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PROVINCE OF BRITISH COLUMBIA Sixth Annual Report of the business done in pursuance of the TEACHERS' PENSIONS… British Columbia. Legislative Assembly 1948

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Sixth Annual Report
of the business done in pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1st TO DECEMBER 31st
1946
VICTORIA, B.C.:
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty.
194S.  To His Honour C. A. Banks,
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 period January 1st, 1946, to December
31st, 1946.
GEO. 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 " Teachers' Pensions Act" during the period January 1st, 1946, to December
31st, 1946.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Commissioner of Teachers' Pensions. TEACHERS' PENSIONS ACT."
ANNUAL REPORT.
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "TEACHERS'
PENSIONS ACT " DURING THE PERIOD JANUARY 1st, 1946, TO DECEMBER 31st, 1946.
Section 6.—Contributions made by teachers pursuant to the provisions of this
section amounted to $514,485.37. This amount represents ordinary contributions of
$426,814.26 and special 1-per-cent. contributions of $87,671.11.
Section 6 (9).—An amount of $901 contributed by employers under this section
transferred to Service Pensions Account.
Section 8.—Employer contributions made pursuant to the provisions of this section
amounted to $615,253.40.
Section 11.—Superannuation allowances were granted to 49 teachers.
Section 15.—Disability allowances were granted to 4 teachers who had become
totally and permanently disabled.
Section 16 (1).—Superannuation allowances were granted to dependents in the
case of 6 teachers who died while in service.
Section 16 (4), (5).—Refunds amounting to $7,164.28 were made in the case of 11
teachers who died while still in service.
Section 18.—Refunds amounting to $121,843.04 were made to 597 teachers who
left the service of their employer.
Section 31.—Securities in the hands of the Trustees at this date are set out in
Schedule No. 1 of this report.
Section 36 (1).—In accordance with the provisions of this section, an actuarial
valuation of the assets and liabilities of the Fund as at December 31st, 1946, was made
by Messrs. Pipe and Eckler, consulting actuaries, and the actuarial balance-sheet
appears as Schedule No. 2 of this report.
During the year three meetings of the Teachers' Pensions Board were held.
R. A. PENNINGTON,
Commissioner of Teachers' Pensions. U 6 BRITISH COLUMBIA.
TEACHERS' PENSIONS FUND.
Statement of Revenue and Expenditure for the Period January 1st, 1946,
to December 31st, 1946.
Revenue.
Contributions as per requirements of the " Teachers' Pensions Act"—
Employees, section 6—■
Contributions for retirement annuities _ $426,814.26
Contributions, special 1-per-cent.        87,671.11
  $514,485.37
Employers, section 8  $615,253.40
Employers, section 6 (9)   901.00
     616,154.40
Minister of Finance, section 4 (as per contra)     117,553.65
Interest on investments and bank interest     190,047.19
 $1,438,240.61
Expenditure.
Superannuation allowances—
Payable from Teachers' Pensions Fund—
Service pensions     $96,460.89
Less amount refunded   250.41
     $96,210.48
Retirement annuities      $36,379.47
Less amount refunded  11.05
       36,368.42
Payable by Minister of Finance, section 4—
Allowances paid   $117,819.51
Less amount refunded   265.86
Net amount (as per contra)      117,553.65
Refund of employees' contributions—
Section 16 (4)        $6,932.68
Section 16 (5)   231.60
Section 18      121,843.04
     129,007.32
Administration expenses, section 23         9,393.70
        388,533.57
Net increase of ledger assets $1,049,707.04
Ledger Assets Account as at December 31st, 1946.
Ledger assets, January 1st, 1946 $6,053,373.45
Net increase of ledger assets for period January 1st, 1946, to December
31st, 1946    1,049,707.04
Ledger assets, December 31st, 1946 $7,103,080.49 TEACHERS' PENSIONS ACT—ANNUAL REPORT. U 7
TEACHERS' PENSIONS FUND.
Balance-sheet as at December 31st, 1946.
Assets.
General Trustees'
Account. Account. Total.
