[Local-Gov-News] Oregon State Treasury | Service Alert

[OST NEWSLISTS]

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Certain LGIP Transactions Delayed
U.S. Bank and PFMAM have confirmed the following delays impacting the Local Government Investment Pool:

Redemptions
Certain ACH redemptions out of the pool scheduled to settle today were credited to external bank accounts later than typical while others will not be credited to external bank accounts until tomorrow. Participants should monitor their external bank accounts tomorrow to confirm receipt of both delayed redemptions and any other redemptions scheduled to settle tomorrow. Participants that incur any financial penalties due to this delay are asked to contact PFMAM Client Services at csgmww at pfmam.com<mailto:csgmww at pfmam.com> or 855.OST.LGIP.

Purchases
Certain ACH purchases into the pool scheduled to settle today were debited from external bank accounts later than typical while others will not be debited from external bank accounts until tomorrow. Participants should keep moneys related to delayed purchases available in external bank accounts. Despite this delay in the movement of moneys, these purchases are currently reflected in pool account balances, are earning dividends, and are available for transfer/redemption.

Transfers
Transfers, including participant-to-participant transfers, scheduled to settle today were not impacted by today's processing delays.

We regret these delays and are working closely with U.S. Bank and PFMAM to review processes and controls. We take seriously the trust you place in us and our partners each and every day, and we are committed to ensuring that necessary actions are taken to avoid these types of delays going forward.
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867 Hawthorne Ave SE
Salem, OR 97301-5241

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