Key with huge ttl gets deleted immediately after creation

Seeing this in 3.0 and 3.0.2.

I did 'set' on a key with different ttls. I did getMeta() on the same key in a fraction of seconds immediately after the 'set'. This is what I observed:

#ttl=300000
memc_client.set('pymc1098', exp=300000, flags=0, val="dummy val")
memc_client.getMeta('pymc1098') returns

{'deleted': 0, 'seqno': 1, 'cas': 1417045652188427002, 'flags': 0, 'expiration': 1417345651}

#ttl=3000000
memc_client.set('pymc1098', exp=3000000, flags=0, val="dummy val")
memc_client.getMeta('pymc1098') returns

{'deleted': 1, 'seqno': 2, 'cas': 1417046333163110005, 'flags': 0, 'expiration': 1417046332}

Pls note that deleted flag has been set and as a a result, Memcached returns "not found". Also seqno is 2 indicating the deletion.

[root@centos-64-x64 bin]# ./cbstats localhost:11210 key pymc1098 0
Memcached error #1: Not found

#ttl=30000000
memc_client.set('pymc1098', exp=30000000, flags=0, val="dummy val")
memc_client.getMeta('pymc1098') returns

{'deleted': 1, 'seqno': 2, 'cas': 1417046498600061006, 'flags': 0, 'expiration': 1417046497}

Same as above, key gets deleted

#ttl=300000000
memc_client.set('pymc1098', exp=300000000, flags=0, val="dummy val")
memc_client.getMeta('pymc1098') returns

{'deleted': 1, 'seqno': 2, 'cas': 1417046045117933004, 'flags': 0, 'expiration': 1417046043}

#ttl=3000000000
memc_client.set('pymc1098', exp=3000000000, flags=0, val="dummy val")
memc_client.getMeta('pymc1098') returns

{'deleted': 0, 'seqno': 1, 'cas': 1417046941842247006, 'flags': 0, 'expiration': 3000000000}

Pls see that last case is the expected behavior. And expiration is same as ttl.

Given the nature of this bug, it should be a blocker but since this always existed, I'm raising this as a critical issue.