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PROVINCE OF BRITISH COLUMBIA Eighth Annual Report of the business done in pursuance of the MUNICIPAL… British Columbia. Legislative Assembly 1948

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Eighth Annual Report
of the business done in pursuance of the
MUNICIPAL
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 " Municipal 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 " Municipal Superannuation Act " during the fiscal year 1946-47.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Commissioner of Municipal Superannuation. Municipal Superannuation Report, 1946-47.
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE  "MUNICIPAL
SUPERANNUATION ACT " DURING THE FISCAL YEAR 1946-47.
Section 6.—Contributions amounting to $403,783.92 were made by 4,209 Municipal
and School Board employees.
Section 8.—Contributions credited to the various employers' accounts, in accordance with the provisions of this section, amounted to $579,347.60.
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 $398,222.32 in accordance with subsection (3) (c) of this section, and outstanding Certificates of Loan were reduced by the amount of $672.83 in accordance
with subsection (5) of this section.
Section llA.—One allowance was granted pursuant to the provisions of clause (a)
of this section.
Section 13.—Superannuation allowances were granted to 153 employees.
Section 17.—Disability allowances were granted to 6 employees who had become
totally and permanently disabled.
Section 18.—Allowances were granted to dependents in the case of 11 employees
who died while in service.
Section 18 (3).—Refunds amounting to $4,131.72 were made in" the case of 4
employees who died while still in service.
Section 19.—One allowance was granted pursuant to the provisions of this section.
Section 20.—Refunds amounting to $75,760.97 were made to 411 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.
R. A. PENNINGTON,
Commissioner of Municipal Superannuation. T 6 BRITISH COLUMBIA.
MUNICIPAL SUPERANNUATION FUND.
Statement op Revenue and Expenditure port the Period April 1st, 1946, to March 31st, 1947.
Revenue.
Contributions as per requirements of the " Municipal Superannuation Act "—    ■
Employees, section 6  (1)    _ _._._._           $403,783.92
Employers, section 8—
Fund "A"  (Schedule No. 1)     $426,526.70
Fund "B " (Schedule No. 2)          152,820.90
  579,347.60
Interest on investments and bank interest     __   326,877.54
Profit on sale of securities       6,600.00
Expenditure.
Superannuation allowances, chargeable to Employers' Service Pensions Accounts—
Allowances under section 4   $211,894.95
Less amount refunded     __ 306.24
  $211,588.71
Service Pensions, Fund " A "       $303,002.87
Less amount refunded          465.26
     302,537.61
Service Pensions, Fund " B " _ __   _ _  499.19
$1,316,609.06
$514,625.51
Employees' retirement annuities   _   $114,000.18
Less amount refunded       6.33
Refunds of employees' contributions—
Section 18                  $4,131.72
Section 20            75,760.97
113,993.85
$628,619.36
79,892.69
Administration  expense    _            2,648.42
  711,160.47
Net increase of ledger assets            $605,448.59
Ledger Assets Account as at March 31st, 1947.
Ledger assets, April 1st, 1946         _...     $9,723,117.91
Net increase of ledger assets for period April 1st, 1946, to March 31st, 1947.   605,448.59
Advances from Provincial Government—
Certificates of Loan, section 10 (3)   (c)       $398,222.32
Less reduction of outstanding Certificates of Loan, section 10  (5).— 672.83
■  397,549.49
Ledger assets, March 31st, 1947  —       $10,726,115.99 MUNICIPAL SUPERANNUATION REPORT, 1946-47.                          T 7
MUNICIPAL SUPERANNUATION FUND.
Balance-sheet as at March 31st, 1947.
Assets.                     General Trustees'
Account. Account.                   Total.
Cash at Dominion Bank   _._.__        $10,413.89 $14,926.05          $25,339.94
Accounts receivable—
Contributions due from Municipalities, School Boards, etc.      96,966.66        1 96,966.66
Investments at cost less amortized discounts and premiums—
Dominion and Provincial Guaranteed (Schedule No. 3)....      7,460,612.67       7,460,612.67
B.C. Government Certificates of Loan _..._     3,144,242.58       3,144,242.58
$107,380.55   $10,619,781.30   $10,727,161.85
Accrued interest on investments        _._   99,914.31 99,914.31
$107,380.55   $10,719,695.61   $10,827,076.16
Liabilities.
Employees' Retirement Annuity Account at book value     _. _.       $4,772,947.24
Employers' Service Pensions Accounts at book value—
Fund " A " (see statement below)          $5,314,226.35
Fund"B" (Schedule No. 2)    .   457,045.05
5,771,271.40
Reserve   .. 181,869.75
Interest received unapportioned       27.60
Sundry accounts payable   —     . 1,045.86
Accrued interest unapportioned          99,914.31
$10,827,076.16
EMPLOYERS' SERVICE PENSIONS ACCOUNT, FUND "A."
