | (ii) | the date of the member’s resignation; or | | (iii) | the date of the member’s transfer from the service to another scheme of service in the public service. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
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(2) Notwithstanding paragraph (1) —| (a) | where a member of the 2001 Scheme retires from the service on any ground specified in regulation 11(1)(b), (c), (d), (f) or (g); or [S 607/2023 wef 01/09/2023] | | (b) | where a member of the 2001 Scheme dies or has his service terminated due to total or permanent disability, [S 607/2023 wef 01/09/2023] |
| all moneys standing to the member’s credit in his Retention Account or Retirement Account or both, as the case may be, shall vest in the member and may be awarded in respect of that member. |
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(3) Notwithstanding paragraph (1) or (2) —| (a) | where a member of the 2001 Scheme retires from service on the ground specified in regulation 11(1)(d) following disciplinary proceedings by or under the authority of the Public Service Commission or by a disciplinary officer under that service, all moneys standing to the member’s credit in his Retention Account or Retirement Account or both, which have vested in him under paragraph (2), may be forfeited or reduced to the extent as determined by the award officer; and [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] | | (b) | where a member of the 2001 Scheme retires from service on the ground specified in regulation 11(1)(e), such portion of the moneys standing to the member’s credit in his Retention Account or Retirement Account, as the case may be, which has vested in the member under paragraph (1) may be increased to the extent and paid in such manner as determined by the award officer. [S 607/2023 wef 01/09/2023] |
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| (4) Despite paragraph (1)(b)(ii) or (iii), any sum in the Retirement Account of a member of the 2001 Scheme does not vest in the member unless the member has served at least 10 years of reckonable service while being a member of the 2001 Scheme. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (4A) For the purposes of counting the period of reckonable service mentioned in paragraph (4) in relation to a member of the 2001 Scheme who transfers on 2 or more occasions on or after 1 May 2019 from the service to another scheme of service in the public service, only the period of reckonable service served continuously immediately before the latest transfer may be taken into account. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (4B) Paragraphs (4) and (4A) do not apply to a member of the 2001 Scheme who transfers from the service to the Administrative Service. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (5) The Board may, on the application of any person entitled to apply under regulation 20, authorise the payment to that person of the sum vested in the member of the 2001 Scheme in accordance with paragraphs (1), (2), (3) and (4). [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (6) Where a member of the 2001 Scheme is dismissed from the service, the Board may, on the application of any person entitled to apply under regulation 20, authorise the payment to that person of such moneys in the member’s Retention Account and Retirement Account not forfeited by the award officer under regulation 17. [S 607/2023 wef 01/09/2023] |
| (7) The Board shall credit to the Provisional Account any balance of moneys in the closed Retention Account or Retirement Account of any member of the 2001 Scheme after the amount allowed to be withdrawn under these Regulations has been paid. [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] |
| (8) In paragraph (4), “reckonable service” does not include service which would otherwise be reckonable under regulation 8(d). [S 403/2019 wef 01/05/2019] |
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| Arrangements for members of 2001 Scheme who transfer from service to other public service |
19.—(1) Notwithstanding any provision in these Regulations to the contrary, where a member of the 2001 Scheme transfers from the service to another scheme of service in the public service or to the Administrative Service, and the member’s period of service in the service is not counted as pensionable service for the purposes of the Pensions Act 1956 —| (a) | all contributions to the member’s Retirement Account and Retention Account must cease with effect from the date of the transfer of the member of the 2001 Scheme; [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] | | (b) | where a Retirement Account has been opened for the member of the 2001 Scheme —| (i) | the Retirement Account must remain open until the relevant date for that member, if the member transfers to another scheme of service in the public service before 1 May 2019 or to the Administrative Service on or after that date, and interest on the moneys in that Account at such rate as the Minister may determine must continue to be credited to the Retirement Account of the former member of the 2001 Scheme in lieu of any dividend declared under regulation 12(5) until the moneys are paid to the member in accordance with these Regulations; or [S 607/2023 wef 01/09/2023] | | (ii) | the Retirement Account must close with effect from the date of the transfer for that member if the member transfers on or after 1 May 2019 to another scheme of service in the public service except the Administrative Service, and —| (A) | if the member has served at least 10 years of reckonable service (counted in accordance with regulation 18(4A), if applicable) while being a member of the 2001 Scheme as at the date of the transfer, the balance moneys in that Retirement Account, after deducting the amount of moneys in that Retirement Account which have been vested in the member in accordance with paragraph 4 or 4A (as the case may be) of the Second Schedule, must be forfeited and transferred to the Provisional Account; or [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] | | (B) | in any other case, all moneys in that Retirement Account must be forfeited and transferred to the Provisional Account; [S 403/2019 wef 01/05/2019] [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] |
