A pension is a fund in which a sum of money is added during the employee's employment, and from a withdrawn payment to support a person's pension from work in the form of a periodic payment. Retirement can be a "defined benefit plan" in which the fixed amount is paid periodically to a person, or "defined contribution program", in which the amount is fixed invested and then available at retirement age. Retirement should not be confused with severance pay; the first is usually paid with a regular installment for life after retirement, while the latter is usually paid as a fixed amount after the forced termination of employment before retirement.
The terms "pension plans" and "pension funds" tend to refer to pensions granted after retirement from individuals. Retirement plans may be established by companies, insurance companies, governments or other institutions such as employers' associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and pension plans (or super ) in Australia and New Zealand. Retirement pensions are usually in the form of a lifetime annuity guarantee, thus ensuring against the risk of longevity.
Pensions made by employers for employee benefit are usually referred to as employment pensions or employers. Unions, governments, or other organizations may also finance retirement. Employment pensions are a form of deferred compensation, usually beneficial to employees and employers for tax reasons. Many pensions also contain additional aspects of insurance, as they will often pay benefits for survivors or disabled beneficiaries. Other vehicles (certain lottery payouts, for example, or annuities) can provide a similar payment stream.
The general use of the term pension is to describe the payments a person receives at retirement, usually under a predefined law or contract. Pension earners are known as retired or pensioners .
Video Pension
Type of retirement
Employment-based retirement
Retirement plans are arrangements to give people an income while retiring when they no longer earn a steady income from work. Often retirement plans require employers and employees to donate money to a fund during their work to receive the benefits set at retirement. It is a tax deferred savings vehicle that allows the accumulation of tax-free funds for later use as a retirement income. Funding can be provided in other ways, such as from unions, government agencies, or self-funded schemes. Therefore, the pension plan is a form of "deferred compensation". SSAS is a type of UK-based Retirement.
Some countries also give retirement to military veterans. Military pensions are overseen by the government; an example of a standing institution is the United States Department of Veterans Affairs. Ad hoc committees can also be set up to investigate certain tasks, such as the US Commission on Veterans Retirement (commonly known as "Bradley Commission") in 1955-56. Retirement may extend the life of the veteran himself, continue to be paid to the widow; see, for example, the case of Esther Sumner Damon, who was the last surviving widow of the American Revolutionary War to his death in 1906.
In early 2017, the Wall Street Journal reported that the percentage of private-sector US servicemen with traditional pensions is 13%, down from 38% in 1979.
Social and state pensions
Many countries have created funds for their citizens and residents to provide income when they retire (or in some cases become disabled). Usually this requires payment throughout the working life of citizens to be eligible for future benefits. Basic state pension is a "contribution-based" benefit, and depends on the individual's contribution history. For example, see National Insurance in the UK, or Social Security in the United States.
Many countries have also placed "social pensions". This is a tax-deductible non-contribution cash transfer paid to an older person. More than 80 countries have social pensions. Some are universal benefits, given to all older people regardless of income, assets or job records. Examples of universal pensions include New Zealand Superannuation and Retirement Pension Fundamentals of Mauritius. Most social pensions, however, have been tested, such as Supplementary Security Income in the United States or "parental grants" in South Africa.
Disabled pension
Some retirement plans will provide for members if they experience disabilities. This may be the initial entry into the pension plan for a disabled member under the normal retirement age.
Maps Pension
Benefits
Retirement plans can be classified as defined benefit (i) defined benefits or defined contributions according to how benefits are determined. Benefit plans guarantee certain payments on retirement, in accordance with a fixed formula that usually depends on the member's salary and the number of year membership in the plan. The contribution plan will definitely provide payouts on pensions that depend on the amount of money donated and the performance of the investment vehicle used. Therefore, with defined contribution plans, the risks and responsibilities lie with the employee that funding will be sufficient through retirement, whereas with a defined benefit plan the risks and responsibilities lie with the employer or the plan manager.
Some types of retirement plans, such as cash balance plan, incorporate features of defined benefits and defined contribution plans. They are often referred to as hybrid plans. The design of such a plan has become increasingly popular in the US since the 1990s. Examples include the Cash and Retirement Equity plans.
