PROVINCE OF BRITISH COLUMBIA SEVENTH ANNUAL REPORT of the business done in pursuance of the MUNICIPAL SUPERANNUATION ACT for the Year ended March 31st 1946 VICTORIA, B.C. : Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty. 1947. To His Honour C. A. Banks, Lieutenant-Governor of the Province of British Columbia. May it please Your Honour: The undersigned respectfully submits the Keport of the business done in pursuance of the " Municipal Superannuation Act" during the fiscal year 1945-46. G. S. PEARSON, Provincial Secretary. Provincial Secretary's Office, Victoria, B.C. The Honourable G. S. Pearson, Provincial Secretary, Victoria, B.C. Sir,—I have the honour to lay before you the Report of the business done in pursuance of the " Municipal Superannuation Act" during the fiscal year 1945-46. I have the honour to be, Sir, Your obedient servant, NORMAN BAKER, Commissioner of Municipal Superannuation. MUNICIPAL SUPERANNUATION REPORT, 1945-46. REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "MUNICIPAL SUPERANNUATION ACT " DURING THE FISCAL YEAR 1945-46. Section 6.—Contributions amounting to $351,672.80 were made by 3,949 Municipal and School Board employees. Section 8.—Contributions credited to the various employers' accounts, in accordance with the provisions of this section, amounted to $505,050.16. Section 10.—The net requirements in the case of each employer were ascertained in the manner prescribed by this section. Certificates of Loan were issued to the amount of $365,750.15 in accordance with subsection (3) (c) of this section, and outstanding Certificates of Loan were reduced by the amount of $3,322.44 in accordance with subsection (5) of this section. Section 11A.—Two allowances were granted pursuant to the provisions of clause (a) of this section and 2 pursuant to the provisions of clause (b). Section 13.—Superannuation allowances were granted to 190 employees. Section 15.—Refund amounting to $572.95 was made in the case of 1 employee, pursuant to the provisions of this section. Section 17.—Disability allowances were granted to 8 employees who had become totally and permanently disabled. Section 18.—Allowances were granted to dependents in the case of 13 employees who died while in service. Section 18 (3).—Refunds amounting to $4,664.26 were made in the case of 7 employees who died while still in service. Section 20.—Refunds amounting to $68,865.26 were made to 306 employees who left the service of their employer. Section 31.—Securities in the hands of the Trustees at this date are set out in Schedule 3 of this report. NORMAN BAKER, Commissioner of Municipal Superannuation. Y 6 BRITISH COLUMBIA. MUNICIPAL SUPERANNUATION FUND. Statement of Revenue and Expenditure for the Period April 1st, 1945, to March 31st, 1946. Revenue. Contributions as per requirements of the " Municipal Superannuation Act "— Employees, section 6 (1) - $351,672.80 Employers, section 8— Fund "A" (Schedule No. 1) $423,702.78 Fund "B" (Schedule No. 2) 81,347.38 505,050.16 Interest on investments and bank interest 300,901.54 Expenditure. Superannuation allowances, chargeable to Employers' Service Pensions Accounts- Allowances under section 4..