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PROVINCE OF BRITISH COLUMBIA THIRD REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE TEACHERS' PENSIONS… British Columbia. Legislative Assembly 1933

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 BB =S1
PROVINCE OF BRITISH COLUMBIA
THIRD REPORT
OF   THE   BUSINESS   DONE   IN
PURSUANCE   OF   THE
Teachees' Pensions Act
FOR   THE
YEAR ENDED MAEOH 31ST
1932
PRINTED BY
AUTHORITY OF THE LEGISLATIVE ASSEMBLY.
VICTORIA,  B.C. :
Printed by Chables F. Banfield, Printer to the King's Most Excellent Majesty.
1933.
-H To His Honour J. AV. Pordham Johnson,
Lieutenant-Governor of the Province of British Columbia.
May it please Your Honour :
The undersigned respectfully submits the Report of the business done in pursuance of the
" Teachers' Pensions Act" during the fiscal year 1931-32.
S. L. HOAYE,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C.
The Honourable S. L. Howe,
Provincial Secretary, Victoria, B.C.
Sir,—I have the honour to lay before you Report of the business done in pursuance of the
" Teachers' Pensions Act" during the fiscal year 1931-32.
I have the honour to be,
Sir,
Your obedient servant,
NORMAN BAKER, .
Superannuation Comiiiissioner. TEACHERS' PENSIONS ACT.
ANNUAL REPORT. 1931-32.
REPORT OP THE BUSINESS DONE IN PURSUANCE OP THE " TEACHERS' PENSIONS
ACT " DURING THE FISCAL YEAR 1931-32.
Section 3.—The total number of teachers contributing to the Teachers' Pensions Pund on
March 31st, 1932, was 4,031.
Section If.—On March 31st, 1932, 219 teachers throughout the Province were contributing at
a rate greater than 4 per cent, pursuant to the provisions of this section.
Section 6.—There were 5 contributors making special voluntary contributions as at March
31st, 1932.
Section 8.—Applications were considered by the Teachers' Pensions Board and Orders made
for 73 contributors, under the provisions of this section.
Section Uf (a), (b).—During the period April 1st, 1931, to March 31st, 1932, pensions were
granted by the Teachers' Pensions Board to 22 teachers.
Section 17.—Three teachers died, and alloAvauces were granted to the Widows in accordance
with the provisions of this section.
Section 21.—Seven teachers died during the year, and refunds were made to the legal
representatives.
Section 22.—Refunds amounting to $14,658.07 were made to 193 teachers, who renounced
their rights pursuant to the provisions of this section.
Section 3G (3).—Three employees of "the Department of Education in the Provincial Government were granted superannuation allowances under the " Superannuation Act," and were also
granted a further allowance from the Teachers' Pensions Pund pursuant to the provisions of
this section.
Section 37.—Two teachers were granted pensions pursuant to the provisions of this section.
With the presentation of the Third Annual Report of the business done in pursuance of the
" Teachers' Pensions Act," it is interesting to note the following items:—
That whereas the number of teachers contributing to the Pund has increased from 3,922 in
1930-31 to 4,031 in 1931-32, the amount contributed to the Reserve Account pursuant to section 8
dropped from $20,936.57 in 1930-31 to $15,235.49 in 1931-32, the reason being, of course, the
re-entry into the teaching service of older teachers Avho are required to make only five monthly
payments to this account, rather than the employment of new and younger teachers, who are
required to make ten monthly payments to the same account. Section 8, AA'hich piwides that
these contributions shall be made to the Reserve Account in the Teachers' Pensions Fund, is
quoted here for the benefit of those contributors who may still be unaware of the provisions of
this section :—
" Sec. 8. All contributions from each contributor Avho is employed as a teacher at the time
of the commencement of this Act arising from the first five prescribed monthly deductions from
his salary, and all contributions from each teacher who is not so employed but who is subsequently employed and becomes a contributor arising from the first ten prescribed monthly deductions from his salary, shall be placed to the credit of an account in the Teachers' Pensions Fund
to be known as the ' Reserve Account': Provided that Avhere a teacher has been employed in
the Province prior to the commencement of this Act and has not permanently retired from the
teaching service, but is temporarily unemployed as a teacher at the time of the commencement
of this Act by reason of ill-health, failure to secure employment, absence for purposes of study
or travel, or for other necessary cause, then, if the teacher is subsequently employed and
becomes a contributor, and if the Teachers' Pensions Board on application of the teacher is
satisfied as to the bona fides of the applicant and as to the sufficiency of the reason for the
temporary unemployment, the Board may make an order giving that teacher the status of a
teacher who is employed at the time of the commencement of this Act, and thereupon that S 4
BRITISH COLUMBIA.
