Table of Contents
For more than two decades, I’ve sat across the table from people planning for their futures.
As a financial planner, I’ve seen the power of a well-executed retirement strategy.
But I’ve also seen the cracks in the system—cracks that grew into chasms.
The old 401(k) framework felt like it was carved from concrete, a rigid channel built for a world that, for most of us, no longer exists.
It was a one-way railroad track, demanding a linear journey with no detours, no emergencies, and no second chances.
This flaw became painfully clear to me a few years ago through a client I’ll call Sarah.
A dedicated 35-year-old nurse, Sarah was the model saver.
She diligently contributed to her 401(k) with every paycheck, doing everything the “experts” told her to do.
Then, life happened.
A sudden, severe medical crisis in her family required immediate and substantial funds.
The only significant asset she had was her 401(k).
She was forced to take a “hardship” withdrawal, but the system’s response was a brutal 10% early withdrawal penalty.1
It felt less like a rule and more like a punishment—a fine for having a life that didn’t conform to a perfect, uninterrupted script.
Sarah’s story wasn’t an anomaly; it was a symptom of a much larger disease.
The old system was failing millions of Americans in predictable ways.
First, there was the inertia barrier.
The “opt-in” nature of most plans meant that countless people, especially young professionals just starting out, never even got on the train.
The simple act of not filling out a form could cost them years of priceless compounding growth.1
Second, there was the part-time gap.
An enormous segment of the workforce, particularly in vital industries like retail and hospitality, was left standing at the station.
Strict rules requiring 1,000 hours of work per year meant millions of part-time workers were simply ineligible to save in their employer’s plan.3
Third, there was the student debt wall.
An entire generation, burdened by unprecedented educational loans, couldn’t afford the price of a ticket.
They were forced to choose between paying down their past debt and saving for their future, forfeiting years of potential growth and, crucially, the employer match—the closest thing to free money in personal finance.3
Finally, for the employers brave enough to offer a plan, particularly small businesses, the administrative side was a recurring nightmare.
The complexity led to common and costly operational failures: using the wrong definition of compensation for contributions, failing to remit employee deferrals on time, or botching the complex calculations for Required Minimum Distributions (RMDs).7
The official correction program, known as EPCRS, was often limited and unforgiving, making it difficult for well-intentioned employers to fix honest mistakes without significant cost and effort.9
This collection of flaws led to a disturbing realization.
The old 401(k) framework, in its noble attempt to foster long-term security, was paradoxically creating short-term financial fragility.
Its all-or-nothing design, which locked funds away until age 59.5 under threat of a harsh penalty, turned a retirement account into a trap during life’s inevitable crises.
When a medical bill arrived or a job was lost, a person’s largest asset became their biggest liability.
They faced a devastating choice: raid their future and pay a steep price, or risk immediate financial ruin.
The system’s rigidity wasn’t a feature; it was a fundamental design flaw that undermined its very purpose.
The Blueprint for a New City: My Epiphany with SECURE 2.0
When Congress passed the SECURE 2.0 Act of 2022, my initial reaction was weary skepticism.
I saw a list of more than 90 new provisions, each with its own effective date and technical nuances—more complexity, more rules to memorize.11
But as I dug deeper, I realized I was looking at it all wrong.
This wasn’t just another renovation of the old railroad.
This was the blueprint for an entirely new city.
My epiphany came when I stopped reading the provisions as a list and started seeing how they interconnected.
The legislation wasn’t just patching holes; it was building a modern, dynamic, and resilient Metropolitan Transit System for our financial lives.
The old, rigid railroad track was being decommissioned.
In its place, SECURE 2.0 was constructing a network designed for the way people actually live and work today.
This new system features:
- More On-Ramps: New and easier ways for everyone—students, part-time workers, and those who simply forgot to sign up—to get into the system.
- Express Lanes: Special routes for those who started late and need to accelerate their savings as they approach their destination.
- Flexible Ticketing: More options to choose how you pay your “tax fare,” whether it’s pre-tax (Traditional) or post-tax (Roth).
- Emergency Exits: For the first time, sanctioned, penalty-free ways to get off the train to handle a crisis without derailing your entire journey.
- Extended Lines: Acknowledging that people are living and working longer, allowing them to stay on the system and let their assets grow for more time.