- — _ _ $225,303.05 Less amount refunded- — 386.25 $1,157,624.50 Service Pensions, Fund " A " . $235,228.75 Less amount refunded — 689.39 $224,916.80 234,539.30 Service Pensions, Fund " B " 426.36 $459,882.52 Employees' retirement annuities _ $91,813.17 Less amount refunded—- 56.65 91,756.52 Refunds of employees' contributions— Section 15 $572.95 Section 18 4,664.26 Section 20 68,865.26 $551,639.04 74,102.47 Administration expense - 2,619.92 628,361.43 Net increase of ledger assets.. $529,263.07 Ledger Assets Account as at March 31st, 1946. Ledger assets, April 1st, 1945 $8,831,427.13 Net increase of ledger assets for period April 1st, 1945, to March 31st, 1946 529,263.07 Advances from Provincial Government— Certificates of Loan, section 10 (3) (c) $365,750.15 Less reduction of outstanding Certificates of Loan, section 10 (5)_. 3,322.44 362,427.71 Ledger assets, March 31st, 1946 $9,723,117.91 MUNICIPAL SUPERANNUATION REPORT, 1945-46. Y 7 MUNICIPAL SUPERANNUATION FUND. Balance-sheet as at March 31st, 1946. Assets. General Trustees' Account. Account. Total. Cash at Dominion Bank $2,740.91 $163,847.25 $166,588.16 Accounts receivable— Contributions due from Municipalities and School Boards, ■ etc. 116,595.13 116,595.13 Investments at cost less amortized discounts and premiums— Dominion and Provincial Guaranteed (Schedule No. 3) 6,693,241.53 6,693,241.53 B.C. Government Certificates of Loan 2,746,693.09 2,746,693.09 $119,336.04 $9,603,781.87 $9,723,117.91 Accrued interest on investments 96,090.53 96,090.53 $119,336.04 $9,699,872.40 $9,819,208.44 Liabilities. Employees' Retirement Annuity Account at book value $4,419,651.82 Employers' Service Pensions Accounts at book value— Fund "A" (see Statement below) .. $4,836,353.48 Fund "B" (Schedule No. 2) 29l'842.86 Reserve 5,128,196.34 175,269.75 Accrued interest unapportioned gg 090.53 1,819,208.44 EMPLOYERS' SERVICE PENSIONS ACCOUNT, FUND "A." Employers' balances—■ Amounts at credit (Schedule No. 1) $2,258,497.63 Less amounts at debit (Schedule No. 1) 207,932.00 Net credit balance $2,050,565.63 Advances from Provincial Government— Cash advances, section 10 (3) (a) $39,094.76 Certificates of Loan, section 10 (3) (c) .._. 2,746,693.09 2,785,787.85 $4,836,353.48 COMPTROLLER-GENERAL'S CERTIFICATE. I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st, 1946, have been examined under my direction. Under the terms of section 36 (1) of the "Municipal Superannuation Act" an actuarial valuation of these liabilities was made as at March 31st, 1945. The valuation balance-sheet as at that date, certified by Mr. S. H. Pipe, Consulting Actuary, appears as Schedule No. 5 herewith. Subject to the foregoing remarks, I certify that the above balance-sheet is in my opinion properly drawn up so as to exhibit a true and correct statement of the affairs of the Fund according to the best of my information and the explanations given to me and as shown by the books of the Fund. Victoria, B.C., November 19th, 1946. J. A. CRAIG, C.A., Comptroller-General, Province of British Columbia. Y 8 BRITISH COLUMBIA. IZi Lj OS Ix, *s I-H h TO 6 h £ fc U H o s, 3 o "«! P < Q 01 >t£ W S^ w o f) 03 « w i ^ a. 