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PROVINCE OF BRITISH COLUMBIA Ninth Annual Report of the business done in pursuance of the MUNICIPAL SUPERANNUATION… British Columbia. Legislative Assembly 1949

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Ninth Annual Report
of the business done in pursuance of the
MUNICIPAL
SUPERANNUATION ACT
for the Year ended March 31st
1948
VICTORIA, B.C. :
Printed by Don McDiaumid, Printer to the King's Most Excellent Majesty.
1949.  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 1947-48.
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 1947-48.
In doing so, I have to record with great regret the death on September 20th, 1947,
of Mr. A. Norman Baker, who had been Commissioner of Municipal Superannuation
since April 1st, 1939.
I have the honour to be,
Sir,
Your obedient servant,
R.  A.  PENNINGTON,
Commissioner of Municipal Superannuation. Municipal Superannuation Report, 1947-48.
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "MUNICIPAL
SUPERANNUATION ACT " DURING THE FISCAL YEAR 1947-48.
Section 6.—Contributions amounting to $474,499.19 were made by 4,707 municipal
and School Board employees.
Section 8.—Contributions credited to the various employers' accounts, in accordance with the provisions of this section, amounted to $693,553.87.
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 $353,573.29 in accordance with subsection (3) (c) of this section, and outstanding Certificates of Loan were reduced by the amount of $793.15 in accordance
with subsection (5) of this section.
Section 13.—Superannuation allowances were granted to 134 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 8 employees
who died while in service.
Section 18 (3).—Refunds amounting to $1,120.08 were made in the case of 6
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 $98,291.95 were made to 493 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. U 6
BRITISH COLUMBIA.
1
MUNICIPAL SUPERANNUATION FUND.
Statement of Revenue and Expenditure for the Period
April 1st, 1947, to March 31st, 1948.
revenue.
Contributions as per requirements of the " Municipal Superannuation Act "—
Employees, section 6   (1).      	
Employers, section 8—
Fund "A"   (Schedule  No.  1)    $462,976.99
Fund "B"  (Schedule No. 2)__          230,576.88
Interest on investments and bank interest (includes accrued interest)	
EXPENDITURE.
Superannuation allowances, chargeable to Employers' Service Pension Accounts—
Allowances under section  4    $201,779.52
Less amount refunded.
180.04
Service pensions, Fund " A '
Less amount refunded—
Service pensions, Fund " B ".
Less amount refunded	
$367,039.1
579.45
$712.60
17.86
$201,599.48
366,459.63
694.74
$474,499.19
693,553.87
462,550.01
$1,630,603.07
Employees'  retirement  annuities.
Less amount refunded 	
$133,949.31
73.02
$568,753.85
Refunds of employees' contributions—
Section 18            $1,120.08
Section 20       _. ___      98,291.95
133,876.29
$702,630.14
Administration   expense
99,412.03
6,122.92
Net increase of ledger assets
LEDGER ASSETS ACCOUNT AS AT MARCH 31st, 1948.
808,165.09
$822,437.98
Ledger assets, April 1st, 1947        _ $10,726,115.99
Net increase of ledger assets for period April 1st, 1947, to March 31st, 1948  822,437.98
Advances from Provincial Government—
Certificates of Loan, section 10  (3)   (c) _   _ $353,573.29
Less reduction of outstanding Certificates of Loan, section 10  (5).... 793.15
Ledger assets, March 31st, 1948..
352,780.14
$11,901,334.11 MUNICIPAL SUPERANNUATION REPORT, 1947-48. U 7
MUNICIPAL SUPERANNUATION FUND.
BALANCE-SHEET AS AT MARCH 31ST, 1948.
ASSETS. General Trustees-
Account. Account. Total.
Cash  at  Dominion  Bank        $27,396.14 $97,082.67       $124,478.81
Accounts receivable—
Contributions  due  from  municipalities,  hospitals,   School
Boards,  etc.      _:_   _    161,711.22   161,711.22
Investments at cost less amortization—
Dominion and Provincial guaranteed (Schedule No. 3)         8,014,276.83      8,014,276.83
(Valuation on Dominion Department of Insurance
basis or market value at December 31st, 1947,
$8,160,215.)
B.C. Government Certificates of Loan.           3,497,022.72      3,497,022.72
Accrued interest on investments         104,450.53 104,450.53
$189,107.36 $11,712,832.75 $11,901,940.11
LIABILITIES.