The specified benefit package
The traditional defined benefit plan (DB) is a plan in which the benefits of a pension are determined by the established formula, rather than depending on the investment return. Government pensions such as Social Security in the United States are a type of defined benefit retirement plan. Traditionally, benefits plans established for entrepreneurs have been managed by institutions that exist specifically for that purpose, by large corporations, or, for government workers, by the government itself. The traditional form of a defined benefit plan is the final salary plan, in which the paid pension is equal to the number of years worked, multiplied by the salary of the member at retirement, multiplied by a factor known as the accrual rate . The accrued final amount is available as monthly pension or amount at a time, but usually every month.
Benefits in a defined benefit pension plan are determined by a formula that can combine employee salaries, service years, retirement age, and other factors. A simple example is the draft of the Time Dollar Service that provides a certain amount per month based on the time employees work for the company. For example, a plan that offers $ 100 per month per year of service will give $ 3,000 per month to a retiree with 30 years of service. Although this type of plan is popular among workers who are unionized, Final Average Pay (FAP) remains the most common type of defined benefit offered in the United States. In the FAP plan, the average salary during the last years of an employee's career determines the amount of benefits.
The average salary for several years means that the calculation is a different dollar average. For example, if salaries are averaged over five years, and retired in 2009, then salaries in 2004 dollars are averaged at salaries in 2005 dollars, etc., with the 2004 dollar being worth more than the dollars in the following years. The pension is then paid out in the first year of the pension, in this example the dollar of 2009, with the lowest value of every dollar in the calculation. So inflation in average wage years has a big impact on purchasing power and costs, both of which are subtracted equally by inflation
This inflation effect can be eliminated by converting salaries in the first year to year average of retirement, and then on average.
In the US, 26 USCÃ,§ 414 (j) establishes a defined benefit plan for any pension plan that is not a defined contribution plan (see below) where a defined contribution program is any plan with an individual account. A traditional retirement plan that defines benefits for an employee on an employee's retirement is a defined benefit plan. In the US, corporate defined benefit plans, together with other types of defined benefit plans, are governed by the 1974 Employee Retirement Employment Act (ERISA).
In the UK, the benefits are usually indexed for inflation (known as the Retail Price Index (RPI)) as required by law for a registered pension plan. Inflation during employee retirement affects the pension's purchasing power; The higher the rate of inflation, the lower annual fixed pension spending. This effect can be reduced by providing an annual increase for pensions at the inflation rate (usually restricted, for example at 5% in a given year). This method is profitable for employees because it stabilizes the retirement purchasing power to some extent.
If the pension plan allows for early retirement, payments are often reduced to recognize that the pensioners will receive payments for longer periods of time. In the United States, under the 1974 Employee Retirement Income Law, any reduction factor that is less than or equal to the actuary retirement factor is acceptable.
Many DB plans include early retirement provisions to encourage employees to retire early, before reaching the normal retirement age (usually age 65). Companies prefer to hire younger employees at lower wages. Some of these provisions come in the form of additional temporary or additional benefits , paid at a certain age, usually before reaching the normal retirement age.
Funding
The defined benefit plan can be either funded or not funded .
In defined benefit pension unfounded , no assets are set aside and benefits are paid by employers or other pension sponsors when and when they are paid. The state-provided pension arrangements in most countries of the world are not funded, with benefits paid directly from current employee contributions and taxes. This method of financing is known as pay-as-you-go . The social security system in many European countries is not funded, has benefits paid directly from the current tax and social security contributions, although some countries have partially funded hybrid systems. Spain established the Social Security Reserve Fund and France established the Pension Fund Reserves; in Canada a wage-based pension scheme (CPP) is partially funded, with assets managed by the CPP Investment Board while the US Social Security system is partly funded by investments in US Treasury Bonds.
In the funded plan , contributions from employers, and sometimes also from members of the plan, are invested in funds to meet the benefits. All plans must be funded in several ways, even if they are pay-as-you-go, so this type of plan is more accurately known as pre-funding . Future investment gains, and future benefits to be paid, are not known beforehand, so there is no guarantee that the level of contribution given will be sufficient to meet the benefits. Typically, the contribution to be paid on a regular basis is reviewed in the assessment of the program's assets and liabilities, performed by an actuary to ensure that the pension fund will meet future payment obligations. This means that in defined benefit pensions, investment risks and investment returns are usually assumed by the sponsor/employer and not by the individual. If a plan is not funded properly, the plan sponsors may not have the financial resources to continue funding the plan.