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K Oh E- ra a, > > > CO > *S pc tC C O a O Q MUNICIPAL SUPERANNUATION REPORT, 1945-46. Y 9 oocoeoeneMweoco ' 00 O "* CO OMtOfflOl^OIONN i tr- : w co 'j' "* to ># b © l-Hoo-^cNicoinioos ■^cot-cc CMCDcnt - © co cm cn co t : © : CM © co co © t-H tr- o CD oo -* c J tr- CM © © OS CM t- CD mcOCDCOiHtr-lOOOOCO i ^ ! cd cm' cm cn od ■•* i-h cd ©CMt-cocMcni—icn CM "* tr- CO H CO H O -* CO N r 1 CO r ' O Tti N in eg H t- en :> cn © in oo © os If) CO tC CO OCOffit-TfHCOCO^O' oo --f in t V in co © © t-i cm cm t* co cn v CO CD CD CO IC) IO N H CO CM tr- OS t* j -* CM i-H © cm in CD* €/? ■<# ■ rH CD -«# ** tH tr- CM* €6- . CO ■«# : i-h m ; cm i-h cn a • CO : t- : co t— : © cn cn CD : oo co : "^ CO rH CD : "* : tr- co ; t> cd ■-* cn 1 ci cm i co I-H 00 rH OS in : cd t]! i ■* CD i-H CM C- i & CM rH ir © t- OS CM CO rH m rH CO CO CO T-i -«H co : © GO CD os" CO e/> ri OS oc tr- cn oc 00 CO CO CN rH tr- -tJ. 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SCHEDULE No. 2. Service Pensions Accounts, Fund " B." Summary of Employers' Accounts, April 1st, 19Jp5, to March 31st, 19U6. Balance at Credit, April . 1st, 1945. Employers' Contributions. Transfer Values. Interest Earnings. Pension Payments. Fund " B "— Balance at Credit, March 31st, 1946, as per Balance- sheet. City of— Chilliwack Courtenay „ Cranbrook Fernie Kamloops Kelowna Kimberley Merritt Nelson New Westminster North Vancouver . Prince Rupert Revelstoke Trail , Vancouver Vernon Victoria District of— Burnaby Chilliwhack Coldstream Esquimalt Greater Vancouver Water District Langley Maple Ridge North Cowichan North Vancouver Oak Bay Penticton Richmond Saanich Surrey West Vancouver University Endowment Lands Vancouver General Hospital School Board of— Burnaby Chilliwhack Fernie Kamloops Nelson New Westminster North Vancouver City North Vancouver District Oak Bay Penticton Saanich Surrey Vancouver Victoria West Vancouver Totals $217.25 250.32 465.86 537.22 447.33 487.99 399.57 5,824.13 10,648.39 5,350.55 3,098.95 571.55 2,989.68 92,557.39 524.27 22,678.62 4,715.80 52.21 472.28 736.22 327.17 592.38 517.40 10,304.60 2,209.31 253.48 7,815.27 1,235.52 2,390.36 96.61 1,191.89 176.12 190.97 470.65 314.68 237.86 11.34 28.97 409.15 274.51 28.69 18,417.34 1,855.96 50.05 $202,425.1 $53.40 65.57 204.60 266.30 268.80 155.20 4.65 282.00 1,664.75 4,881.25 2,100.74 1,132.85 476.70 842.60 36,364.78 298.20 10,591.99 1,389.30 156.20 72.60 286.10 744.30 196.40 70.80 287.70 255.13 2,187.68 1,419.59 36.60 2,269.45 820.55 1,442.25 20.50 1,145.80 651.15 88.55 21.25 51.00 284.20 264.95 241.55 77.50 47.55 90.60 5,873.55 1,157.60 42.60 $488.00* 141.00f 70.00t 164.00t 418.00f 155.00t 141.00* 155.00* $81,347.38 $8.54 9.91 19.89 23.46 20.36 19.80' .04 18.92 232.98 454.41 232.57 128.29 28.35 119.38 3,872.14 23.57 976.64 189.37 4.56 1.27 21.54 38.79 14.89 1.24 25.77 21.35 396.08 102.17 9.51 313.25 57.60 108.90 3.74 15.04 53.11 7.71 7.06 .89 21.45 15.65 5.24 .40 5.24 15.15 11.19 1.00 744.68 87.68 5.21 $212.04 214.32 $279.19 325.80 690.35 826.98 736.49 662.99 4.69 700.49 7,721.86 15,772.01 8,171.86 4,360.09 1,076.60 3,951.66 132,579.99 846.04 34,106.25 6,294.47 212.97 73.87 779.92 1,519.31 538.46 72.04 905.85 723.88 12,724.36 3,731.07 