teacher shall, for the purposes of this section, be deemed to be a teacher who Avas employed at
the time of the commencement of this Act."
Another interesting feature is the increase in the number of active pensioners, there now
being eighty-five persons in receipt of pensions, as against fifty-seven in 1930-31. This number
does not include two contributors whose pensions have been suspended OAving to their re-employment in the teaching service of the Province.
The investment in guaranteed securities has been well maintained, and the Fund now
includes an amount of $4,641.54 in interest yield over and above the actual requirements pursuant to the provisions of the " Teachers' Pensions Act."
During the year there were eight meetings of the Teachers' Pensions Board, all members
of the Board being present at each meeting.
Certain amendments to the Act were approved during the 1932 session of the Legislature,
the most important probably being the addition of a subsection to section 16, which provides
that where a contributor selects a guaranteed plan of pension, if the contributor should die
before the expiration of the guaranteed period, payment of the pension for the remainder of
the term shall be made to a person nominated by the contributor prior to the granting of the
pension. " Where provision is so made, if the person nominated survives the contributor, the
pension shall not for any purpose form part of the estate of the deceased contributor " ; and1
section 38a, Avhich reads as follows:—
" Sec. 38a. At the end of a period of five years from the first day of January, 1930, and at
the end of each five-year period thereafter, the Commission shall cause to be made an actuarial
valuation of the assets and liabilities of the Teachers' Pensions Fund, and on the basis of that
valuation the Teachers' Pensions Board shall submit to the Lieutenant-Governor in Council its
recommendations for the adoption of such measures as may be considered necessary to maintain
the financial stability of the Teachers' Pensions Fund." The significance of this section will be
apparent to all contributors.
For the further information of the large number of contributors to the Teachers' Pensions
Fund Ave wish to emphasize that the Commission has not the authority to approve a refund
of voluntary contributions which may have been made by, or on behalf of, a contributor, neither
is there authority to approve of any request Avhich may be made for a loan to be charged against
the total contributions which are held for the credit of the contributor in the Teachers' Pensions
Fund. A refund of all contributions which have been made, over and above the required contributions to the Reserve Account, may be approved when the contributor resigns from the
teaching service and completes the necessary disclaimer forms.
The completion by the contributor of the disclaimer forms does not necessarily mean that
the teacher may not be re-employed at some future date, and again come under the provisions
of the " Teachers' Pensions Act," but it does mean that the benefits which may have accrued
to the date of resignation from the teaching service would be cancelled.
NORMAN BAKER,
Superannuation Commissioner. TEACHERS' PENSIONS ACT—ANNUAL REPORT, 1931-32.
S 5
"TEACHERS' PENSIONS ACT, 1929."
Statement o? Revenue and Expenditure for the Period April 1st, 1931,
to March 31st, 1932.
Revenue.
Cash on hand, April 1st, 1931  :  $38,724.87
Reserve Account (section 8)   15,235.49
Teachers' contributions  (section 3)    243,875.21
Provincial Government grant   25,000.00
Voluntary contributions   733.70
Sale of investments   9,655.00
Interest—
ReceiA'ed on investments  $27,062.47
Accrued on investments        8,528.82
  35,591.29
Refund of accrued interest outstanding at March 31st, 1931   463.16
Refund of accrued interest on new investments (as per contra)  1,371.17
$370,649.89
Expenditure.
