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PROVINCE OF BRITISH COLUMBIA Twelfth Annual Report of the business done in pursuance of the CIVIL SERVICE… British Columbia. Legislative Assembly [1948]

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Twelfth Annual Report
of the business done in pursuance of the
CIVIL SERVICE
SUPERANNUATION ACT
for the Year ended March 31st
1947
VICTORIA, B.C. :
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty.
1948.  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 " Civil Service Superannuation Act" during the fiscal year 1946-47.
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 " Civil Service Superannuation Act " during the fiscal year 1946-47.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Superannuation Commissioner. SUPERANNUATION REPORT, 1946-47.
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "CIVIL SERVICE
SUPERANNUATION ACT " DURING THE FISCAL YEAR 1946-47.
Sections 6, 7, and 9.—Contributions were made by the employees of the British
Columbia Government of $627,415.90. The Minister of Finance provided an equal
amount as a contribution from the employer to the Fund.
Section 10.—There were 677 contributors making voluntary contributions pursuant
to this section as at March 31st, 1947. Contributions received under this section
amounted to $73,145.13.
Section 13.—Interest was credited at the rate of 5 per cent, per annum on September 30th, 1946, and March 31st, 1947, on the credit balances of the previous April
1st, 1946, and October 1st, 1946, respectively.
Section 14.— (1) (a) The sum of $174,787.78 was refunded under sections 22 and 23.
Like amounts were transferred from the British Columbia Government Employer's
Account to the Special Reserve Account.
(3) The cash credit balance of the British Columbia Government Special Reserve
Account amounted to $2,048,523.64 on March 31st, 1947.
Section 15.—An amount of $10,895.77 was received from British Columbia Government employees who were reappointed to the service of the employer.
Section 16.—A statement of all moneys received and paid out under the provisions
of this Act and the assets and liabilities appertaining to the granting of superannuation allowances under its provisions is given in the statement of revenue and expenditure and the balance-sheet.
Section 17.—Superannuation allowances were granted to 199 British Columbia
Government employees.
Section 20.— (1) Superannuation allowances were granted to dependents in the
case of 9 employees who died while in service.
Section 22.—Fourteen British Columbia Government employees died during the
year, and refunds were made to their legal representatives.
Section 23.—Six hundred and thirteen contributors, on leaving the Government
Service, secured refunds of the amounts standing at their credit. An amount of
$3,234.74 was transferred to the employees' credit in Employees' Suspense Account
listed under " Unclaimed Moneys " in Schedule No. 1.
Section 35.—An amount of $993.14 was paid over to the Minister of Finance in
accordance with the provisions of this section.
R. A. PENNINGTON,
Superannuation Commissioner. V 6 BRITISH COLUMBIA.
CIVIL SERVICE SUPERANNUATION FUND.
Statement of Revenue and Expenditure for the Period April 1st, 1946,
to March 31st, 1947.
Revenue.
Deposits with Treasury, April 1st, 1946 $15,300,204.08
Contributions as per requirement of the " Civil Service Superannuation
Act "—
Employees—
Sections 6, 7, and 9  $627,415.90
Section 15      10,895.77
Section 17 (5)   290.55
Voluntary, section 10       73,145.13
  $711,747.35
Employer—
Section 3a (5)      $3,272.80
Sections 8 and 9  624,143.10
  $627,415.90
Special reserve, section 14 (1)   (b)     177,855.60
Section 17 (6)   290.55
     805,562.05
Provided out of Consolidated Revenue pursuant to sections 17 (8), 18 (7), and 20 (la) as per contra _____      17,724.45
Interest received from Minister of Finance pursuant to section 13      754,070.62
      2,289,104.47
$17,589,308.55
Expenditure.
Superannuation allowances—
Prior service pensions  $102,091.07
Less amount refunded   754.91
  $101,336.16
Contributory pensions   $349,583.59
Less amount refunded          3,034.55
     346,549.04
Provided out of Consolidated Revenue pursuant to sections 17 (7), 18 (6), and 20 (la) as per contra       17,724.45
Refunds—
Section 22      $19,387.45
Section 23      155,400.33
Section 35  993.14
Sundries        1,146.60
Voluntary contributions          7,882.53
     184,810.05
       $650,419.70
Balance, deposits with Treasury, March 31st, 1947    16,938,888.85
$17,589,308.55 CIVIL SERVICE SUPERANNUATION REPORT, 1946-47. V 7
CIVIL SERVICE SUPERANNUATION FUND.
Balance-sheet as at March 31st, 1947.
Assets.
Deposits with Treasury $16,938,888.85
$16,938,888.85
Liabilities.
Contributory Pension Account, amount available for payment of current
pensions (contributory portion only)     $4,187,372.94
Special Reserve Account for prior service pensions      2,048,523.64
Balance at credit of contributors—
Employees  I $5,220,283.82
Employers    5,220,283.82
Voluntary contributions (employees)        251,411.84
    10,691,979.48
Employees' Suspense Account, unclaimed moneys at credit of former
employees' accounts as per Schedule No. 1  11,012.79
$16,938,888.85
Present value of superannuation allowances as at March 31st, 1947:—
Contributory pensions  . $3,982,444.00
Prior service pensions        845,756.00
$4,828,200.00 V 8
BRITISH COLUMBIA.
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1-1 CIVIL SERVICE  SUPERANNUATION REPORT, 1946-47.
V 9
CIVIL SERVICE SUPERANNUATION FUND.
Comparative Statistics, April 1st, 1945, to March 31st, 1947, subdivided according
to Sex of Contributor, British Columbia Government Employees.
Number of
Contributors.
Number of
Refunds
granted.
Allowances.
Number of
Number of
Allowances in
Force at End
of Year.
Fiscal Year.
Allowances
granted.
Deaths and
Expirations.
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0 CIVIL SERVICE  SUPERANNUATION REPORT, 1946-47.
V 11
SCHEDULE No. 1.
Unclaimed Moneys in the Civil Service Superannuation Fund at Credit
op Former Employees' Accounts.
Name.
Department.
Amount.
$304.55
Education	
Education..	
Education	
940.14
950.23
4.11
2,155.40
Rice-Jones, Wm. Geoffrey	
Mines	
27.91
1,330.25
570.82
Provincial Secretary	
176.06
2,218.45
Riddell, Miss Joan M	
Provincial Secretary	
510.69
128.42
Wallis, Edward C.	
Provincial Secretary	
Provincial Secretary	
Provincial Secretary _	
Public Works	
85.62
Warren, Dr. Alfred J	
308.58
321.33
978.48
Williams, E.                                                    	
1.75
$11,012.79
VICTORIA,  B.C. :
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty.
194S.
415-148-8556 

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