299.59 10,397.97 2,113.67 3,941.51 120.85 1,160.84 1,896.15 272,88 219.28 51.89 776.30 595.28 66.65 11.74 275.71 471.85 376.30 29.69 24,880.57 3,242.24 252,86 $8,495.! $426.36 $291,842.1 * Credit. t Debit. MUNICIPAL SUPERANNUATION REPORT, 1945-46. Y 11 SCHEDULE No. 3. Trustees of the Municipal Superannuation Fund and the Minister of Finance for the Province of British Columbia. Securities held as at March 31st, 1946. Description. Date of Maturity. Par Value. Cost Price. Book Value. Market Value. Dominion of Canada— 3% Bonds 3% Bonds 3% Bonds 3% Bonds 3% Bonds 3% Bonds Province of British Columbia— 6% Bonds 3% Bonds 3 Vz % Bonds 4% Bonds 3 y2 % Bonds 3%% Bonds Z\k% Bonds 5% Bonds 3% Bonds 3%% Bonds 3% Bonds 3V2% Bonds 3% Bonds 3V2% Bonds 3% Bonds $%% Bonds - Vancouver and Districts Joint Sewerage and Drainage Board- 4% Bonds 4% Bonds 4% Bonds 4% Bonds 4% Bonds 4% Bonds 5% Bonds 5Vz% Bonds.. 4% Bonds 4% Bonds 4>/2% Bonds.. iVz% Bonds- Totals May Jan. June Feb. Oct. Sept. Feb. June June Nov. June June June Sept. Feb. June Feb. June Feb. June Feb. April May Oct. May May May May Sept. Sept. Oct. May Sept. Sept. 1, 1957 1, 1959 1, 1960 1, 1962 1, 1963 1, 1966 15, 1947 1, 1948 1, 1949 1, 1950 1, 1951 1, 1952 1, 1953 1, 1953 1, 1954 1, 1954 1, 1955 1, 1955 1, 1956 1, 1956 1, 1957 1, 1959 1, 1948 1, 1954 1, 1958 1, 1959 1, 1960 1, 1962 1, 1962 1, 1962 1, 1962 1, 1963 1, 1965 1, 1970 $1,275,600.00 125,000.00 275,000.00 200,000.00 100,000.00 250,000.00 11 50 2 276 1 10 14 234: 30 19: 25 60 42 127; 3. 3,500: 000.00 ,000.00 000.00 000.00 000.00 ,000.00 ,000.00 500.00 ,000.00 500.00 000.00 ,000.00 ,000.00 000.00 000.00 000.00 3,000.00 5,000.00 10,000.00 1,000.00 6,000.00 1,000.00 3,000.00 3,000.00 1,000.00 11,000.00 5,000.00 1,000.00 $1,275,600.00 125,000.00 275,000.00 200,000.00 100,000.00 250,000.00 11,701.40 48,660.00 2,015.00 276,617.60 1,013.50 9,834.00 13,898.00 254,485.52 29,598.00 19,844.10 24,665.00 58,770.00 41,437.20 124,325.50 2,959.80 3,500,000.00 3,022, 5,312. 10,075. 1,087. 6,045. 1,007. 3,551. 3,416. 1,007. 11,146. 5,862. 1,191. $1,275,600.00 125,000.00 275,000.00 200,000.00 100,000.00 250,000.00 11,114.19 49,497.93 2,007.25 276,510.24 1,011.59 9,895.38 13,951.32 248,663.62 29,645.55 19,765.98 24,700.62 59,118.13 41,491.56 125,032.06 2,963.36 3,500,000.00 3,005.59 5,224.74 10,049.28 1,085.72 6,031.07 1,005.38 3,488.37 3,305.59 1,005.41 11,112.57 5,782.22 1,176.81 $1,313,868.00 127,500.00 277,750.00 202,000.00 100,000.00 250,000.00 11,440.00 50,000.00 2,040.00 287,040.00 1,020.00 10,200.00 14,280.00 264,985.00 30,000.00 20,085.00 25,000.00 61,800.00 42,000.00 130,810.00 3,000.00 3,500,000.00 3,180.00 5,300.00 10,600.00 1,060.00 6,360.00 1,060.00 3,630.00 3,810.00 1,060.00 11,660.00 5,900.00 1,320.00 $6,680,600.00 $6,698,149.07 $6,693,241.53 $6,779,758.00 SCHEDULE No. 4. Municipal Superannuation Fund. Comparative Statistics, April 1st, 1939, to March 31st, 1946. No. of Contributors. Contributions. Withdrawals. Allowances. Fiscal Year. Employer. Employees. No. Amount refunded. No. granted during Year. Deaths and Expirations during Year. No. in Force at End of Year. Amount paid. 1939-40 3,515 $376,213.96 $273,204.70 71 $42,575.46 78 36 973 $329,309.38 1940-41 — 3,502 385,310.30 279,081.09 99 38,666.49 99 36 1,036 339,671.98 1941-42 3,460 403,590.01 277,946.17 128 46,504.88 116 34 1,118 369,231.07 1942-43. 