The legislative intent behind this massive undertaking was clear: to expand retirement coverage, increase savings, and simplify the labyrinthine rules that governed the old system.2
It was a sweeping, bipartisan acknowledgment that the old model was no longer sufficient for the financial security of Americans.14
To navigate this new landscape, you need a new map.
The sheer volume and staggered rollout of these changes are a major source of confusion.16
The following table acts as your comprehensive guide—your new transit map—to the most significant changes.
Table 1: The SECURE 2.0 Act at a Glance: Your New Transit Map
| Provision (The Transit Line) | Description (What It Does) | Who It Primarily Affects (Riders) | Effective Date (Line Opening) | Mandatory or Optional for Employers? |
| Automatic Enrollment & Escalation | New plans must automatically enroll employees at 3%-10%, increasing 1% annually to 10%-15%. Employees can opt out. | New employees, young workers, employers with new plans | Plan years after Dec 31, 2024 5 | Mandatory for most new plans established after Dec 29, 2022 16 |
| Expanded Part-Time Worker Eligibility | Reduces service requirement for part-time workers to participate from 3 years of 500+ hours to 2 years. | Part-time workers, retail/hospitality employees | Plan years after Dec 31, 2024 5 | Mandatory |
| Student Loan Payment Matching | Allows employers to make matching 401(k) contributions based on an employee’s student loan payments. | Employees with student loan debt, young professionals | Plan years after Dec 31, 2023 5 | Optional |
| “Super” Catch-Up Contributions | Creates a higher catch-up limit (greater of $10,000 or 150% of regular catch-up) for those aged 60-63. | Savers aged 60-63 | Tax years after Dec 31, 2024 5 | Optional |
| Mandatory Roth Catch-Up for High Earners | Catch-up contributions for those earning >$145,000 (prior year) must be made on a Roth (after-tax) basis. | High-income earners aged 50+ | Tax years after Dec 31, 2025 (delayed) 11 | Mandatory if plan allows catch-ups |
| Emergency Savings Accounts (PLESAs) | Allows employers to offer a separate, pension-linked emergency savings account (up to $2,500) with Roth contributions. | All employees, especially those with low savings | Plan years after Dec 31, 2023 22 | Optional |
| Penalty-Free Emergency Withdrawal | Allows a penalty-free withdrawal of up to $1,000 per year for unforeseeable emergency expenses. | All plan participants | Distributions after Dec 31, 2023 22 | Optional |
| Increased RMD Age | Increases the age for Required Minimum Distributions (RMDs) from 72 to 73, and eventually to 75. | Retirees, individuals in their early 70s | Age 73 effective Jan 1, 2023; Age 75 effective Jan 1, 2033 5 | Mandatory |
| Reduced RMD Penalty | Reduces the penalty for failing to take an RMD from 50% to 25% (or 10% if corrected in a timely manner). | Retirees who miss an RMD | Tax years after Dec 29, 2022 6 | N/A (Applies to individuals) |
| No RMDs for Roth 401(k)s | Eliminates the pre-death RMD requirement for Roth accounts within employer plans, aligning them with Roth IRAs. | Owners of Roth 401(k)s | Tax years after Dec 31, 2023 6 | N/A (Applies to individuals) |
| Saver’s Match | Replaces the Saver’s Credit with a direct government matching contribution (50% of first $2,000 saved) for low/middle-income savers. | Low- and middle-income workers | Tax years after Dec 31, 2026 23 | N/A (Applies to individuals) |
| 529-to-Roth IRA Rollover | Allows limited rollovers from long-term 529 education accounts to a Roth IRA for the beneficiary (lifetime cap of $35,000). | Families with leftover 529 funds | Distributions after Dec 31, 2023 11 | N/A (Applies to individuals) |
Pillar I: New On-Ramps & Station Entrances (Expanding Access to the System)
The first principle of a successful transit system is that it must be easy to access.
If the entrances are hidden, the turnstiles are confusing, or the fare is too high, people simply won’t use it.
This first pillar of SECURE 2.0 is all about building more on-ramps and opening new station entrances, addressing the core problems of inertia, exclusion, and financial barriers that kept so many people out of the old system.
The Automatic Turnstile (Automatic Enrollment & Escalation)
The single biggest change designed to combat saver inertia is the mandate for automatic enrollment.
