<PAGE>
                                                                    Exhibit 10.5

                              LIBERTY SAVINGS BANK
             RETIREMENT PLAN FOR NON-EMPLOYEE DIRECTORS, AS AMENDED

     The Board of Directors of Liberty Savings Bank has adopted this Retirement
Plan for Non-Employee Directors, effective upon completion of the Bank's mutual
holding company reorganization, subject to receipt of all required regulatory
approvals.

                                    ARTICLE I

                                   DEFINITIONS

     "Bank" shall mean Liberty Savings Bank.

     "Benefits" shall mean, collectively, the benefits payable under Articles
II, III and IV of the Plan.

     "Board" shall mean the Board of Directors of the Bank.

     "Change in Control" shall mean when a company or a person has acquired
Control of the Bank or its holding company, as defined in the regulations of the
Office of Thrift Supervision found at 12 C.F.R. 574, but shall not include
Control of the Bank by Liberty Savings Mutual Holding Company.

     "Company" shall mean Liberty Savings Mutual Holding Company.

     "Director" shall mean a member of the Board.

     "Disability" shall have the meaning set forth in, Section 22(e)(3) of the
Internal Revenue Code of 1986, as amended from time to time.

     "Effective Date" shall have the meaning set forth in Article XV.

     "Participant" means a Director who is a Director on the Effective Date and
who either (i) is not an employee of the Bank or of the Company on the Effective
Date, or (ii) is an employee of the Bank or of the Company on the Effective
Date, and continues to serve as a Director after terminating such employment.

     "Plan" shall mean this Liberty Savings Bank Retirement Plan for
Non-Employee Directors.

     "Surviving Spouse" means the husband or wife of a director at the time of
the Director's death, provided they are not then divorced or legally separated.

     "Vested Percentage" shall be determined based on the number of the
Participant's full years of service on the Board, whether before or after the
Effective Date, and shall be determined according to the following schedule:

<PAGE>

<TABLE>
<CAPTION>
Full Years of Service     Participant's
     On the Board       Vested Percentage
---------------------   -----------------
<S>                     <C>
     Less than 10                0%
     10 to 14                   25%
     15 to 19                   50%
     20 to 24                   75%
     25 or More                100%
</TABLE>

                                   ARTICLE II

                               RETIREMENT BENEFITS

     In the event that a Participant's service on the Board terminates for any
reason other than his death or his Disability, the Bank shall pay the
Participant an annual payment for ten years in an amount per year equal to the
product of his Vested Percentage, and $8,000; provided, however, that a
Participant shall not be entitled to such retirement benefits if his service on
the Board terminates for any reason other than death or disability during the
two year period commencing on August 23, 1993 (the date of consummation of the
Bank's mutual holding company reorganization) and ending on August 22, 1995. The
payments due under this Article shall begin on the first day of the second month
following the date of the Participant's termination of service on the Board, and
shall thereafter be made on the annual anniversary dates of such first payment
date. Except as provided in Article IV, no Benefits shall be payable hereunder
after the death of the Participant.

                                   ARTICLE III

                               DISABILITY BENEFITS

     In the event that a Participant's service on the Board terminates due to
his Disability, the Bank shall pay the Participant an annual payment for ten
years in an amount equal to $8,000. The payments due under this Article shall
begin on the first day of the second month following the date of the
Participant's termination of service, and shall thereafter be made on the annual
anniversary dates of such first payment date. Except as provided in Article IV,
no benefits shall be payable hereunder after the death of the Executive.

                                   ARTICLE IV

                                 DEATH BENEFITS

     In the event that a Participant dies before collecting any of the Benefits
provided under Article II or III, the Bank shall pay to the Participant's
Surviving Spouse (if any) the monthly amounts otherwise payable under Article II
or III, with such payments being made as though the Participant had both
terminated service on the Board on the date of his death, then had a Vested
Percentage equal to 100%, and survived to collect all Benefits payable under
Article II or III. On the other hand, in the event that a Participant dies after
commencing to receive the Benefits

<PAGE>

provided under Article II or III, the Bank shall pay to the Participant's
Surviving Spouse (if any) the monthly payment then being made to the participant
with the period for such payments being determined as though the Participant had
survived to collect all Benefits payable under Article II or III. In either
event, such payment of benefits shall commence on the first day of the second
month following the date of the Participant's death, and shall thereafter be
made on the first day of each month thereafter, until the period for making
payments shall have expired. In no event shall the period for making payments
exceed a total of ten years, including payments made to the Participant and the
Participant's Surviving Spouse. No Benefits shall be payable hereunder to anyone
other than a Surviving Spouse, and shall terminate on the death of a Surviving
Spouse.

