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 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
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E- Y 10
BRITISH COLUMBIA.
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