Refunds     $15,115.99
Allowances  :     $43,270.72
Less amount refunded  25.00
       43,245.72
Investment in guaranteed securities at cost—
Principal   $142,428.53
Accrued interest  138.78
     142,567.31
Accrued interest on securities purchased (as per contra)...:         1,371.17
Balance—■
Cash oh hand, March 31st, 1932  $159,820.88
Accrued interest        8,528.82i
    168,349.70
$370,649.89
Balance-sheet as at March 31st, 1932.
Assets.
Cash on hand   $159,S20.88
Investments at cost—
Principal   $616,489.43
Accrued interest  _  138.78
    616,628.21
Investment Adjustment Account          1,107.00
Accrued interest on investments          8,528.82
$786,084.91
Liabilities.
Reserve Account (section 8).., ,  $186,4S0.74
Teachers' contributions (section 3)  586,426.75
Voluntary contributions   2,960.58
AlloAvance Account  5,575.30
Interest Suspense Account  :  4,641.54
$786,084.91 S 6
BRITISH COLUMBIA.
TEACHERS' PENSIONS IN FORCE AS AT MARCH 31st, 1932.
Name.
Plan.
Amount per
Month.
Barron    T    J                                                                  	
S.L.
S.L.
Guar.  15 yrs.
S.L.
S.L. (AA'.)
S.L.
S.L.
S.L.
S.L.
S.L.
J.L.   and   L.S.
S.L.
S.L.
S.L. (AV.)
S.L.
J.L.  and L.S.
S.L.
S.L.
S.L.
S.L.
S.L. (AV.)
S.L.
S.L.
J.L.   and   L.S.
S.L.
Guar.   5   yrs.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L. (AV.)
S.L.
S.L.
S.L.
S.L.
S.L.
Guar.   10   yrs.
S.L.
S.L.
S.L.
S.L.
S.L.
Guar.   10   yrs.
S.L.
S.L.
S.L. (W.)
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L. (AAr.)
S.L.
S.L.
S.L.
S.L.
$33.'05
05.30
42.00
Beattie, M.                                                     ..	
50.00
59.50
Campbell, B.                                                                	
03.20
Campbell, J. M                                                           - -----
64.50
Campbell, E. H.                                                          .'.	
14.58
42.50
Clark, D. P 	
33.33
Codd, Mrs. S. .                                                          	
43.13
34.80
50.00
Dobson, Mrs. B. S. :	
43.00
04.70
Dowries, Mrs. D. G 	
27.50
53.32
Dunnell, H                                      	
G.25
Elliott, Miss A. E    	
Blmsiy, Miss A. B	
50.00
64.55
28.71
Fletcher, Miss E 	
64.00
31.54
Gardner, Mrs. M  	
31.50
Gee, AVm. H               	
30.80
Godson, Miss M                             	
61.09
Grant,  V.  M                                   	
39.58
Harding, Mrs. J. M	
Homer, Miss M. S   ....	
Jamieson, Miss A. B j   .
Keast, Miss A.                   	
66.29
50.00
40.62
64.06
Langley, Miss C. G	
4S.28
Lawson, Miss E. G	
64.90
Lees, Mrs. M. E	
33.23
Lucas, Miss M .' ..
62.50
35.00
57.52
50.00
Mason, Miss S. T	
30.66
Maxwell, A. M	
38.55
May, AA'm. H	
33.33
Menkus, Mrs. E. E                          	
Morrow, A. AV	
64.62
45.14
50.00
16.67
Murray, Miss E	
45.31
Murray, Paul                      	
50.00
McAdam, J. AV	
36.08
McCallum, Miss M	
59.71
McCarthy, Mrs.  N	
19.38
McDonagh, AVm	
62.50
Macdonald, Mrs. E. B                              ..    .
36.51
McDougall, Miss A. J.                     	
50.00
MeGarrigle, T. A. .   ..
50.00
McKay, Miss M. G	
64.25
McKenzie, Miss A. B           	
39.81
McKenzie,  Miss C. A	
31.25
McKenzie, Mrs. L. B.