For any new 401(k) or 403(b) plan established after December 29, 2022, employers will be required, starting in 2025, to automatically enroll their eligible employees.5
Think of this as making the default action walking through the turnstile rather than having to find a separate ticket booth to buy a ticket.
The initial contribution rate is set at a minimum of 3% of an employee’s pay but no more than 10%.
From there, the system includes an “auto-escalation” feature, which automatically increases that contribution by 1% each year until it reaches at least 10%, though not more than 15%.18
This powerful one-two punch leverages behavioral economics for good.
It gets people saving from day one and then gradually increases their savings rate in small, manageable increments they are less likely to notice in their take-home pay.27
Of course, employee choice is paramount.
Anyone can choose to opt out of participating entirely or select a different contribution rate at any time.5
This provision is not meant to be coercive but to change the default from non-participation to participation.
Importantly, this mandate does not apply to plans that were already in existence before the law was enacted.
It also includes key exemptions for very small businesses (10 or fewer employees), brand-new companies (in business for less than three years), and church and governmental plans.5
Opening the Gates for Part-Time Commuters (Expanded Eligibility)
For decades, a significant portion of the American workforce was told they couldn’t enter the station.
Part-time workers, who are crucial to many industries, were often excluded from retirement plans.
The original SECURE Act of 2019 began to address this by allowing participation for those who worked at least 500 hours for three consecutive years.
SECURE 2.0 opens the gates even wider.
Effective for plan years beginning after December 31, 2024, the service requirement is reduced from three years to just two consecutive years of working at least 500 hours.5
Furthermore, this rule is now extended to cover 403(b) plans, which are common in non-profit sectors like education and healthcare.2
This is a monumental change that acknowledges the reality of the modern economy, where non-traditional and part-time work are increasingly common.3
It provides millions of previously excluded workers with access to a powerful wealth-building tool.
The Student Loan Shuttle Bus (Matching for Student Loan Payments)
One of the most innovative “on-ramps” created by SECURE 2.0 is the student loan matching provision.
It directly confronts the agonizing choice that has plagued an entire generation: pay down student debt or save for retirement? For many, this wasn’t a choice at all; the loan payments were non-negotiable, meaning they forfeited years of retirement contributions and, critically, the employer match.
Effective in 2024, employers now have the option to treat an employee’s qualified student loan payments as if they were 401(k) contributions for the purpose of the company match.5
Here’s how it works: an employee paying their student loans can certify that amount to their employer.
The employer can then deposit a matching contribution into that employee’s retirement account.3
This provision is like a dedicated shuttle bus that picks people up from the “Student Debt” stop—a place where they were previously stranded—and brings them directly to the main transit hub.
It allows them to make progress on their past obligations while simultaneously building a foundation for their future.
For young professionals, this is a game-changing benefit that allows them to capture thousands of dollars in employer match money they would have otherwise lost forever.6
Subsidized Fares for All (The New “Saver’s Match”)
For years, the government has tried to incentivize lower-income individuals to save for retirement through the “Saver’s Credit.” However, it was deeply flawed.
As a nonrefundable tax credit, it was worthless to the millions of Americans who have little or no federal income tax liability.23
You can’t get a refund on a tax you didn’t pay.
Beginning in 2027, SECURE 2.0 replaces this ineffective credit with something far more powerful and direct: the “Saver’s Match”.25
This is not a credit; it is a direct federal matching contribution deposited by the government into a taxpayer’s retirement account or IRA.
The match is set at 50% of the first $2,000 an eligible individual contributes, for a maximum match of $1,000 per year.19
The full match is available to individuals with an adjusted gross income up to certain thresholds (e.g., $20,500 for single filers, $41,000 for joint filers) and then phases O.T.19
This is the equivalent of a government-subsidized fare program.
By putting real money directly into people’s accounts, it provides a tangible, immediate, and powerful reward for saving.
It transforms a confusing tax-time calculation into a direct boost to their retirement nest e.g.
Taken together, these provisions represent more than just tweaks to retirement policy.
The combination of a direct wealth-building subsidy for low-income workers via the Saver’s Match, a targeted solution to the student debt crisis via the loan matching provision, and the inclusion of a workforce segment dominated by women and lower-wage workers via expanded part-time eligibility moves the 401(k) system into a new domain.