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| | (c) | where a Retention Account has been opened for the member of the 2001 Scheme, the Retention Account must be closed and —| (i) | if the member transfers to another scheme of service in the public service before 1 May 2019 or to the Administrative Service on or after that date, all moneys in that Retention Account must be awarded to the member; or [S 792/2021 wef 01/11/2021] | | (ii) | if the member transfers on or after 1 May 2019 to another scheme of service in the public service except the Administrative Service —| (A) | where the member has served at least 6 years of reckonable service —| (AA) | half of the balance moneys in that Retention Account on the date of the transfer, after deducting the amount of moneys in that Retention Account which have been vested in the member in accordance with regulation 18(1)(a), must be awarded to the member; and | | (AB) | the balance moneys in that Retention Account after the award mentioned in sub-paragraph (AA) must be forfeited and transferred to the Provisional Account; or [S 792/2021 wef 01/11/2021] |
| | (B) | in any other case, all moneys in that Retention Account must be forfeited and transferred to the Provisional Account; [S 403/2019 wef 01/05/2019] [S 792/2021 wef 01/11/2021] [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] |
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| | (d) | if he transfers from the service to that scheme of service before 1 May 2019, or to the Administrative Service on or after that date, but before the sums in his Retirement Account have fully vested in him, the former member of the 2001 Scheme may, at his option, be awarded —| (i) | on his transfer, such portion of the moneys standing to the credit of that member of the 2001 Scheme in his Retirement Account that is vested under regulation 18, and the balance of moneys in that account (together with interest thereon) subsequently at the relevant date if he is still a public officer; or [S 607/2023 wef 01/09/2023] | | (ii) | all moneys in his Retirement Account (together with interest thereon) at the relevant date if he is still a public officer; and [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| | (e) | if he transfers from the service —| (i) | to that scheme of service before 1 May 2019, or to the Administrative Service on or after that date; and | | (ii) | after the sums in his Retirement Account have fully vested in him, |
| all the sums vested may be awarded to the former member of the 2001 Scheme. |
[S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] [S 607/2023 wef 31/12/2021] |
| (2) If a former member of the 2001 Scheme referred to in paragraph (1)(d) who resigns, retires or is dismissed from the public service before the relevant date has previously opted for the award under paragraph (1)(d)(i), the sum that may be subsequently awarded to him under paragraph (1)(d)(i) shall be forfeited immediately and transferred to the Provisional Account. [S 403/2019 wef 01/05/2019] [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] |
(3) If a former member of the 2001 Scheme mentioned in paragraph (1)(d) —| (a) | resigns, retires or is dismissed from the public service before the relevant date; and | | (b) | has previously opted for the award under paragraph (1)(d)(ii), |
| an amount equal to the sums vested in his Retirement Account at the date of his transfer from the service may be awarded to the former member of the 2001 Scheme on his resignation, retirement or dismissal (as the case may be) and the balance in his Retirement Account must be forfeited and transferred to the Provisional Account. |
[S 403/2019 wef 01/05/2019] [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] |
(4) Notwithstanding any provision in these Regulations to the contrary, where the period of service of a member of the 2001 Scheme who transfers from the service to a pensionable scheme of service designated by the President under section 3(4)(a) of the Pensions Act 1956 is to be counted as pensionable service for the purposes of that Act, then with effect from the date of his transfer —| (a) | where a Retirement Account has been opened for that member of the 2001 Scheme, his Retirement Account shall close and all moneys standing to that member’s credit in that Account shall be forfeited and transferred to the Provisional Account; and [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] | | (b) | where a Retention Account has been opened for the member of the 2001 Scheme, the Retention Account must close and —| (i) | if the transfer is before 1 May 2019, all moneys in that Retention Account must be awarded to the member; or | | (ii) | if the transfer is on or after 1 May 2019 —| (A) | where the member has served at least 6 years of reckonable service —| (AA) | half of the balance moneys in that Retention Account on the date of the transfer, after deducting the amount of moneys in that Retention Account which have been vested in that member in accordance with regulation 18(1)(a), must be awarded to the member; and | | (AB) | the balance moneys in that Retention Account after the award mentioned in sub-paragraph (AA) must be forfeited and transferred to the Provisional Account; or [S 792/2021 wef 01/11/2021] |