Employees' Retirement Annuity Account at book value           $5,234,007.85
Employers' Service Pensions Accounts at book value—
Fund "A"  (see statement below)      $5,778,509.81
Fund "B"  (Schedule No. 2).....            706,946.70
       6,485,456.51
Reserve         -   181,869.75
Sundry accounts payable        606.00
$11,901,940.11
EMPLOYERS' SERVICE PENSIONS ACCOUNT, FUND "A."
Employers' balances—
Amounts at credit  (Schedule No. 1).. ._. _...  $2,489,844.94
Less amounts at debit  (Schedule No. 1)        247,452.61
Net credit balance    $2,242,392.33
Advances from Provincial Government—
Cash advances, section 10  (3)   (a)            $39,094.76
Certificates of Loan, section 10  (3)   (c)       3,497,022.72
     3,536,117.48
$5,778,509.81
COMPTROLLER-GENERAL'S  CERTIFICATE.
I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st,
1948, have been examined under my direction.
Subject to the report dated December 29th, 1948, of Mr. Samuel Eckler, F.A.S.A., F.A.I.A., the
consulting actuary engaged pursuant to section 36 (1) of the " Municipal Superannuation Act," I
further 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, exclusive of the actuarial sufficiency of the reserves,
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 11th, 19i9. U 8
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BRITISH COLUMBIA.
SCHEDULE No. 2.
Service Pensions Accounts, Fund "B."
Summary of Employers' Accounts, April 1st, 1947, to March 31st, 1948.
Balance
at Credit,
April 1st,
1947.
Employers'
Contributions.
Transfer
Values.
Interest
Earnings.
Pension
Payments.
Fund "B"—
Balance at
Credit, March
31st, 1948, as
per Balance-
sheet.
City of—
Chilliwack	
Courtenay	
Cranbrook	
Duncan	
Enderby	
Fernie	
Grand Forks	
Kamloops	
Kelowna	
Kimberley	
Merritt	
Nanaimo	
Nelson	
New Westminster	
North Vancouver	
Penticton	
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	
Richmond	
Saanich	
Salmon Arm	
Spallumeheen	
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	
Carried forward..
$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
5,105.38
9.51
6,826.74
1,603.27
5,367.77
210,325.45
1,467.59
51,824.98
J 02.51
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
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
,138,875.58
* Debit.
t Credit.
$101.88
598.86
764.26
172.44
23.38
488.52
164.51
1,332.28
1,007.45
506.64
365.64
975.59
3,580.33
9,424.73
5,207.99
933.60
37.36
2,304.48
724.15
1,497.52
108,114.14
1,388.74
21,032.68
283.58
4,243.82
466.32
106.80
398.51
4,188.97
840.46
119.04
477.06
1,495.47
4,881.44
644.12
4,719.43
141.00
2,103.89
4,506.21
1,902.14
3,077.22
19,001.16
1,683.82
63.56
$803.00*
$216,327.76
239.00*
10,622.00f
208.00f
286.00T
144.00t
221.00t
115.00*
805.00t
74.00*
25.00f
$ll,080.00t
$15.54
31.39
59.81
3.42
2.00
52.99
2.88
75.74
58.97
15.03
44.80
29.47
414.51
977.23
515.48
195.03
.99
275.08
68.79
214.08
9,438.34
75.67
2,185.59
8.55
404.58
30.71
8.35
49.81
203.10
62.25
8.93
59.57
73.98
654.36
41.47
568.30
3.72
162.36
368.35
77.59
74.58
667.13
132.70
12.99
7.94
12.39
$212.04
230.04
$510.40
1,227.74
2,150.87
187.30
70.71
1,811.24
167.39
2,905.87
2,247.44
697.75
1,507.49
1,359.27
14,047.88
33,504.36
17,446.04
6,234.01
47.86
9,167.30
2,396.21
7,079.37
338,446.35
2,932.00
75,251.25
394.64
14,113.96
1,141.41
300.28
1,672.12
8,000.98
2,333.05
323.65
2,000.31
2,935.42
21,901.68
1,548.40
19,165.15
180.59
5,795.71
13,548.19
3,245.53
3,744.19
29,191.49
4,778.71
415.97
234.89
484.72
$18,446.54    |
$694.74    |    $658,847.14
I MUNICIPAL SUPERANNUATION REPORT, 1947-48.
U 11
SCHEDULE No. 2—Continued.
Service Pensions Accounts, Fund " B "—Continued.
Summary of Employers' Accounts, April 1st, 1947, to March 31st, 1948—Continued.
Balance
at Credit,
April 1st,
1947.
Employers'
Contributions.
Transfer
Values.
Interest
Earnings.
