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In 1961, the company changed its name to Automatic Data Processing, Inc. (ADP), and began using punched card machines, check printing machines, and mainframe computers. ADP went public in 1961 with 300 clients, 125 employees, and revenues of approximately US$400,000. [3] The company established a subsidiary in the United Kingdom in 1965.
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403 (b) In the United States, a 403 (b) plan is a U.S. tax -advantaged retirement savings plan available for public education organizations, some non-profit employers (only Internal Revenue Code 501 (c) (3) organizations), cooperative hospital service organizations, and self-employed ministers in the United States. [1]
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Perot was known to run the company in a militaristic fashion, built on loyalty and duty. [8] His best known venture with the company was in 1979, when he sent a private militia into Iran in the midst of the Iranian Revolution to rescue two of his employees who had been imprisoned. The episode inspired the 1983 novel, On Wings of Eagles. [6]