Criticism
The design of a traditionally defined benefit plan (due to their average accrual rate and decreasing time for interest discounts due to people getting closer to retirement age) tends to show a J-shaped accrual pattern of benefits, where the present value of benefits grows quite slowly early in an employee's career and accelerate significantly in mid-career: in other words it costs more to fund retirement for older employees than younger ("age-biased"). The defined benefit pension tends to be less portable than the defined contribution plan, even if the plan allows cash benefits at once at the time of termination. Most plans, however, pay their allowances as annuities, so retirees do not bear the risk of low return on investment on contributions or living out of their retirement income. The open nature of these risks to employers is the reason given by many entrepreneurs to shift from a definite benefit to a defined contribution plan over the past few years. Risks to the employer can sometimes be reduced by the free elements in the structure of benefits, for example in the rate of increase awarded to the accrued pension, both before and after retirement.
Age bias, reduced portability, and open risks make the benefit plan surely more appropriate for large employers with less mobile workers, such as the public sector (which has open support from taxpayers). This coupled with a lack of foresight on the part of employers means that most of the workforce is kept in the dark over future investment schemes.
The defined benefit plans are sometimes criticized as paternalistic because they enable employers or plan guardians to make decisions about the type of benefits and family structure and lifestyle of their employees. But they are usually more valuable than the contribution plans set out in most circumstances and for the majority of employees (especially since employers tend to pay higher contributions than under defined contribution plans), so such criticism is rarely harsh.
The "cost" of a defined benefit plan is not easy to calculate, and requires an actuary or actuarial software. Nevertheless, even with the best equipment, the allowance program fee will always be an estimate based on economic and financial assumptions. These assumptions include the average retirement age and lifetime of employees, returns earned by pension plan investments and additional taxes or levies, as required by the Corporate Guarantee Retirement Benefits in the US So, for this arrangement, the benefits are relatively safe but the contribution is uncertain even when estimated by a professional. It has serious cost considerations and risks for employers offering retirement plans.
One of the growing concerns with a definite benefit plan is that the future liability rate will exceed the value of the assets held by the plan. This underfunding dilemma can be faced by all types of defined, personal or public benefit plans, but most acutely in other government and public plans where less stringent political pressure and accounting standards can result in excessive commitment to employees and retirees, but the contribution which is not adequate. Many states and municipalities across the United States and Canada are now facing a chronic pension crisis.
Example
Many countries offer state-sponsored retirement benefits, beyond those provided by employers, funded by salaries or other taxes. In the United States, the Social Security system is similar in function to a defined benefit pension plan, although it is built differently from the pensions offered by private companies; however, Social Security is different because there is no legally guaranteed benefit level derived from the amount paid into the program.
Individuals who have worked in the UK and have paid a certain rate of national insurance deductions can expect income from state pension schemes after their normal retirement. The state pension is currently divided into two parts: basic state pension, Second State [rate] Pension scheme called S2P. Individuals will be eligible for basic state pensions if they have completed enough year contributions to their national insurance records. The S2P pension scheme is related to earnings and depends on income each year as to how much a person can receive. It is possible for someone to cancel the S2P payment from the state, in lieu of payments made to the appropriate pension scheme of their choice, during their employment. For more details see the UK pension provisions.
The set contribution package
In the defined contribution plan, contributions are paid to individual accounts for each member. Contributions invested, eg on the stock market, and return on investment (which may be positive or negative) are credited to individual accounts. At retirement, member accounts are used to provide retirement benefits, sometimes through the purchase of an annuity which then provides a regular income. The defined contribution plans have been widespread throughout the world in recent years, and are now the dominant form of planning in the private sector in many countries. For example, the number of defined benefit programs in the US has steadily declined, as more companies see pension contributions as a substantial cost that can be avoided by dissolving defined benefit programs and instead offering defined contribution programs.
Donations may come from employee salary delays or from employer contributions. The portability of legal defined pension contributions is no different from the portability of the defined benefit program. However, due to the administrative costs and the ease of determining the sponsorship obligations plan for a defined contribution program (you do not have to pay an actuary to calculate an amount equivalent to the one you did for a defined benefit plan) in practice, defined contribution programs have become generally portable.