                                    ARTICLE V

                               SOURCE OF BENEFITS

     Benefits shall constitute an unfunded, unsecured promise by the Bank to
provide such payments in the future, as and to the extent such Benefits become
payable. Benefits shall be paid from the general assets of the Bank, and no
person shall, by virtue of this Plan, have any interest in such assets (other
than as an unsecured creditor of the Bank). In the event that a trust is
established as described herein at Article VIII, the trustee of such trust shall
inform the Board annually prior to the commencement of each fiscal year as to
the manner in which such trust assets shall be invested.

                                   ARTICLE VI

                                   ASSIGNMENT

     Except as otherwise provided by this Plan, it is agreed that neither the
Participant nor his Surviving Spouse nor any other person or persons shall have
any right to commute, sell, assign, transfer, encumber and pledge or otherwise
convey the right to receive any Benefits hereunder, which Benefits and the
rights thereto are expressly declared to be nonassignable and nontransferable.

                                   ARTICLE VII

                            NO RETENTION OF SERVICES

     The Benefits payable under this Plan shall be independent of, and in
addition to, any other compensation payable by the Bank to a Participant,
whether fees, bonus, retirement income under employee benefit plans sponsored or
maintained by the Company or the Bank, or otherwise. This Plan shall not be
deemed to constitute a contract of employment between the Bank and any
Participant.

<PAGE>

                                  ARTICLE VIII

                               RIGHTS OF DIRECTORS

     The rights of the Directors under this Plan and of their Surviving Spouse
(if any) shall be solely those of unsecured creditors of the Bank. In the event
that the Bank shall establish an irrevocable trust to be attached as Schedule A
hereto ("Trust Plan"), such assets of the Bank may be held by such trust
pursuant to such Trust Plan, subject to claims by general creditors of the Bank
by appropriate judicial action as provided by such Trust Plan.

                                   ARTICLE IX

                   AUTOMATIC CASH-OUT UPON A CHANGE IN CONTROL

     The provisions of this Article shall supersede any provisions of this Plan
to the contrary. In the event of a Change in Control while a Participant is
serving on the Board, the Participant's Vested Percentage shall become 100%, and
the present value of his Benefits shall be due and payable to the Participant
(or his Surviving Spouse (if any), in the event of his death) in one lump-sum
payment within 10 days following such Change in Control. In the event of a
Change in Control after a Participant terminates service on the Board, the
present value of any Benefits not yet paid to the Participant (or his Surviving
Spouse (if any), in the event of his death) shall be due and payable to the
Participant (or his Surviving Spouse (if any), in the event of his death) in one
lump-sum payment within 10 days following such Change in Control.

                                    ARTICLE X

                                 REORGANIZATION

     The Bank agrees that it will not merge or consolidate with any other
corporation or organization, or permit its business activities to be taken over
by any other organization, unless and until the succeeding or continuing
corporation or other organization shall expressly assume the rights and
obligations of the Bank herein set forth. The Bank further agrees that it will
not cease its business activities or terminate its existence, other than as
heretofore set forth in this paragraph, without having made adequate provision
for the fulfillment of its obligation hereunder.

                                   ARTICLE XI

                            AMENDMENT AND TERMINATION

     The Board may amend or terminate the Plan at any time, provided that no
such amendment or termination shall, without the written consent of an affected
Participant, alter or impair any rights of the Participant under the Plan.

<PAGE>

                                   ARTICLE XII

                                    STATE LAW

     This Plan shall be construed and governed in all respects under and by the
laws of the State of Missouri, except as Federal law may apply. If any provision
of this Plan shall be held by a court of competent jurisdiction to be invalid or
unenforceable, the remaining provisions hereof shall continue to be fully
effective.

