SSIS Error: Failed to decrypt protected XML node

I am taking over the development of an SSIS package and the original author is no longer around. I need to make some edits to the package, but I get some errors:

Error loading Package.dtsx: Failed to decrypt protected XML node "DTS:Property" with error 0x8009000B "Key not valid for use in specified state.". You may not be authorized to access this information. This error occurs when there is a cryptographic error. Verify that the correct key is available.

Upon some pages in the interwebs, I found that you can change the ProtectionLevel property to 'Don't Save Sensitive'. According to MS documentation, it just doesn't save the sensitive info. From looking at the package code, the error is throwing because of one of the HTTPConnection stores a password.

DTS:ServerURL="https://servicewebaddress/ExportService.asmx">
        <DTS:Property
          DTS:Name="ServerPassword"
          Sensitive="1"
          Encrypted="1">sdfsdfsdf</DTS:Property>
        <DTS:Property
          DTS:Name="ProxyPassword"
          Sensitive="1"
          Encrypted="1">kldkjlkjlkjl</DTS:Property>
      </DTS:HttpConnection>

What are my options? If I change ProtectionLevel property to 'Don't Save Sensitive', what would I need? What is ServerPassword/ProxyPassword? Can someone explain what those properties mean?

UPDATE: I am running Integration Services 11 on the server I am running. I will deploy by package.

You need to refresh the Package Encryption by doing the following:

1. Change the ProtectionLevel property of the offending package to 'Don't Save Sensitive'.
2. Save & Close the Package.
3. Reopen the package and verify that the error has disappeared.
4. Now restore the package ProtectionLevel property to 'EncryptSensitiveWithUserKey'. (This will restore the encryption of the sensitive data using your User Key).
5. Repeat Steps 2 and 3.