These are not just retirement rules; they are targeted interventions designed to address broader socioeconomic inequalities.
The legislation leverages the existing 401(k) infrastructure to deliver social policy, making these plans a vehicle for greater financial inclusion and potentially narrowing the wealth gap over the long term.14
Pillar II: Express Lanes & Flexible Fares (Maximizing Your Journey)
Once you’re on the transit system, the next question is how to make the journey as efficient as possible.
Some people need to make up for lost time, while others want more control over their route.
This pillar of SECURE 2.0 is about creating express lanes for those who need to accelerate their savings and offering more flexible ticketing options for everyone.
The “Catch-Up Express” for Senior Riders
For many people, their peak earning years occur just before retirement.
This is the last, best chance to dramatically increase their savings.
The tax code has long recognized this with “catch-up” contributions, which allow those aged 50 and over to save more than the standard limit.
In 2024 and 2025, that amount is $7,500 for most workplace plans.5
SECURE 2.0 builds on this by creating a new “super catch-up” express lane.
Starting in 2025, individuals who are specifically aged 60, 61, 62, or 63 will be able to contribute even more.5
The new, higher limit for this age group will be the greater of $10,000 or 150% of the regular catch-up amount.5
For 2025, this is projected to be $11,250.16
This gives savers in that critical four-year window a powerful tool to supercharge their nest egg right before they need it.
Additionally, the separate $1,000 catch-up contribution for IRAs, which had been static for years, will finally be indexed for inflation starting in 2024, allowing its value to keep pace with the cost of living over time.6
Choosing Your Ticket (The Proliferation of Roth)
One of the most significant trends in retirement planning is the growing popularity of Roth contributions, where you pay taxes on your savings now in exchange for tax-free growth and withdrawals in retirement.
SECURE 2.0 dramatically expands the availability and, in one key case, the requirement of Roth.
It’s like the transit system offering more flexible ticketing options, allowing you to choose whether to pay your “tax fare” upfront or at your destination.
The biggest change is the mandatory Roth treatment for high-earner catch-up contributions.
This provision, which was delayed by the IRS but is now set to take effect in 2026, is a major policy shift.
If a participant’s prior-year wages from their employer exceed $145,000 (an amount that will be indexed for inflation), any catch-up contributions they make must be directed into a Roth account.11
They will no longer have the option to make these extra contributions on a pre-tax basis.
This is a significant revenue-raising provision for the government, as it forces higher earners to pay taxes on those contributions immediately rather than deferring them.
For savers, it provides a source of tax-free income in retirement, which can be incredibly valuable.
Beyond this mandate, the law also introduces new flexibility.
Employers now have the option to allow their employees to receive their matching contributions or nonelective (profit-sharing) contributions on a Roth basis.18
Previously, all employer contributions had to be pre-tax.
This gives employees even more control over their tax diversification strategy.
Transferring from Other Lines (529-to-Roth Rollovers)
For years, 529 education savings plans have been a fantastic tool for families saving for college.
But they had a potential downside: what if you over-saved, or your child received a scholarship and didn’t need all the money? The funds could feel trapped, with non-qualified withdrawals subject to tax and penalty on the earnings.
Effective in 2024, SECURE 2.0 creates a new transfer point between the “Education” line and the “Retirement” line.
Under specific circumstances, funds can now be rolled over from a 529 plan to a Roth IRA for the plan’s beneficiary.11
The rules are strict: the 529 account must have been open for at least 15 years, and any contributions made in the last five years are ineligible.26
The rollovers are also subject to the annual Roth IRA contribution limit and a lifetime maximum of $35,000.20
Despite the limitations, this provides a valuable off-ramp for families, allowing them to repurpose tax-advantaged savings from one major life goal to another without penalty.
Pillar III: Emergency Exits & Service Alerts (Navigating Life’s Unexpected Delays)
This is perhaps the most humane and revolutionary part of the new system.
It’s the direct answer to the problem that plagued my client, Sarah.
The new framework acknowledges that life is not a straight line.
Trains get delayed, routes change, and sometimes you need an emergency exit.
This pillar is about building resilience into the journey, ensuring that a short-term crisis doesn’t lead to a long-term catastrophe.