                                  ARTICLE XIII

                   TERMINATION OR SUSPENSION UNDER FEDERAL LAW

     If the Participant is removed and/or permanently prohibited from
participating in the conduct of the Bank's affairs by an order issued under
Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12
U.S.C. 1818(e)(4) or (g)(1)), all obligations of the Bank under this Plan shall
terminate, as of the effective date of the order, but vested rights of the
parties shall not be affected.

     If the Bank is in default (as defined in Section 3(x)(1) of FDIA), all
obligations under this Plan shall terminate as of the date of default; however,
this Paragraph shall not affect the vested rights of the parties.

     All obligations under this Plan shall terminate, except to the extent that
continuation of this Plan is necessary for the continued operation of the Bank:
(i) by the Director of the Office of Thrift Supervision ("Director of OTS"), or
his or her designee, at the time that the Federal Deposit Insurance Corporation
("FDIC") or the Resolution Trust Corporation enters into an agreement to provide
assistance to or on behalf of the Bank under the authority contained in Section
13(c) of FDIA; or (ii) by the Director of the OTS, or his or her designee, at
the time that the Director of the OTS, or his or her designee approves a
supervisory merger to resolve problems related to operation of the Bank or when
the Bank is determined by the Director of the OTS to be in an unsafe or unsound
condition. Such action shall not affect any vested rights of the parties.

     If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C.
1818(e)(3) or (g)(1)) suspends and/or temporarily prohibits the Participant from
participating in the conduct of the Bank's affairs, the Bank's obligations under
this Plan shall be suspended as of the date of such service, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the Bank
may in its discretion (i) pay the Participant all or part of the compensation
withheld while its contract obligations were suspended, and (ii) reinstate (in
whole or in part) any of its obligations which were suspended.

<PAGE>

                                   ARTICLE XIV

                                    HEADINGS

     Headings and subheadings in this Plan are inserted for convenience and
reference only and constitute no part of this Plan.

                                   ARTICLE XV

                                     GENDER

     This Plan shall be construed, where required, so that the masculine gender
includes the feminine.

                                   ARTICLE XVI

                                 EFFECTIVE DATE

     The effective date of this Plan shall be the date of completion of the
Bank's mutual holding company reorganization, and this Plan shall be contingent
on such mutual holding company reorganization. Unless terminated earlier in
accordance with Article XI, this Plan shall remain in effect during the term of
service of the Participants and until all Benefits payable hereunder have been
made.

                                  ARTICLE XVII

                           INTERPRETATION OF THE PLAN

     The Board shall have sole and absolute discretion to administer, construe,
and interpret the Plan, and the decisions of the Board shall be conclusive and
binding on all affected parties (unless such decisions are arbitrary and
capricious).

                                  ARTICLE XVIII

                                   LEGAL FEES

     In the event any dispute shall arise between a Director and the Bank as to
the terms or interpretation of this Plan, whether instituted by formal legal
proceedings or otherwise, including any action taken by a Director to enforce
the terms of this Plan or in defending against any action taken by the Bank, the
Bank shall reimburse the Director for all costs and expenses, including
reasonable attorneys' fees, arising from such dispute, proceedings or actions;
provided that the Director has obtained a final judgment by a court of competent
jurisdiction (or a settlement of such dispute, proceedings, or actions)
substantially in his favor. Such reimbursements to a Director shall be paid
within 10 days of the later of the (i) judgement in his favor or settlement; and
(ii) the Director furnishing to the Bank written evidence, which may be in the
form, among other things, of a cancelled check or receipt, of any costs or
expenses incurred by the Director.
<PAGE>
                    [LIBERTY SAVINGS BANK, F.S.B. LETTERHEAD]

June 16, 2004

Robert T. Sevier
9410 Willow Road
Liberty, MO 64068

     Re: Retirement Benefits

Dear Robert:

     The purpose of this letter is to set forth our mutual understanding of the
non-stock related benefits that will be provided to you by Liberty Savings Bank,
F.S.B. (the "Bank") following your termination of Board service on account of
retirement or disability.