Cash at Canadian Bank of Commerce     $21,751.00     $357,842.51     $379,593.51
Accounts receivable—
Due from employees  $33,696.84
Due from employers  133,077.31
     166,774.15           166,774.15
Investments at cost, less amortization (Schedule No. 1)      6,566,361.29    6,566,361.29
(Valuation on Dominion Department of
Insurance basis or market value at
December 31st, 1946, $6,703,716.65.)
$188,525.15 $6,924,203.80 $7,112,728.95
Accrued interest on investments  29,566.13 29,566.13
$188,525.15 $6,953,769.93 $7,142,295.08
Liabilities.
Employees' Retirement Annuity Account  $4,349,094.22
Employers' Service Pensions Account     2,753,986.27
Accounts payable—
Administration expense   $9,243.32
Sundry         405.14
  9,648.46
Accrued interest unapportioned  29,566.13
$7,142,295.08
Comptroller-General's Certificate.
I certify that the accounts of the Commissioner and Trustees of the Teachers'
Pension Fund for the year ended December 31st, 1946, have been examined under my
direction.
The liabilities in respect of Employees' Retirement Annuity Account and Employers' Service Pensions Account are stated at book value. Under the terms of section
36 (1) of the " Teachers' Pensions Act, 1940," an actuarial valuation of these liabilities
was made as at December 31st, 1946, and is attached hereto as Schedule 2.
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.
J. A. Craig, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C., January 6th, 1948. U 8
BRITISH COLUMBIA.
TEACHERS' PENSIONS FUND.
Schedule No. 1.
Trustees of the Teachers' Pensions Fund and the Minister of Finance
for the Province of British Columbia.
Securities held as at December 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%% Bonds ., .■	
4% Bonds	
3%% Bonds	
3V2% Bonds	
3%% Bonds	
5% Bonds	
3y2 % Bonds	
3%% Bonds	
3%% Bonds	
3% Bonds „	
4%% Bonds	
3% Bonds	
3%% Bonds	
2%% Bonds	
Guaranteed by the Province of British
Columbia—
Vancouver and Districts Joint Sewerage and Drainage Board—
4% Bonds	
4% Bonds	
5% Bonds	
4% Bonds	
5% Bonds	
«%% Bonds	
4% Bonds	
4% Bonds	
4V2% Bonds	
4%% Bonds _	
5% Bonds	
4y2% Bonds	
West Nicomen Dyking District—
4% Bonds	
Issued pursuant to section 4, " Teachers' Pensions Act "—
3%% Bonds	
3%% Bonds	
3%% Bonds	
3x/2% Bonds	
3y2 % Bonds	
3%% Bonds	
3%% Bonds	
3%% Bonds	
3%% Bonds	
Totals	
May
Jan.
June
Feb.
Oct.
Sept.
1, 1957
1, 1959
1, 1960
1, 1962
1, 1963
1, 1966
Feb. 15,
June 1,
June 1,
Nov. 1,
June 1,
June 1,
June 1,
Sept. 1,
June 1,
June 1,
June 1,
Feb. 1,
April 1,
Dec. 15,
Dec. 31,
Oct.      1,
1947
1948
1950
1960
1951
1952
1953
1953
1954
1955
1956
1958
1960
1960
1960
1971
Oct.
May
Sept.
May
Sept.
Sept.
May
May
Sept.
March
Sept.
Sept.
1, 1952
1958
1959
1962
1, 1962
1, 1962
1, 1963
1. 1964
1, 1965
1, 1968
1, 1969
1, 1970
May  1, 1953
Dec. 31,
June 30,
Dec. 31,
June 30,
Dec. 31,
June 30,
Dec. 31,
June 30,
Dec. 31,
1961
1962
1962
1963
1963
1964
1964
1965
1965
$108,400.00
575,000.00
400,000.00
300,000.00
350,000.00
350,000.00
6,000.00
50,000.00
5,000.00
89,000.00
5,000.00
14,000.00
24,000.00
81,000.00
15,500.00
56,000.00
171,000.00
18,000.00
500.00
207,000.00
2,325,000.00
750,000.00
1,000.00
4,000.00
11,000.00
3,000.00
3,000.00
2,000.00
2,000.00
5,000.00
7,000.00
3,000.00
18,000.00
1,000.00
2,500.00
70,030.68
68,287.46
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
$108,400.00
575,000.00
400,000.00
300,000.00
350,000.00
350,000.00
5
90
5
13.