Employers' balances—
Amounts at credit (Schedule No. 1)    ._.._ _ $2,350,467.99
Less amounts at debit (Schedule No. 1)         219,578.98
Net credit balance       $2,130,889.01
Advances from Provincial Government—
Cash advances, section 10  (3)   (a)    -.       $39,094.76
Certificates of Loan, section 10  (3)   (c)        3,144,242.58
3,183,337.34
$5,314,226.35
COMPTROLLER-GENERAL'S CERTIFICATE.
I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st,
1947, 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. 7 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.
J. A. CRAIG, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C.,
December 17th, 1947. T 8
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w T 10
BRITISH COLUMBIA.
SCHEDULE No. 2.
Service Pensions Accounts, Fund " B."
Summary of Employers' Accounts, April 1st, 1946, to March 31st, 1947.
Balance
at Credit,
April 1st,
1946.
Employers'
Contributions.
Transfer
Values.
Interest
Earnings.
Pension
Payments.
Fund " B "—
Balance   at
Credit, March
31st, 1947, as
per Balance-
sheet.
City of—
Chilliwack	
Courtenay	
Cranbrook	
Duncan	
Enderby	
Fernie	
Kamloops	
Kelowna	
Kimberley	
Merritt	
Nanaimo	
Nelson	
New Westminster	
North Vancouver	
Port Coquitlam	
Prince Rupert	
Revelstoke ....
Rossland	
Trail	
Vancouver	
Vernon	
Victoria	
Vancouver and Districts Joint
Sewerage and Drainage Board
District of—
Burnaby	
Chilliwhack	
Coldstream	
Esquimalt	
Greater Vancouver Water District	
Langley	
Maple Ridge -.	
North Cowichan	
North Vancouver	
Oak Bay	
Penticton	
Richmond	
Saanich	
Salmon Arm	
Spallumcheen	
Surrey	
West Vancouver	
University Endowment Lands	
Hospitals—
Royal Jubilee	
Vancouver General	
School Board of—
Burnaby, Dist. No. 41	
Chilliwack, Dist. No. 33	
Fernie, Dist. No. 1	
Kamloops, Dist. No. 24	
Merritt, Dist. No. 31	
Nelson, Dist. No. 7	
New Westminster, Dist. No. 40	
North Vancouver, Dist. No. 44	
Penticton, Dist. No. 15	
Prince Rupert, Dist. No. 52	
Carried forward	
$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
272.38
219.28
51.89
776.30
595.28
78.39
471.85
$101.88
255.81
601.76
11.24
44.55
406.69
722.93
486.31
168.28
365.64
348.12
2,025.47
7,082.22
3,331.73
9.34
2,274.25
480.58
1,255.82
71,381.14
581.76
16,240.80
100.75
2,478.68
416.66
106.80
409.42
2,214.24
716.50
119.04
517.08
606.15
2,924.00
1,222.33
543.23
3,061.94
35.25
1,431.76
3,340.00
1,121.10
582.20
8,251.33
1,379.91
56.52
178.92
335.68
282.05
319.32
108.77
$262,785.49    I  $141,035.95
$666.00*
422.00*
422.00f
$11.91
15.88
34.69
.20
.78
36.06
38.43
31.72
3.11
30.92
6.09
305.71
672.25
355.98
.17
192.40
46.09
160.29
5,897.64
39.79
1,477.93
1.76
270.10
14.75
4.46
34.46
91.62
31.38
( 4.60
40.75
35.94
496.52
151.98
19.99
417.51
.62
99.03
203.12
23.85
10.19
185.03
83.13
10.52
7.67
4.95
33.04
25.77
8.33
18.42
$11,687.53
$212.04
17.18
$499.19
$392.98
597.49
1,326.80
11.44
45.33
1,269.73
1,497.85
1,181.02
176.08
1,097.05
354.21
10,053.04
23,314.44
12,525.57
9.51
6,826.74
1,603.27
5,367.77
210,325.45
1,467.59
51,824.98
102.51
9,409.60
644.38
185.13
1,223.80
3,807.99
1,286.34
195.68
1,463.68
1,365.97
16,144.88
5,105.38
862.81
13,877.42
35.87
3,644.46
7,868.63
1,265.80
592.39
9,597.20
2,937.19
339.42
226.95
235.76
1,145.02
903.10
406.04
599.04
$416,740.78
; Credit.
t Debit. MUNICIPAL SUPERANNUATION REPORT, 1946-47.
T 11
SCHEDULE No. 2—Continued.
Service Pensions Accounts, Fund " B "—Continued.