50.00
MacLeod, Mrs. M	
35.44
McNaughton, Miss E	
60.45
51.84
Northrop,  S	
70.41
Ozard,  Miss M	
31.53 TEACHERS' PENSIONS ACT—ANNUAL REPORT, 1931-32.
S 7
Teachers' Pensions in Force as at March 31st, 1932—Continued.
Amount per
Month.
Paul, E. B	
Robinson, S. A —	
Robson, J. C.	
Russell, Miss A.  	
St. Clair, I  	
St. James, Miss L. A  	
Sallaway, J. F	
Shine, Mrs. A. G.	
Smith, Miss M 	
Stacey, AA'm	
Stewart, A. C.	
Stramberg, H. M.	
Templer, Mrs.  J	
Thorp, A.  B.	
Truswell, Miss M	
Watson, Miss M. F 	
AA'helen, Miss L	
AA'illiams,  John  	
AA'illiams,  Miss M	
AA'ish, Mrs. Mary A	
AA'ood, Mrs. E  	
Yuill, Miss E. J.  	
Moore, D.  McM.   (pension suspended).
O'Neill, J. (pension suspended) 	
Total..
J.L
J.L
J.L
Gu
S.L.
S.L.
S.L.
S.L.
and
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
and
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
S.L.
and
ar.   5
L.S.
S.L.
L.S.
yrs.
$63.45
64.60
50.00
64.80
47.20
35.42
64.19
54.29
61.38
37.14
23.75
50.00
64.95
52.67
62.50
31.06
42.97
41.25
65.88
29.52
10.58
42.30
40.84
34.63 .
$4,020.94
TEACHERS' PENSIONS FUND.
Securities held as at March 31st, 1932.
Security.
Date of Maturity.
Par A'alue.
Alberta  & Great Waterways  & Railway  Co.  5%  First Mortgage
Gold Debenture Bonds ,.  	
B.C. Agricultural Credit Commission 4%% Bonds	
District of Burnaby 5% Bonds 	
District of Burnaby 5% Bonds ..
City of Courtenay 5%   Bonds	
City of Courtenay 5% Bonds   	
City of Courtenay 5% Bonds	
City of Cranbrook 5% Bonds    	
City of Cranbrook 5% Bonds 	
Dominion of Canada ~iy2c/o Bonds 	
Dominion of Canada 5%  Bonds 	
District of Esquimalt 5% Bonds  	
City of Fernie 5% Bonds  	
City of Fernie 5% Bonds   	
City of Fernie 5% Bonds 	
Greater Vancouver AA'ater District 4%% Bonds  	
City of Kamloops 5% Bonds   —
City of Kamloops 5%  Bonds ,  	
City of Kamloops 5% Bonds .'. :	
City of Kelowna 5%  Bonds	
City of Kelowna 5%  Bonds	
City of Nanaimo 4% Bonds —
City of Nanaimo 5% Bonds.... 	
City of Nelson 4y2% Bonds 	
City of Nelson 5% Bonds 	
City of New Westminster 4%%  Bonds ....:
City of North Vancouver 5%  Bonds	
Jan.
May
Jan.
Oct.
June
July
June
Dec.
July
Nov.
July
June
July
May
March
June
July
Nov.
Sept.
Eeb.
Dec.
July
May
June
July
1
1959.
1
1941.
31
1945.
31
1958.
15
1946.
15
1949.
15
1951.
1
1939.
1
1944.
1,
1932
15,
1941.
31
1963.
1
1939.
1
1939.
15
1940.
1
1969.
15
1944.
2,
1946.
1,
1956.
1,
1948.
1,
1949.
20,
1950.
15,
1961.
1,
1948.
30,
1948
1,
1961
10,
1946
$43,000.00
10,000.00
4,500.00
1,000.00
3,000.00
7,500.00
5,000.00
10,000.00
31,000.00
1,000.00
5,000.00
10,000.00
13,000.00
2,000.00
3,000.00
25,000.00
10,000.00
10,000.00
5,000.00
9,000.00
22,000.00
7,000.00
6,000.00
15,000.00
8,000.00
7,299.99
10,000.00 S 8
BRITISH COLUMBIA.