3,295 398,961.01 267,876.88 191 68,582.55 193 53 1,258 408,424.19 1943-44 3,340 411,337.12 278,996.62 125 45,792.56 120 44 1,334 460,091.94 1944-45 3,416 431,251.30 298,036.94 116 53,755.08 130 46 1,418 492,423.87 1945-46 3,949 505,050.16 351,672.80 314 74,102.47 215 51 1,582 551,639.04 Totals $2,911,713.86 $2,026,815.20 $369,979.49 $2,950,791.47 Y 12 BRITISH COLUMBIA. SCHEDULE No. 5. Municipal Superannuation Fund. Comparative Statistics, April 1st, 1945, to March 31st, 1946, subdivided according to Sex of Contributor. No. op Contributors. No. op Refunds granted. Allowances. Fiscal Year. cJ 6 1 QJ QJ 'a s 01 PH No. of Allowances granted. No. of Deaths and Expirations. No. of Allowances in Force at End of Year. QJ 6 S 0 Ph 6 3 £ CJ 6 * S fa 1945-46— 1,987 1,089 873 87 55 172 129 41 45 40 10 1 1,143 323 116 SCHEDULE No. 6. Municipal Superannuation Fund. Comparative Statistics, April 1st, 1945, to March 31st, 1946—Allowances granted and in Force, subdivided by Type and Plan of Allowance. In Force at Beginning of Year. Granted during Year. Expired during Year. In Force at End of Year. Fiscal Year. QJ in J u 9 O 3 d <u •ga 's-J Is 0) bo oj S QJ o S3 4^ . C QJ •sa Modified. Single Life. Guaranteed.* ■§a i-ji-i is QJ bo QJ 3+> <5§ d qj fa 1-3 1-1 (a.) (b.) -3^ 1945-46— 297 44 175 450 24 274 62 89 3 57 13 92 4 38 6 5 24 2 5 7 1 7 3 1 i 330 42 183 528 27 309 67 93 3 Death Totals 516 474 336 92 70 96 44 5 31 8 7 4 i 555 555 376 96 ♦Guaranteed: (a) Superannuant died after expiration of guaranteed period; (6) guaranteed period expired, superannuant having died previously. VICTORIA, B.C. : Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty. 1947. 505-147-8745
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PROVINCE OF BRITISH COLUMBIA SEVENTH ANNUAL REPORT of the business done in pursuance of the MUNICIPAL… British Columbia. Legislative Assembly [1947]
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Title | PROVINCE OF BRITISH COLUMBIA SEVENTH ANNUAL REPORT of the business done in pursuance of the MUNICIPAL SUPERANNUATION ACT for the Year ended March 31st 1946 |
Alternate Title | MUNICIPAL SUPERANNUATION REPORT, 1945-46. |
Creator |
British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1947] |
Genre |
Legislative proceedings |
Type |
Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1947_V02_02_Y1_Y12 |
Collection |
Sessional Papers of the Province of British Columbia |
Source | Original Format: Legislative Assembly of British Columbia. Library. Sessional Papers of the Province of British Columbia |
Date Available | 2016 |
Provider | Vancouver : University of British Columbia Library |
Rights | Images provided for research and reference use only. For permission to publish, copy or otherwise distribute these images please contact the Legislative Library of British Columbia |
CatalogueRecord | http://resolve.library.ubc.ca/cgi-bin/catsearch?bid=1198198 |
DOI | 10.14288/1.0339786 |
AggregatedSourceRepository | CONTENTdm |
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