The Designated Emergency Exits (New Penalty-Free Withdrawals)
For the first time, the system has clearly marked, penalty-free emergency exits.
SECURE 2.0 introduces several new exceptions to the 10% early withdrawal penalty, recognizing that people sometimes need to access their own money for legitimate, pressing needs.
These provisions are generally optional for employers to offer in their plans.
- Emergency Personal Expenses: Starting in 2024, participants can withdraw up to $1,000 per year for “unforeseeable or immediate financial needs” without the 10% penalty. The plan administrator can rely on the employee’s self-certification of the need. The individual has the option to repay this amount within three years, and until it’s repaid, they cannot take another such distribution.6
- Domestic Abuse: In a compassionate and critical provision, victims of domestic abuse can withdraw the lesser of $10,000 (indexed for inflation) or 50% of their vested account balance, penalty-free. This distribution is also repayable.6
- Terminal Illness: Individuals with a doctor-certified terminal illness can now access their funds without penalty.28
- Federally Declared Disasters: Those impacted by a major federal disaster can take a penalty-free distribution of up to $22,000.13
- Long-Term Care Premiums: Beginning in late 2025 or early 2026, individuals will be able to withdraw up to $2,500 per year, penalty-free, to pay for premiums on qualified long-term care insurance contracts.13
These exits fundamentally change the nature of the 401(k).
It is no longer an unforgiving vault but a more flexible tool that can adapt to the harsh realities of life.
The “Rainy Day” Kiosk (Pension-Linked Emergency Savings Accounts – PLESAs)
Even more transformative than the emergency exits is a new, purpose-built structure for financial shocks: the Pension-Linked Emergency Savings Account, or PLESA.
This isn’t just an exit; it’s a “rainy day” kiosk built right inside the station, designed specifically to help people weather small storms without touching their long-term travel funds.
Effective in 2024, employers have the option to add a PLESA to their 401(k) or 403(b) plan.22
Here’s how this groundbreaking feature works:
- It’s a separate account within the retirement plan, but it’s for short-term savings.
- Contributions are made on a Roth (after-tax) basis.
- The total balance is capped at $2,500 (or a lower amount set by the employer).5
- Employers can automatically enroll their non-highly compensated employees at a rate of up to 3% of their pay.
- Crucially, these employee contributions to the PLESA are eligible for the company match, which is deposited into their regular retirement account.5
- Withdrawals from the PLESA are completely tax-free and penalty-free.3
The PLESA is a structural solution to the problem of financial fragility.
It encourages the creation of a separate, liquid bucket of savings for the kinds of small emergencies that can derail a family’s budget.
By doing so, it protects the main retirement account, allowing it to grow untouched for the long term.
This shift—from a single-purpose retirement vault to a multi-faceted financial tool—is profound.
The introduction of PLESAs and the various penalty-free withdrawal options signals a fundamental redefinition of the purpose of an employer-sponsored plan.
It is no longer solely about the distant goal of retirement; it is about supporting an employee’s overall financial health throughout their entire career.
The plan is evolving into a holistic financial wellness platform.
By helping employees manage short-term financial shocks, the system makes it far more likely that they will reach their long-term goals.
For employers, this is a powerful new tool to attract and retain talent, demonstrating a commitment not just to their employees’ retirement, but to their present-day financial well-being.29
Pillar IV: Extending the Line & Arriving in Comfort (A Better Experience for Retirees)
The journey doesn’t stop the moment someone retires.
With people living longer, healthier lives, the post-work phase can last for decades.
This final pillar of the new transit system is about adapting to this reality, extending the lines and making the final leg of the journey more comfortable and less stressful for retirees.
Delaying Your Final Stop (Increased RMD Age)
Required Minimum Distributions, or RMDs, are the rules that force retirees to start withdrawing money from their tax-deferred retirement accounts, ensuring the government eventually gets its tax revenue.
For years, the starting age was creeping up slowly.
SECURE 2.0 accelerates this trend significantly.
The age to begin taking RMDs was increased from 72 to 73, effective January 1, 2023.
This means if you turned 72 in 2023 or later, you got an extra year of tax-deferred growth.
The line is set to extend even further: in 2033, the RMD age will jump again to 75.5
This is the equivalent of the transit authority pushing back the final stop on the line.