In the defined contribution plan, investment risk and investment rewards are assumed by each individual/employee/retired person and not by the sponsor/employer, and this risk may be substantial. In addition, participants do not need to buy old-age benefits with their savings after retirement, and assume the risk of losing their assets. (In the UK, for example, it is a legal requirement to use most of the funds to buy an annuity.)
The "cost" of a contributory program is definitely ready to be calculated, but the benefits of a defined contribution program depend on the account balance when the employee is looking to use the asset. Thus, for this arrangement, the contribution is known but the benefits are unknown (up to count).
Despite the fact that participants in defined contribution plans usually have control over investment decisions, the sponsorship plan maintains significant fiduciary responsibility levels on the asset investment of the program, including selection of investment options and administration providers.
The defined contribution plan usually involves a number of service providers, including in many cases:
- Trustee
- Custodian
- Administrators
- Recorder
- Auditor
- Legal counsel
Example
In the United States, the legal definition of a defined contribution plan is a plan that provides individual accounts for each participant, and for benefits only based on the amounts contributed to the account, plus or minus the revenue, profits, expenses and losses allocated to the account (see < span> 26 USCÃ,§ 414 (i) ). Examples of contribution plans specified in the United States include individual retirement accounts (IRAs) and 401 (k) plans. In the plan, employees are responsible, at one level or another, to select the type of investment that is the source of funds in the pension plan. This can range from choosing one of a small number of defined mutual funds to select individual stocks or other securities. Most self-directed pension plans are characterized by certain tax advantages, and some provide some of the employee's contribution to being matched by the employer. Instead, the funds in the plan can not be withdrawn by investors before reaching a certain age - usually an employee year of 59.5 years - (with a few exceptions) without causing a large penalty.
In the US, the defined contribution plan is subject to IRS limits how much it can contribute, known as section 415. In 2009, the total number of suspensions, including employee contributions plus the employer's contribution, is limited to $ 49,000 or 100% compensation, whichever which is less. The only employee limit in 2009 was $ 16,500 with $ 5,500 chase. These numbers usually increase each year and are indexed to offset the effects of inflation. For 2015, the limit is raised to $ 53,000 and $ 18,000, respectively.
Examples of defined contribution pension schemes in other countries are the UK's personal pensions and the proposed National Employment Savings Trust (NEST), the German Riester plan, the Australian Superannuation system and the New Zealand KiwiSaver scheme. Individual retirement savings plans also exist in Austria, Czech Republic, Denmark, Greece, Finland, Ireland, the Netherlands, Slovenia and Spain
Package balance and cash balance
The hybrid design plan incorporates definite benefit features and design of defined contribution plans.
The cash balance plan is a defined benefit plan that is made as if a defined contribution plan. They have a notional balance in a hypothetical account in which, typically, each year the plan administrator will donate the same amount with a certain percentage of the salary of each participant; a second contribution, called interest credit , is also made. This is not a real contribution and further discussion beyond the scope of this entry is enough to say that there is currently a lot of controversy. In general, they are usually treated as defined benefit plans for tax, accounting and regulatory purposes. As with any defined benefit plan, the investment risk in hybrid design is largely borne by the plan's sponsors. As well as the design of the defined contribution, the plan benefits are expressed in terms of account balances , and are usually paid as cash balances upon termination of employment. These features make it more portable than traditional allowance plans and may be more appealing to a higher workforce.
The target benefit plan is a defined contribution plan to match (or resemble) the defined benefit plan.
Compare the types of pension plans
Supporters of contributing plans inevitably show that every employee has the ability to tailor the investment portfolio to the individual's needs and financial situation, including the choice of how much to donate, if anything. Others, however, claim that this tangible benefit may also deter some workers who may not have the financial savvy to choose the right investment vehicle or have the discipline to voluntarily donate money to a retirement account. This debate parallels the ongoing discussions in the US, where many Republican leaders support the transformation of the Social Security system, at least in part, into independent investment plans.
Financing
Retirement contributions are defined, by definition, funded, as "guarantees" made to employees is that defined (defined) contributions will be made during an individual's working life.
There are many ways to finance retirement and saving for retirement. Retirement plans may be regulated by the company, matching monetary contributions every month, by the state or privately through pension schemes with financial institutions, such as banks or brokerage firms. Retirement plans often come with tax relief depending on the country and type of plan.
