[Local-Gov-News] Local Government Investment Pool Update

[OST NEWSLISTS]

Treasury experienced technical issues with the Local Government Investment Pool (LGIP) Voice Response System (VRS) yesterday afternoon that extended into this morning.  The VRS was brought back up for a couple of hours this morning, and then taken down again at approximately 10:00 a.m. due to ongoing concerns.

All transactions called into the VRS this morning have been captured and will be processed today.

Due to the unresolved technical issues, however, the VRS will remain unavailable for the immediate future.  Treasury will continue to evaluate the situation and communicate any ongoing status changes as new information becomes available.

In the meantime, the VRS line is now being answered directly by Treasury staff who can assist with initiating transactions that LGIP participants might otherwise have accomplished through the VRS.  Some important changes in process apply:


*         Importantly, Treasury staff will be available at our customer service line of 1-800-452-0345 or VRS line of 1-877-888-1767 to accept ACH and Wire pool transfer requests from 8:00 a.m. to noon and 1:00 p.m. to5:00 p.m., Monday through Friday (excluding pool holidays).
Phone messages left on the LGIP customer service line outside these transaction processing timelines will be returned as soon as feasible.  Please do not leave transfer instructions in a voicemail.


*         The following revised cutoff times apply:

o   Wire withdrawals for same-day settlement not to exceed $1.5 million will be accepted each pool business day from 8:00 a.m. to 10:00 a.m.

o   ACH Withdrawal or Deposit for next business day settlement will be accepted each pool business day from 8:00 a.m. to noon.

o   ACH Withdrawal or Deposit for 2nd business day settlement will be accepted each pool business day from 1:00 p.m. to 5:00 p.m.



*         The process for requesting pool to pool transfers between your own pool accounts normally done via the VRS is being modified while the VRS system is unavailable.  Please either fax your pool to pool transfer request to 503-373-1179 or e-mail it to lgip at ost.state.or.us<mailto:lgip at ost.state.or.us> making sure to include the sending pool account number, receiving pool account number, and dollar amount of the transfer.
Please note that no limitation on the number of withdrawal or deposit transactions is being implemented at this time.  Treasury reserves the right to revisit this decision if call volume into our customer service line warrants it.

We apologize for any inconvenience that this action causes you.  Please contact us at 1-800-452-0345 if you have any questions.





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