23,
91
15,
54,
167,
17,
212,
2,325
750
421.80
660.00
075.00
,451.75
081.50
767.60
649.50
926.40
692.40
939.00
668.00
758.80
558.13
,692.50
000.00
000.00
1,042.10
4,260.00
12,650.00
3,195.00
3,521.70
2,505.00
2,140.20
5,389.00
8,202.50
3,475.00
22,390.25
1,157.90
2,672.25
70,030.68
68,287.46
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
$108,400.00
575,000.00
400,000.00
300,000.00
350,000.00
350,000.00
6,011.06
49,647.78
5,051.81
89,911.12
5,056.09
13,871.41
23,798.35
89,437.95
15,624.55
55,293.82
168,727.08
17,792.58
544.76
212,648.02
2,325,000.00
750,000.00
1,026.28
4,192.35
12,250.56
3,154.75
3,418.09
2,401.74
2,114.23
5,324.73
8,073.27
3,414.63
21,762.83
1,135.06
2,627.24
70,030.68
68,287.46
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
$113,820.00
603,750.00
420,000.00
315,000.00
367,500.00
367,500.00
6
50
5
93
5
14
25
92
16,
59,
182
18,
211
2.325
750
060.00
500.00
200.00
,450.00
250.00
,700.00
440.00
,340.00
430.00
360.00
970.00
360.00
590.00
,140.00
,000.00
,000.00
1,090.00
4,360.00
13,200.00
3,270.00
3,720.00
2,580.00
2,180.00
5,700.00
8,470.00
3,720.00
23,580.00
1,250.00
2,587.50
70,030.68
68,287.46
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
1,546,549.15
!,5'68,992.43
$6,566,361.29
$6,703,716.65 TEACHERS* PENSIONS ACT—ANNUAL REPORT.
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U 11
TEACHERS' PENSIONS FUND.
Comparative Statistics, January 1st, 1946, to December 31st, 1946—Allowances
granted and in force, subdivided by type and plan of allowance.
In Force at
Granted during
Expired durinc
In
Force at End
Beginning op Year.
Year.
Year
of Year.
V
i,
Q)
6
i
6
CJ
ai
6
-ts
*B
-S
*w
j_q
h.
QJ
_.
QJ
J
a
%
s
a
*3
"3
s
4J
!g
%
CS
Jg
'bfl
■P
cc
3
0
1-3
O
55
3
O
o
i-s
a
OQ
(a.)
<M
O
1-3
0
33
3
o
o
1946—
Normal retirement	
183
97
29
11
18
12
9
3
2
1
2
198
106
36
ii
76
16
11
1
2
1
5
72
18
12
Death     	
40
6
1
45
Totals	
299
113
40
11
25
14
10
9
2
1
2
315
124
48
ii
Guaranteed:    (a)   Superannuant died after expiration  of guaranteed period;   (ft)   guaranteed period expired,
superannuant having died previously.
Comparative Statistics, January 1st, 1946, to December 31st, 1946, subdivided
according to sex of contributor.
Number op
Contributors.
Number of
Refunds
GRANTED.
Allowances.
Fiscal Year.
CJ
H
s
Eh
£
a
£
"c.
s
w
fa
Number of
Allowances
granted.
Number of
Deaths and
Expirations.
Number of
Allowances in
Force at End
of Year.
6
£
fa
dj
a
£
S
CJ
fa
a)
1-_
1
1946      	
1,742
227
3,387
666
97
511
29
20
5
9
200
298
VICTORIA,  B.C. :
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty,
J948.
515-148-8416 

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