For example, Canadians have the option to open a Registered Retirement Pension Plan (RRSP), as well as various employee and state pension programs. This package allows contributions to this account to be marked as non taxable income and still not taxable until withdrawal. Most state governments will provide advice on pension schemes.
History
The widow fund was among the first established pension type arrangements, for example Duke Ernest Pious of Gotha in Germany, establishing a widow's fund for clergy in 1645 and another for teachers in 1662. ' was established throughout Europe at about the beginning of the eighteenth century, some based on other single premiums based on annual premiums that were distributed as benefits in the same year. '
German
As part of the social laws of Otto von Bismarck, Old Age Insurance and Disability Insurance in 1889. The Old Age Pension Program, financed by taxes on workers, was originally designed to provide retirement annuities for workers who reached the age of 70, to 65 years in 1916. It is sometimes claimed that at that time the average life expectancy of Prussia was 45 years; in fact, this figure ignores the very high infant mortality rate and the high maternal mortality rate of childbirth in this era. In fact, adults who enter into insurance under the scheme will average live to 70 years, the figures used in the actuarial assumptions are included in the legislation.
ireland
There is a history of retirement in Ireland that can be traced back to the Brehon Law which imposes legal responsibility on family groups for the care of its elderly, blind, deaf, sick or mad members. For a discussion of pensions and early Irish law, see F Kelly, Guide to Irish Early Law (Dublin, Dublin Institute for Advanced Studies, 1988). In 2010, there were more than 76,291 pension schemes operating in Ireland.
Today the Republic of Ireland has a two-tiered approach to the provision of pensions or pension benefits. Firstly, there is a pension state social welfare pension, which promises a basic rate of retirement. This is a flat rate pension, funded by the national social insurance system and referred to as Pay Related Social Insurance or PRSI. Secondly, there are employment pension schemes and self-employment arrangements, which complement state pensions.
United Kingdom
Until the 20th century, poverty was seen as a quasi-criminal state, and this was reflected in the Vagabonds and Beggars Act 1495 that imprisoned beggars. During the Elizabethan and Victorian periods, poor English law represented a shift in which the poor were seen only morally degenerate, and were expected to do forced labor in homes.
The beginning of modern state pensions is the Old Age Pension Law 1908, which gives 5 shillings (Ã, Â £ 0.25) a week for those over the age of 70 which means the annual does not exceed Ã, Â £ 31.50. This coincides with the Royal Commission on Poor Law and Distress Relief 1905-09 and is the first step in liberal welfare reforms for the completion of the social security system, with unemployment and health insurance through the 1911 National Insurance Act.
After the Second World War, the 1946 National Insurance Act completed universal coverage of social security. The National Assistance Act of 1948 formally abolished the bad law, and gave a minimum income to those who did not pay for national insurance.
The early 1990s established the existing framework for state pensions in the 1992 Social Security Contribution and Benefit Act and the Superannuation and other Funds (Validation) Act 1992. Following the highly respected Goode Report, employment pensions are covered by comprehensive laws in The 1993 Pension Pension Scheme and the 1995 Pension Law.
In 2002 the Pension Commission was established as a cross-party body to review pensions in the UK. The first law to be followed is the 2004 Suspension Law which updates the regulation by replacing the OPRA with the Pension Regulator and loosening the minimum pension funding requirement for pensions, while ensuring protection for the bankrupt business. In a major renewal of the state pension, the 2007 Pension Law, which aligns and lifts the retirement age. Thereafter, the 2008 Suspension Law has governed automatic enrollment for employment pensions, and public rivals designed to be the manager of low-cost and efficient funds, called the National Employment Savings Trust (or "Nest").
United States
Public pensions begin with various 'promises', informal and legislative, created for veterans of the Revolutionary War and, more extensively, the Civil War. They expanded widely, and began to be offered by a number of state and local governments during the early Progressive Era in the late nineteenth century.
Federal civil pensions are offered under the Civil Servant Pension System (CSRS), formed in 1920. CSRS provides retirement, disability, and congratulatory benefits for most civil servants in the US Federal government, to the creation of new Federal agencies, Federal Employee Pension System (FERS ), in 1987.