Summary of Employers' Accounts, April 1st, 1946, to March 31st, 1947—Continued.
Balance
at Credit,
April 1st,
1946.
Employers'
Contributions.
Transfer
Values.
Interest
Earnings.
Pension
Payments.
Fund "B"—
Balance at
Credit, March
31st, 1947, as
per Balance-
sheet.
$262,785.49
$141,035.95
j
$11,687.53          $499.19
$416,740.78
School Board of—Continued.
376.30
29.69
24,880.57
lBO.OOt
10.55
1.04
1,002.87
.48
166.15
11.86
236.85
Surrey, Dist. No. 36 	
30.73
9,276.61
27.48
2,308.64
172.22
l,731.00t
33,429.05
27.96
3,517.95
252.86
150.00*
	
6,142.74
436.94
	
Totals    	
$291,842.86
$152,820.90
S12.880.48     !     $499.19
$457,045.05
* Credit. t Debit.
SCHEDULE No. 3.
Trustees of the Municipal Superannuation Fund and the Minister of Fjnance
for the Province of British Columbia.
Securities held as at March 31st, 1947.
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—
3% Bonds	
3%% Bonds	
- 4% Bonds	
3%% Bonds	
3y_% Bonds	
3V_% Bonds	
5% Bonds	
3% Bonds	
SVz% Bonds	
3% Bonds	
3%% Bonds	
3% Bonds	
3Vz% Bonds	
3% Bonds	
S%% Bonds	
3% Bonds	
2%% Bonds	
2%% Bonds	
2%% Bonds	
2%% Bonds	
2%% Bonds	
Vancouver and Districts Joint Sewerage
and Drainage Board—
4% Bonds	
4% Bonds	
4% Bonds	
4% Bonds	
4% Bonds	
4% Bonds	
5% Bonds	
5%% Bonds	
4% Bonds	
4% Bonds	
4% % Bonds	
4y2% Bonds	
Totals	
May
Jan.
June
Feb.
Oct.
Sept.
1, 1957
1, 1959
1, 1960
1, 1962
1, 1963
1, 1966
June 1,
June 1,
Nov. 1,
June 1,
June 1,
June 1,
Sept. 1,
Feb. 1,
June     1
Feb.
June
Feb.
June 1,
Feb. 1,
April 1,
Dec. 15,
April 15,
July 20,
Jan. 15,
Feb. 1,
Oct.  1,
1948
1949
1950
1951
1952
1953
1953
1954
1954
1955
1955
1956
1956
1957
1959
1960
1966
1966
1967
1967
1971
May
Oct.
May
May
May
May
Sept.
Sept.
Oct.
May
Sept.
Sept.
1, 1948
1, 1954
1, 1958
1, 1959
1, 1960
1, 1962
1, 1962
1, 1962
1, 1962
1, 1963
1, 1965
1, 1970
$1,143,600.00
125,000.00
275,000.00
200,000.00
100,000.00
250,000.00
$1,143,600.00
125,000.00
275,000.00
200,000.00
100,000.00
250,000.00
50
2
276:
1,
10
14.
234
30
19,
25
60
42
127
3
3,500
30
139
220
172
100
250
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
090.00
,000.00
000.00
000.00
,000.00
000.00
ooo.oo
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
$7,448,600.00
48
2
276,
1
9
13,
254
29,
19,
24
58
•41
124
■ 2
3,500
31,
139
220
172
100
250
660.00
015.00
617.60
013.50
834.00
898.00
485.52
598.00
844.10
,665.00
,770.00
,437.20
325.50
959.80
000.00
050.00
000.00
000.00
,000.00
,000.00
,000.00
3,022.50
5,312.50
10,075.00
1,087.10
6,045.00
1,007.50
3,551.00
3,416,10
1,007.50
11,146.50
5,862.50
1,191.25
$1,143,600.00
125,000.00
275,000.00
200,000.00
100,000.00
250,000.00
49,729.31
2,004.96
276,399.05
1,009.35
9,912.34
13,958.11
246,755.27
29,690.75
19,733.43
24,734.48
59,214.30
41,543.23
125,225.57
2,966.74
3,500,000.00
31,008.09
139,000.00
220,000.00
172,000.00
100,000.00
250,000.00
3,002.92
5,198.31
10,045.21
1,079.17
6,028.87
1,005.05
3,458.63
3,286.98
1,005.06
11,105.98
5,741.94
1,169.57
.,200,780.00
131,250.00
288,750.00
210,000.00
105,000.00
262,500.00
;,497.67
$7,460,612.67
50
2,
289,
1,
10,
14,
267,
30,
20,
25,
63,
43,
135,
3,
3,500.