| | (B) | in any other case, all moneys in that Retention Account must be forfeited and transferred to the Provisional Account. [S 403/2019 wef 01/05/2019] [S 403/2019 wef 01/05/2019] [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] [S 607/2023 wef 31/12/2021] |
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| (5) The Board may, on the application of a former member of the 2001 Scheme made at any time on or after his retirement from the service in accordance with these Regulations (whether at the compulsory retirement age or otherwise) or (as the case may be) on or after his resignation, retirement or dismissal from the public service, authorise the payment to the former member of the 2001 Scheme of the relevant sum awarded under paragraph (1), (2) or (3), as the case may be. [S 403/2019 wef 01/05/2019] [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] |
| (5A) The Board may, on the application of a member of the 2001 Scheme who transfers from the service under this regulation on or after 1 May 2019, made at any time on or after the date of transfer, authorise the payment to the member of the sum awarded under paragraph (1)(c)(ii)(A)(AA) or (4)(b)(ii)(A)(AA), as the case may be. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
| (6) In this regulation, “relevant date” means the date the whole of the vested sum in his Retirement Account vests in him. [S 607/2023 wef 01/09/2023] |
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| Persons authorised to withdraw |
20.—(1) Subject to paragraph (2), the persons mentioned in paragraph (1A) are entitled to apply to withdraw the sums standing to the credit of a member of the 2001 Scheme in the INVEST Fund which are payable under these Regulations in respect of the member, where the member —| (a) | retires from the service on any ground specified in regulation 11; | | (b) | resigns from the service; or | | (c) | transfers from the service on or after 1 May 2019 under regulation 19 to another scheme of service in the public service except the Administrative Service. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
(1A) The persons entitled under paragraph (1) to apply to withdraw the sums standing to the credit of the member of the 2001 Scheme are —| (a) | the member; or | | (b) | where the member lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008 —| (i) | a deputy appointed or deemed to be appointed for the member by the court under that Act with power in relation to the member for the purposes of these Regulations; or | | (ii) | a donee under a lasting power of attorney registered under that Act with power in relation to the member for the purposes of these Regulations. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 31/12/2021] [S 607/2023 wef 01/09/2023] |
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| (2) After the death of a member of the 2001 Scheme or a former member of the 2001 Scheme, the personal representative of the member or former member, as the case may be, shall be entitled to apply to withdraw the amount of moneys standing to the credit of the member or (as the case may be) former member in the INVEST Fund which are payable under these Regulations in respect of that member or former member. [S 607/2023 wef 01/09/2023] |
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| Authorisation of withdrawals |
21.—(1) Where a withdrawal from any Retirement Account or Retention Account has been authorised in favour of any person under regulation 14, 19 or 20, the Board shall —| (a) | on the written instruction of that person, credit the amount authorised to be withdrawn to his bank account; or | | (b) | open a savings account with a bank in the name of that person and credit the amount authorised to be withdrawn to the said bank account. |
| (2) Payment may also be made by the Board in such other manner as the Board thinks fit in any particular case or class of cases. |
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| Deferment of pensions, gratuities, allowances or other benefits |
22. Notwithstanding any provision in these Regulations, the Board may defer the payment of any moneys standing to the credit of any member of the 2001 Scheme in any account established under these Regulations if —| (a) | he is being investigated for any negligent act or misconduct; | | (b) | disciplinary proceedings are being contemplated or have been initiated against him for any such act of misconduct or negligence; or | | (c) | criminal proceedings are being contemplated or have been instituted against him. [S 403/2019 wef 01/05/2019] [S 607/2023 wef 01/09/2023] |
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| 23.—(1) Where the accounts of any member of the 2001 Scheme or former member of the 2001 Scheme in the INVEST Fund have been closed and no person authorised to so withdraw the moneys in those accounts under regulation 19 or 21 has applied to withdraw within 12 months of the date of such closure, such amount shall be accounted for as unclaimed and shall be transferred to the Provisional Account. [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] | (2) Where any amount has been transferred to the Provisional Account under paragraph (1), the Board shall, upon the application of any person eligible to the whole amount or any part thereof, authorise the withdrawal by that person of the amount due to the applicant as if it had not been transferred out of the account of the member of the 2001 Scheme or former member of the 2001 Scheme. [S 792/2021 wef 01/11/2021] [S 607/2023 wef 01/09/2023] |
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