     As you know, the Bank adopted the Retirement Plan for Non-Employee
Directors (the "Retirement Plan") in connection with its mutual holding company
reorganization. The Retirement Plan provides for death, disability and
retirement benefits. The Retirement Plan provides participants with the
following retirement and disability benefits:

     A.   RETIREMENT BENEFIT A participant is entitled to an annual payment for
          ten (10) years in an amount per year equal to the participant's vested
          percentage and $8,000.

     B.   DISABILITY BENEFIT A participant is entitled to an annual payment for
          ten (10) years in an amount equal to $8,000 per year.

     The Retirement Plan further provides, in the event a participant dies
before collecting his retirement or disability benefit, the participant's
surviving spouse, if any, is entitled to the payments the participant would have
received had the participant terminated service on the date of his death with a
100% vested percentage.

     Pursuant to our discussions, the Bank is hereby offering you an alternative
benefit in lieu of the retirement, disability and death benefits provided under
Articles II, III and IV of the Retirement Plan. In exchange for forfeiting your
rights to these benefits under the Retirement Plan, the Bank will provide you
with an annual cash payment for ten (10) years in the amount of $15,000 per
year. In the event you die prior to commencing or receiving your annual payments
under this letter agreement, your surviving spouse (if any) will be entitled to
the payments you

<PAGE>

Robert T. Sevier
June 16, 2004
Page 2


would have received. Your participation in the Retirement Plan in all other
respects will be governed by the Retirement Plan as it might apply from time to
time.

     In addition to the annual cash payment provided herein, the Bank also
agrees to provide you and your spouse (if any) with post-retirement health
insurance coverage for a period of twenty (20) years following your termination
of Board service. In the event you die prior to receiving your health coverage
under this letter agreement, your surviving spouse (if any) will be entitled to
the coverage she would have received had you terminated service for retirement
or disability. Notwithstanding the foregoing, your Bank-provided health
insurance coverage shall not exceed $500 per month. This agreement regarding
health insurance coverage supersedes all other agreements (written or verbal)
that you may have with the Bank.

     If you are willing to accept the foregoing alternative benefits in lieu of
your current post-retirement health insurance coverage benefits and those
benefits provided under Articles II, III and IV of the Retirement Plan, please
acknowledge the same in the place provided below.

                                        Sincerely,


                                        /s/ Brent M. Giles
                                        ----------------------------------------
                                        Brent M. Giles
                                        Chief Executive Officer

Accepted and Agreed:


/s/ Robert T. Sevier
-------------------------------------

June 28, 2004


                                        2

<PAGE>

                    [LIBERTY SAVINGS BANK, F.S.B. LETTERHEAD]

June 16, 2004

Marvin Weishaar
638 North Fairview
Liberty, MO 64068

     Re: Retirement Benefits

Dear Marvin:

     The purpose of this letter is to set forth our mutual understanding of the
non-stock related benefits that will be provided to you by Liberty Savings Bank,
F.S.B. (the "Bank") following your termination of Board service on account of
retirement or disability.

     As you know, the Bank adopted the Retirement Plan for Non-Employee
Directors (the "Retirement Plan") in connection with its mutual holding company
reorganization. The Retirement Plan provides for death, disability and
retirement benefits. The Retirement Plan provides participants with the
following retirement and disability benefits:

     A.   RETIREMENT BENEFIT A participant is entitled to an annual payment for
          ten (10) years in an amount per year equal to the participant's vested
          percentage and $8,000.

     B.   DISABILITY BENEFIT A participant is entitled to an annual payment for
          ten (10) years in an amount equal to $8,000 per year.

     The Retirement Plan further provides, in the event a participant dies
before collecting his retirement or disability benefit, the participant's
surviving spouse, if any, is entitled to the payments the participant would have
received had the participant terminated service on the date of his death with a
100% vested percentage.

     Pursuant to our discussions, the Bank is hereby offering you an alternative
benefit in lieu of the retirement, disability and death benefits provided under
Articles II, III and IV of the Retirement Plan. In exchange for forfeiting your
rights to these benefits under the Retirement Plan, the Bank will provide you
with an annual cash payment for ten (10) years in the amount of $15,000 per
year. In the event you die prior to commencing or receiving your annual payments
under this letter agreement, your surviving spouse (if any) will be entitled to
the payments you

<PAGE>

Marvin Weishaar
June 16, 2004
Page 2


would have received. Your participation in the Retirement Plan in all other
respects will be governed by the Retirement Plan as it might apply from time to
time.