30,
137,
220,
172,
100
250,
500.00
060.00
800.00
050.00
500.00
840.00
330.00
900.00
670.00
500.00
600.00
260.00
890.00
090.00
000.00
600.00
610.00
000.00
000.00
000.00
000.00
3,270.00
5,450.00
11,000.00
1,100.00
6,540.00
1,090.00
3,720.00
3,870.00
1,090.00
11,990.00
6,050.00
1,250.00
$7,623,900.00 T 12
BRITISH COLUMBIA.
SCHEDULE No. 4.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1939, to March 31st, 1947.
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
3,502
3,460
3,295
3,340
3,416
3,949
4,209
$376,213.96
385,310.30
403,590.01
398,961.01
411,337.12
431,251.30
505,050.16
579,347.60
$273,204.70
279,081.09
277,946.17
267,876.88
278,996.62
298,036.94
351,672.80
403,783.92
71
99
128
191
125
116
314
415
$42,575.46
38,666.49
46.504.88
68,582.55
45,792.56
53,755.08
74,102.47
79,892.69
78
99
116
193
120
130
215
172
36
36
34
53
44
46
51
48
973
1,036
1,118
1,258
1,334
1,418
1,582
1,706
$329,309.38
339,671.98
369,231 07
1940-41	
1941-42	
1942 43
408,424.19
460,091.94
492,423.87
551 639 04
1943-44	
1944-45	
1945-46	
1946-47	
Totals
$3,491,061.46
$2,430,599.12
$449,872.18
$3,579,410.83
SCHEDULE No. 5.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1945, to March 31st, 1947, subdivided according
to Sex of Contributor.
Number of
Contributors.
Number op
Refunds
GRANTED.
Allowances.
Fiscal Year.
V
s
S
1st
6
S
Number of
Allowances
granted.
Number of
Deaths and
Expirations.
Number of
Allowances in
Force at End
of Year.
ai
s
1)
*
£
s
01
ft
4)
£
£
1945-46—
Maximum retirement age 66...
Maximum retirement age 60...
1946-47—
Maximum retirement age 65...
Maximum retirement age 60...
1.987
1,089
2,184
1,156
873
869
87
55
142
56
172
217
129
41
111
38
45
23
40
10
37
7
1
4
1,143
323
1,217
354
116
135 MUNICIPAL SUPERANNUATION REPORT, 1946-47.
T 13
SCHEDULE No. 6.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1945, to March 31st, 1947—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.
6
"3
e
w
T3
o
c
a
u
0
0
6
13
'o
*-3
u
s
o
g
13
o
%
5
$
c
2
a
3
O
ai
3
'3
Q
,r3
o
SI
3
0)
"3
S
Guaranteed.*
6
3
c
'o
1-3
T_j
0
6
3
0)
"3
s
in
i
s
ca
ca
s
o
£
3
.5
'o
1-3
(a.)
(b.)
-3
o
1945-46—
Normal retirement .
297
44
175
450
24
274
62
89
3
57
13
92
4
38
6
5
....
24
2
5
7
1
7
3
1
1
330
42
183
528
27
309
67
93
3
Totals	
516
474
336
92
70
96
44
5
31
8
7
4
1
555
555
376
96
1946-47—
Normal retirement
330
42
183
528
27
309
67
93
....
43
3
11
77
2
33
1
2
21
1
5
6 [    4
.... | ....
.... | ....
9
2
352
44
189
595
29
333
66
95
3
Totals	
555
555
376
96
57
79
34
2
27
6
4
11  j  ....
1
585
624
399
98
♦Guaranteed:    (a)   Superannuant died after expiration of guaranteed period;    (6)  guaranteed period expired,
superannuant having died previously.
SCHEDULE No. 7.
Municipal Superannuation Fund.
Valuation Balance-sheet as at March 31st, 1945.
Assets. Liabilities.
Of employer, Fund " A "     $4,489,746 41
Of employer, Fund " B " _____        208,633.46
Of Retirement Annuity Fund       4,223,227.79
Actuarial reserves-
Fund " A " ......
Fund "B" 	
Value  of future  receipts  of  Fund
"A" under sections 8 and 10 __
Deficit, Fund " B "   _.__
1,921,607.66
1,757,164.59
84,301.54
$17,763,073.79
 $13,246,911.00
    292,935.00
Retirement Annuity Fund       4,171,992.00
$17,711,838.00
Surplus, Retirement Annuity Fund 51,235.79
$17,763,073.79
I certify that the above balance-sheet represents the actuarial position of the Municipal Superannuation Fund as at March 31st, 1945, according to the explanations and calculations set out in my
report dated November 27th, 1945, to the Superannuation Commissioner relative to that Fund.
S. H. PIPE,
Consulting Actuary.
VICTORIA, B.C.:
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty.
1948.
515-148-8415   

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