Pension
Payments.
Fund " B "—
Balance   at
Credit, March
31st, 1948, as
per Balance-
sheet.
$4,138,875.58
1.145.02
$216,327.76
340.66
$ll,080.00t
$18,446.54    1    $694.74
$658,847.14
School Board of—Continued.
Nelson, Dist. No. 7	
46.04
38.85
22.10
24.36
1.76
1.59
8.29
1.07
1,150.86
2.21
259.61
16.23
1,531.72
903.10     !             413.56
406.04     j             450.70
599.04     !             193.70
1,355.51
878.84
817.10
100.70
90.75
102.46
Richmond, Dist. No. 38..
92.34
Saanich, Dist. No. 63	
236.85
30.73
33,429.05
27.96
0,142.74
436.94
245.14
Surrey, Dist. No. 36	
31.80
9,556.27
70.56
2,978.58
53.64
10,651.00*
33,485.18
Vernon, Dist. No. 22
100.73
429.00*
8,951.93
506.81
Totals	
$457,045.05
$230,576.88
$20,019.51
$694.74
$706,946.70
1 Debit.
t Credit. U 12
BRITISH  COLUMBIA.
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, 1948.
Description.
Date of
Maturity.
Par Value.
Cost Price.
Book Value.
Market Value,
Dec. 31st, 1947.
Dominion of Canada—
3% bonds	
3% bonds	
3% bonds	
Z'/o bonds	
3% bonds	
3% bonds	
Province of British Columbia—
3% bonds	
31/2% bonds -	
4% bonds.....	
31/2% bonds	
3y2% bonds  ...
S%% bonds	
5% bonds	
3% bonds	
3%% bonds	
3% bonds 	
SV2% bonds	
3% bonds	
3%% bonds	
3% bonds	
31/3% bonds	
3% bonds	
2%% bonds	
2%% bonds	
2%% bonds	
2%% 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>/2% bonds	
4% bonds	
4% bonds	
4y2% 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. 1,
June 1,
Feb. 1,
Ju^e 1,
Feb. 1,
Apr. 1,
Dec. 15,
Apr. 15,
July 20,
Oct. 15,
Jan. 15,
Feb. 1,
May 15,
June 15,
Oct. 1,
Sept. 26,
1948
1949
1950
1951
1952
1953
1953
1954
1954
1955
1955
1956
1956
1957
1959
1960
1966
1966
1966
1967
1967
1967
1968
1971
1972
May
Oct.
May
May
May
May
Sept.
Sept.
Oct.
May
Sept.
Sept.
1, 1948
1954
1958
1959
1960
1962
1, 1962
1, 1962
1, 1962
1, 1963
1, 1965
1, 1970
$1,143,600.00 J $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
266
220
35
313
100
90
94
250.
75.
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
,000.00
,000.00
000.00
,000.00
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
$8,010,600.00
125,000.00
275,000.00
200,000.00
100,000.00
250,000.00
2,
276,
1,
9,
13,
254,
29,
19,
24,
58,
41,
124,
2
3,500,
31,
264.
220,
34,
310,
100
90
91,
250
75,
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
676.25
000.00
093.75
910.00
000.00
000.00
525.00
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 [ $1,200,780.00
125,000.00 \
275,000.00 |
200,000.00 I
100,000.00 j
250,000.00 I
49
2
276,
1
1
244
29
19
24,
59,
41.
125.
2
3,500
30
264,
220
34.
310,
1O0
90
91
250
75.
960.69
002.67
287.86
007.11
.929.30
,964.90
,846.92
735.95
700.88
768.34
310.47
594.90
419.08
,970.12
000.00
,934.56
693.38
,000.00
098.76
928.90
000.00
000.00
539.41
000.00
000.00
3,000.25 I
5.171.88 I
10,041.14 j
1,072.62 j
6,026.67 I
1,004.72
3.428.89 |
3,268.37 j
1,004.71 j
11,099.39 I
5,701.66 I
1,162.33
131,250.00
288,750.00
210,000.00
105,000.00
262,500.00
50,000.00
2,040.00
284,280.00
1,040.00
10,400.00
14,700.00
262.640.00
30,600.00
20,475.00
25,500.00
63,000.00
42,840.00
133,350.00
3,060.00
3,500,000.00
30,600.00
263,340.00
217,800.00
34,650.00
309,870.00
99,000.00
89,100.00
93,060.00
250,000.00
75,000.00
3,030.00
5,400.00
10,800.00
1,080.00
6,480.00
1,080.00
3,690.00
3,840.00
1,080.00
11,880.00
6,000.00
1,230.00
8,021,702.67
$8,014,276.83
$8,160,215.00 MUNICIPAL SUPERANNUATION REPORT, 1947-48.