It’s a direct acknowledgment of increasing longevity and the fact that many people continue to work or simply don’t need to tap their retirement funds immediately.
This delay allows assets to continue growing in a tax-advantaged environment for longer, a powerful benefit for those with sufficient other income sources in their early retirement years.
Forgiving a Missed Stop (Reduced RMD Penalties)
One of the most feared rules in retirement planning was the penalty for failing to take an R.D. A simple oversight—a missed calculation, a forgotten account—could result in a draconian 50% excise tax on the amount that should have been withdrawn.7
It was a penalty wildly out of proportion to the mistake.
SECURE 2.0 dramatically reduces this punitive measure.
The penalty for an RMD failure has been cut in half, from 50% to 25%.
Furthermore, if the retiree discovers the mistake and corrects it within a “correction window” (generally two years), the penalty is reduced even further to just 10%.6
This is a much more reasonable “re-booking fee” for missing your stop.
It lowers a major source of anxiety for retirees and their advisors, recognizing that these are often honest errors, not malicious attempts at tax evasion.
The Freedom to Keep Riding (Elimination of Roth 401(k) RMDs)
A long-standing quirk in the retirement system was the different treatment of Roth IRAs and Roth 401(k)s.
While original owners of Roth IRAs were never subject to RMDs, those with Roth 401(k)s were, forcing them to take distributions from an account where the taxes had already been paid.
This often led to a cumbersome process of rolling a Roth 401(k) into a Roth IRA upon retirement just to avoid this rule.
Starting in 2024, SECURE 2.0 eliminates this inconsistency.
Roth accounts within employer-sponsored retirement plans are no longer subject to pre-death RMDs.6
This aligns the rules and simplifies life for retirees.
In our transit analogy, this means that if you’ve pre-paid your entire fare with a Roth “ticket,” you now have the freedom to ride the train for as long as you live.
You are never forced to get off at a particular stop.
This is a huge victory for tax planning and wealth transfer strategies.
It allows these tax-free funds to continue growing for the owner’s entire lifetime, potentially passing a larger, tax-free inheritance to their beneficiaries.
Conclusion: Your New Transit Map to a Secure Retirement
Years after her crisis, I met with Sarah again.
The conversation was different.
She was no longer just a passenger on a rigid, unforgiving track.
She was an active navigator of a dynamic system.
Her employer had adopted the student loan matching provision, and for the first time, she was seeing her retirement account grow with company money even as she paid down her nursing school debt.
They had also implemented a PLESA, and the small cushion of a few thousand dollars in that account gave her a sense of security she’d never felt before—a peace of mind that came from knowing a minor car repair wouldn’t force her to raid her future.
She understood her 401(k) not as a trap, but as a flexible and powerful component of her overall financial life.
This is the success story of the new system.
The SECURE 2.0 Act is more than a collection of over 90 legislative tweaks.
It represents a fundamental paradigm shift.
We have moved from a single, brittle railroad track designed for a bygone era to a resilient, inclusive, and interconnected metropolitan transit system built for the complexities of modern life.
This new system offers more on-ramps for those previously left behind, express lanes for those needing to catch up, and crucial emergency exits for when life inevitably goes off script.
It recognizes that the journey doesn’t end at 65 and that financial wellness is not just about a single destination but about navigating the entire trip with security and confidence.
The future of retirement planning is no longer a passive ride.
The new system, with all its options and flexibility, demands engagement.
It empowers you, but it also asks more of you.
I urge you to take out your new transit map—review your plan documents, talk to your HR department, and consult with a financial advisor.
Understand the new routes available to you.
Are you eligible for the student loan match? Can you take advantage of the higher catch-up limits? Does your employer offer an emergency savings account?
The tools are now in your hands.
The tracks have been laid for a more secure and adaptable journey.
It is time to learn the new system, choose your route, and confidently navigate your way to a dignified retirement.
Works cited
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- SECURE 2.0 Act Summary: New Retirement Savings Changes to Know – Kiplinger, accessed on August 7, 2025, https://www.kiplinger.com/retirement/bipartisan-retirement-savings-package-in-massive-budget-bill
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- New Insights on SECURE 2.0: Charting the Path for Retirement Policy Opportunities, accessed on August 7, 2025, https://www.youtube.com/watch?v=gNv74goyRYw
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