CHICAGO, Illinois (May 20, 2013) - The Legionnaire Insurance Trust (LIT) held its forty-eighth (48) annual meeting of the Board of Directors in New Orleans on April 16,2013. Forty-eight of the forty-nine American Legion Departments that comprise the LIT were represented at the meeting.
The meeting was presided over by Frank Barrett of Maryland, the newly elected Chairman; Leo Malloy of Massachusetts was elected Vice-Chair and George Koutras of D.C. was elected Secretary. Chuck Yunker of Kansas and Braxton Bridgers of Alabama were named to serve on the Executive Committee. Chairman Barrett dedicated the meeting in honor of the founding Chairman, John J. “Jack” Flynn of California, who transferred to the “Post Everlasting” in February 2013.
The Board meets annually to review the affairs of the LIT including: the financial status of the LIT, approve the allocations/fees distribution formula ($4,495,149.00 were paid-out to the Departments at the meeting bringing the total pay-out since the inception of the LIT to $69,031,499.00), get an update on the programs and services, receive the Agent/Administrator’s report, and set the future direction of the Trust.
A special part of the meeting was the inaugural presentation of the John J. “Jack” Flynn Trophy to the Department of Montana – Gary White, Trust Director, and PNVC Merv Gunderson representing. This trophy is “awarded annually to the LIT Department that excelled in promoting the programs and services of the Legionnaire Insurance Trust in the prior year”.
The Board will meet again during The American Legion’s National Convention in Houston, Texas.
The Legionnaire Insurance Trust was formed in 1966 with the expressed purpose: “to provide Legionnaires with the most advanced and least expensive form of insurance to protect themselves and their families while providing American Legion Departments with a reliable source of revenue”. Proceeds from the LIT are generally ear-marked to support Department VA&R and other related activities.