U 13
SCHEDULE No. 4.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1939, to March 31st, 1948.
Contributions.
Withdrawals.
Allowances.
Fiscal Year.
No. of
Contributors.
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	
1940-41	
1941-42	
1942-43	
1943-44	
1944-45	
1945-46	
1946-47	
1947-48	
3,515
3,502
3,460
3,295
3,340
3,416
3,949
4,209
4,707
$376,213.96
385,310.30
403,590.01
398.96L01
411,337.12
431,251.30
505,050.16
579,347.60
693,553.87
$273,204.70
279,081.09
277,946:17
267,876.88
278,996-62
298,036.94
351,672.80
403,783.92
474,499.19
71
99
128
191
125
116
314
415
499
$42,575.46
38,666.49
46,504.88
68,582.55
45,792.56
53,755.08
74,102.47
79,892.69
99,412.03
78
99
116
193
120
130
215
171
149
36
36
34
53
44
46
51
48
42
973
1,036
1,118
1,258
1,334
1,418
1,582
1,705
1,812
$329,309.38
339,671.98
369,231.07
408,424.19
460,091.94
492,423.87
551,639.04
628,619.36
702,630.14
Totals
$4,184,615.33
$2,905,098.31
$549,284.21
—   1       !   	
1           1
$4,282,040.97
SCHEDULE No. 5.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1945, to March 31st, 1948,
subdivided according to Sex of Contributor.
Number of
Contributors.
Number of
Refunds
GRANTED.
Allowances.
Fiscal Year.
CJ
OS
3
£
En
cJ
s
a)
s
Number of
Allowances
granted.
Number of
Deaths and
Expirations.
Number of
Allowances in
Force at End
of Year.
cj
s
s
s
En
Is
£
fa
1945-46—
Maximum retirement age 65.._
Maximum retirement age 60...
1946-47—
Maximum retirement age 65—
Maximum retirement age 60...
1947-48—
Maximum retirement age 65..
Maximum retirement age 60...
1,987
1,089
2,184
1,156
2,427
1,343
873
869
937
•
87
55
142
56
195
50
172
217
254
129
41
110
38
108
31
45
	
23
10
40
10
37
7
36
3
	
1
4
3
1,143
323
1,216
354
1,288
382
116
135
142 U 14
BRITISH COLUMBIA.
SCHEDULE No. 6.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1945, to March 31st, 19^8—Allowances
granted and in Force, subdivided by Type and Plan of Allowance.
In Force at
Beginning
op Year.
Granted during
Year.
Expired during
Year.
]
n Force at End
of Year.
Fiscal Year.
6
3
"3
c
55
%
-p
a
ca
H
o
V
v.
3
+j
a
'S
>->
T3
QJ
cK
'•V
o
2
3
"3
a
m
V
cu
C
CO
M
cd
3
o
al
«H
3
O
'o
>-3
T3
O
g
<
d
!
QJ
tH
3
V
S
S3
*
U
#
i-*
a
3
O
oi
3
'o
►7
13
41
c
a
a
a
<
1
0
«H
3
0)
C
33
1
c
cd
H
CC
0
<H
3
g
'o
>-3
OJ
CC
■3
o
2
c
<
£
o
H
1945-46—
Normal retirement	
297
450
274
89
57
92
38
5
24
7
7
•3
i
330
528
309
93| 	
Disability	
44
24
62
3
4
6
2
1
....
1
42
27
67
3|  	
Death	
175
13
70
96
44
5
5
31
8
....
—
4
i
183
Totals	
516
474
336
92
555
555
376
061
1946-47—
330
528
309
93
43
77
3?
9
91
6
4
q
352
595
332|    95!
66|      31 	
Disability	
42
27
67
3
3
2
1|   ....
....
1
....
2
44
29
Death	
183
11
57
79
....[   ....
— I—
33j    2
5
27
....
6
4
11
....
189
	
585
624
1         1
Totals	
555
555
376
96
398 j    98
i        1
1947-48—
I
1        I
352
595
332
95
19
401   17l      1
65
16
6
4
8
348
625
341
961    65
44
29
66
3
9
3
1
4
40
31
69
31       1
Death	
189
8
4
193
Totals        	
585
624
398
98
20
42
20
1
66
24
6
4
8
581
656
410
991     66
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.
1949.
515-149-7016  

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