     In addition to the annual cash payment provided herein, the Bank also
agrees to provide you and your spouse (if any) with post-retirement health
insurance coverage for a period of twenty (20) years following your termination
of Board service. In the event you die prior to receiving your health coverage
under this letter agreement, your surviving spouse (if any) will be entitled to
the coverage she would have received had you terminated service for retirement
or disability. Notwithstanding the foregoing, your Bank-provided health
insurance coverage shall not exceed $500 per month. This agreement regarding
health insurance coverage supersedes all other agreements (written or verbal)
that you may have with the Bank.

     If you are willing to accept the foregoing alternative benefits in lieu of
your current post-retirement health insurance coverage benefits and those
benefits provided under Articles II, III and IV of the Retirement Plan, please
acknowledge the same in the place provided below.

                                        Sincerely,


                                        /s/ Brent M. Giles
                                        ----------------------------------------
                                        Brent M. Giles
                                        Chief Executive Officer

Accepted and Agreed:


/s/ Marvin J. Weishaar
-------------------------------------

June 17, 2004


                                        2

<PAGE>

                    [LIBERTY SAVINGS BANK, F.S.B. LETTERHEAD]

June 16, 2004

Ralph W. Brant, Jr.
653 Butternut Court
Liberty, MO 64068

     Re: Retirement Benefits

Dear Ralph:

     The purpose of this letter is to set forth our mutual understanding of the
non-stock related benefits that will be provided to you by Liberty Savings Bank,
F.S.B. (the "Bank") following your termination of Board service on account of
retirement or disability.

     As you know, the Bank adopted the Retirement Plan for Non-Employee
Directors (the "Retirement Plan") in connection with its mutual holding company
reorganization. The Retirement Plan provides for death, disability and
retirement benefits. The Retirement Plan provides participants with the
following retirement and disability benefits:

     A.   RETIREMENT BENEFIT A participant is entitled to an annual payment for
          ten (10) years in an amount per year equal to the participant's vested
          percentage and $8,000.

     B.   DISABILITY BENEFIT A participant is entitled to an annual payment for
          ten (10) years in an amount equal to $8,000 per year.

     The Retirement Plan further provides, in the event a participant dies
before collecting his retirement or disability benefit, the participant's
surviving spouse, if any, is entitled to the payments the participant would have
received had the participant terminated service on the date of his death with a
100% vested percentage.

     Pursuant to our discussions, the Bank is hereby offering you an alternative
benefit in lieu of the retirement, disability and death benefits provided under
Articles II, III and IV of the Retirement Plan. In exchange for forfeiting your
rights to these benefits under the Retirement Plan, the Bank will provide you
with an annual cash payment for ten (10) years in the amount of $15,000 per
year. In the event you die prior to commencing or receiving your annual payments
under this letter agreement, your surviving spouse (if any) will be entitled to
the payments you

<PAGE>

Ralph W. Brant, Jr.
June 16, 2004
Page 2


would have received. Your participation in the Retirement Plan in all other
respects will be governed by the Retirement Plan as it might apply from time to
time.

     In addition to the annual cash payment provided herein, the Bank also
agrees to provide you and your spouse (if any) with post-retirement health
insurance coverage for a period of twenty (20) years following your termination
of Board service. In the event you die prior to receiving your health coverage
under this letter agreement, your surviving spouse (if any) will be entitled to
the coverage she would have received had you terminated service for retirement
or disability. Notwithstanding the foregoing, your Bank-provided health
insurance coverage shall not exceed $500 per month. This agreement regarding
health insurance coverage supersedes all other agreements (written or verbal)
that you may have with the Bank.

     If you are willing to accept the foregoing alternative benefits in lieu of
your current post-retirement health insurance coverage benefits and those
benefits provided under Articles II, III and IV of the Retirement Plan, please
acknowledge the same in the place provided below.

                                        Sincerely,


                                        /s/ Brent M. Giles
                                        ----------------------------------------
                                        Brent M. Giles
                                        Chief Executive Officer

Accepted and Agreed:


/s/ Ralph W. Brant, Jr.
-------------------------------------

June 16, 2004


                                        2