Securities held as at March 31st, 1932—Continued.
Security.
Date of Maturity.
Par A'alue.
City of North A'ancouver 5%  Bonds	
City of North Vancouver 5%  Bonds	
City of North A'ancouver 4y2°/o Bonds	
City of North A'ancouver 5% Bonds	
District of North Vancouver 5% Bonds	
District of North A'ancouver 5% Bonds	
District of North A'ancouver 5% Bonds 	
Municipality of Oak Bay 5%  Bonds	
Municipality of Oak Bay 5(/o  Bonds	
District of Penticton 5%  Bonds	
Municipality of Point Grey 5% Bonds.... 	
City of Prince George 5y2% Bonds 	
City of Prince George 5% Bonds	
City of Prince Rupert 5%% Bonds	
City of Prince Rupert 6% Bonds.	
City of Revelstoke 5% Bonds	
City of Salmon Arm 5%% Bonds	
Smithers School District 5%% Serial Bonds....
District of South Vancouver 5% Bonds	
District of South A'ancouver 5% Bonds	
District of Summerland 5% Bonds	
District of Summerland 5% Bonds	
City of Trail 5% Bonds	
City of Vancouver 41/2%  Bonds	
City of A'ancouver 4% Bonds	
City of Vancouver 5% Bonds	
City of A'ancouver 5% Bonds	
City of Victoria 5%% Bonds	
City of Victoria 5%% Bonds	
City of Victoria 5y2% Bonds	
City of Victoria T>y2% Bonds	
City of A'ictoria 5Va% Bonds	
City of Victoria 5y2% Bonds	
City of Victoria 5y2% Bonds 	
City of Victoria 5% Bonds	
Municipality of AA'est Vancouver T>y2°/o Bonds.
Municipality of AA'est Vancouver 4y2% Bonds
Municipality of AVest A'ancouver 4l/2% Bonds
Municipality of AA'est Vancouver 5% Bonds....
Municipality of AA'est A'ancouver 5% Bonds—
Municipality of AA'est Vancouver 5%  Bonds—
Municipality of AVest A'ancouver 5%  Bonds	
AA'ildwood School District s>y2% Serial Bonds
June
April
Sept.
July
March
Aug.
May
March
April
Nov.
July
March
Jan.
April
Nov.
May
Sept.
Dec.
Oct.
Dec.
July
Nov.
July
Oct.
June
Fob.
July
Feb.
July
Oct.
Jan.
July
Jan.
July
Feb.
Aug.
Feb.
July
Jan.
15,
15,
1,
1,
1,
1,
1,
1,
31,
1,
1,
15,
15,
2
1,
25,
15,
15,
30,
30,
1,
1,
1,
19,
1,
1,
1,
1,
10,
10,
1,
10,
10,
21,
21,
1,
1949	
1957	
1961	
1963	
1948 -
1961	
1962	
1940	
1962	
1946	
1941	
1945	
1946	
1936	
1936	
1940	
1971	
1936 /39..
1939	
1944	
1936	
1955	
1946	
1938	
1945	
1958	
1969	
1937	
1938	
1942	
1943	
1943	
1943	
1944	
1944	
1940	
1943	
1948	
1952	
1952	
1053	
1962	
1936/41..
$30,000.00
10,000.00
10,706.65
5,353.32
3,000.00
20,000.00
7,300.00
10,000.00
4,000.00
4,700.00
7,000.00
6,000.00
22,000.00
1,000.00
1,000.00
6,000.00
25,000.00
4,000.00
4,000.00
1,000.00
4,000.00
22,000.00
6,500.00
2,000.00
1,000.00
20,000.00
15,000.00
1,000.00
1,000.00
1,000.00
1,000.00
6,000.00
5,000.00
1,000.00
5,000.00
9,000.00
5,000.00
44,500.00
4,000.00
2,000.00
4,000.00
2,000.00
6,000.00
$633,359.96
I
VICTORIA.  B.C. :
Printed by Chakles F. BANriELn, Printer to the King's Most Excellent Majesty.
1933.
525-133-1957

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