Pension plans became popular in the United States during World War II, when frozen wages were prohibited from raising workers' salaries. A definite benefit plan was the most popular and common type of pension plan in the United States during the 1980s; Since then, the defined contribution plan has become a more common type of pension plan in the United States and many other western countries.
In April 2012, the Northern Mariana Islands Pension Fund filed for Chapter 11 bankruptcy protection. The pension fund is a defined-benefit type pension program and is only partially funded by the government, with only $ 268.4 million in assets and $ 911 million in liabilities. The plan underwent a low return on investment and an improved benefit structure without increasing funding. According to Retirement and Investment, this is "apparently the first" US public pension plan to declare bankruptcy.
Current Challenges
The challenge that developed for many countries is the aging population. When the birth rate decreases and life expectancy increases, the larger population portion is the elderly. This leaves fewer workers for everyone who retires. In many developed countries, this means that public and public sector pensions have the potential to become their economic hindrance unless the pension system is reformed or taxes raised. One method to reform the pension system is to increase retirement age. Two exceptions are Australia and Canada, where the pension system is expected to become a solvent for the foreseeable future. In Canada, for example, annual payments increased by about 70% in 1998 to achieve this. Both countries also have the advantage of their relative openness to immigration: immigrants tend to be of work age. However, their populations do not grow as fast as the US, which adds to high immigration rates with one of the highest births among Western countries. Thus, the population in the US does not age as far as in Europe, Australia, or Canada.
Another growing challenge is that recent state and business trends in the United States are deliberately under-funding their pension schemes to drive costs to the federal government. For example, in 2009, most states have unfunded pension liabilities in excess of all reported country debt. Bradley Belt, former executive director of the PBGC (Pension Benefit Guaranty Corporation, a federal agency that guarantees a private-sector benefit retirement plan in the event of bankruptcy), testified before the Congressional hearing in October 2004, "I am deeply concerned about the temptation, a growing trend, to use pension insurance funds as a means to get interest-free and risk-free loans to allow companies to restructure Unfortunately, the current calculations seem to be that shifting pension obligations to other premium payers or potential taxpayers is the least resistance path of the last road. "
Challenges are on the rise as a result of the post-2007 credit crisis. Total funding from 100 of the world's largest corporate pension plans fell $ 303bn in 2008, up from a $ 86bn surplus at the end of 2007 to a $ 217bn deficit by the end of 2008.
Examples of well-known pension systems by country
Some listed systems may also be considered social insurance.
- Argentina - AdministraciÃÆ'³n Nacional de la Seguridad Social
- Australia:
- Superannuation in Australia - Personal, and mandatory, personal pension contribution system.
- Social Security - Public pension
- Canada:
- Canadian Retirement Plan
- Old Age Security
- Quebec Retirement Plan
- Registered Retirement Pension Plan
- Saskatchewan Pension Plan
- Hong Kong - Mandatory Obligation
- Finland - KansanelÃÆ'¤kelaitos
- French:
- Retired in France
- Allocation de SolidaritÃÆ' Â © aux Personnes AgÃÆ'Â Â © es
- Pension Fund Reserves (France)
- India - India Employee Fund Provider Organization
- Japan - National Pension
- Malaysia - Employee Provisioning Fund
- Mexico - Mexico Retirement Plan
- The Netherlands - Algemene Ouderdomswet
- New Zealand
- New Zealand superannuation - public pension
- KiwiSaver - Personal voluntary retirement pension system
- Singapore - Central Provident Fund
- South Korea - National Pension Service
- Sweden - Social security in Sweden
- Swiss Pension System in Switzerland
- United Kingdom:
- UK retirement (generally)
- Self-invested private pension
- United States:
- public employee retirement
- Retirement Packages in the United States
- Social Security
- Vanuatu - Vanuatu National Provident Fund
See also
- elderly care
- Financial advisors and financial advisors are just-Fee
- Accounting generation
- Retirement leads the funding
- Pension model
- The pension crisis
- Public debt
- Retired
- Retirement age
- Retirement planning
- Social pension
Specific:
- The bankruptcy code
- Ham and Egg Movement, California's 1930s 40s pension proposal
- Individual Retirement Plan (IPP)
- Retirement Centers
- Provident Fund
- Roth 401 (k)
- University Superannuation Scheme
References
External links
- US Retirement
- UK State Pension
Source of the article : Wikipedia
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