July 14, 2009

            General Board Meeting called to order at 3:30 p.m. by President Mr. Meyer.  Present were Directors Mr. Meyer, Mr. Bettag and Mr. Schloss, Chief Svetanics and Ms. Vincent.  Also present were representatives of Principal Financial Group, Elmer Rosenthal and Matt Muccigrosso, and present for the Retirement Committee representing Local #2677 were Captain Bertelsmeier, Captain Jegel and Lt. Michalski.

            Motion to commence to closed session under RSMo. 610.021(9) by Mr. Bettag, 2^nd by Mr. Schloss, roll call vote Mr. Meyer aye, Mr. Bettag aye, Mr. Schloss aye.

Motion by Mr. Schloss to accept the agenda as presented, 2^nd by Mr. Bettag, roll call vote Mr. Meyer aye, Mr. Bettag aye, Mr. Schloss aye.

            The purpose of meeting was conference with Principal Representatives to discuss summary of investment options.  As of August 1, 2009, they will be closing certain investments and offering new ones, along with a list of options we should keep.  Mr. Muccigrosso conveyed Principal’s recommendation for a balanced mix of investments and the performance of different options in the value, blend and growth categories for Lemay Fire Protection District’s pension plan.  Mr. Muccigrosso reported on all present options, the removal of several and development of new funds.  Mr. Muccigrosso also discussed risk profiles and answered questions concerning fees for changing options. 

Local #2677 Retirement Committee, in executing fiduciary responsibility and in accordance with due diligence, agreed to go along with the recommendations proposed by Mr. Muccigrosso.

Mr. Rosenthal asked the Board of Directors and the Retirement Committee if they would authorize Matt Muccigrosso to be recognized as a co-broker along with himself in representing Principal Financial Group.

Motion by Mr. Schloss to authorize Matt Muccigrosso to be recognized as a co-broker with Elmer Rosenthal in representing Principal Financial which concurs in full with the Retirement Committee, 2^nd by Mr. Bettag, roll call vote Mr. Meyer aye, Mr. Bettag aye, Mr. Schloss aye.

Board Meeting

July 14, 2009

Page 2

Mr. Rosenthal and Mr. Muccigrosso, and Captains Bertelsmeier, Jegel and Lt. Michalski left meeting at 4:00 p.m.

            Motion by Mr. Bettag to adjourn closed executive meeting at 4:05 p.m., 2^nd by Mr. Schloss, roll call vote Mr. Meyer aye, Mr. Bettag aye, Mr. Schloss aye. 

                                                                                    Respectfully submitted,

                                                                                    Jerry G. Schloss, Secretary

JGS/pgv