PROVINCE OF BRITISH COLUMBIA Seventh Annual Report of the business done in pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1ST TO DECEMBER 31st 1947 VICTORIA, B.C. : Printed by Don McDiarmid, 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 " Teachers' Pensions Act" during the period January 1st, 1947, to December 31st, 1947. 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, 1947, to December 31st, 1947. In doing so, I have to record with great regret the death on September 20th, 1947, of A. Norman Baker, who had been Commissioner of Teachers' Pensions since January 1st, 1941. 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, 1947, TO DECEMBER 31st, 1947. Section 6.—Contributions made by teachers pursuant to the provisions of this section amounted to $634,431.44. This amount represents ordinary contributions of $525,893.19 and special 1-per-cent. contributions of $108,538.25. Section 6 (9).—An amount of $228.20 contributed by employers under this section was transferred to Service Pensions Account. Section 8.—Employer contributions made pursuant to the provisions of this section amounted to $759,278.71. Section 11.—Superannuation allowances were granted to 57 teachers. Section 15.—Disability allowances were granted to 10 teachers who had become totally and permanently disabled. Section 16 (1).—A superannuation allowance was granted to the dependent in the case of 1 teacher who died while in service. Section 16 (U), (5).—Refunds amounting to $8,646.44 were made in the case of 14 teachers who died while still in service. Section 18.—Refunds amounting to $117,290.65 were made to 608 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 two meetings of the Teachers' Pensions Board were held. R. A. PENNINGTON, Commissioner of Teachers' Pensions. S 6 BRITISH COLUMBIA. TEACHERS' PENSIONS FUND. Statement of Revenue and Expenditure for the Period January 1st, 1947, to December 31st, 1947. Revenue. Contributions as per requirements of the " Teachers' Pensions Act "— Employees, section 6— Contributions for retirement annuities $525,893.19 Contributions, special 1-per-cent 108,538.25 $634,431.44 Employers, section 8 $759,278.71 Employers, section 6 (9) 228.20 759,506.91 Minister of Finance, section 4 (as per contra) 109,796.25 Interest on investments and bank interest (includes accrued interest) 264,104.31 $1,767,838.91 Expenditure. Superannuation allowances— Payable from Teachers' Pensions Fund— Service pensions $117,165.26 Less amount refunded 146.81 $117,018.45 Retirement annuities $46,783.33 Less amount refunded 4.82 46,778.51 Payable by Minister of Finance, section 4— Allowances paid $110,621.91 Less amount refunded t 825.66 Net amount (as per contra) 109,796.25 Refund of employees' contributions— Section 16 (4) .' $7,971.18 Section 16 (5) 675.26 Section 18 117,290.65 125,937.09 Administration expenses, section 23 17,930.47 417,460.77 Net increase of ledger assets $1,350,378.14 Ledger Assets Account as at December 31st, 1947. Ledger assets, January 1st, 1947 $7,103,080.49 Net increase of ledger assets for period January 1st, 1947, to December 31st, 1947 1,350,378.14 TEACHERS' PENSIONS ACT—ANNUAL REPORT. S 7 TEACHERS' PENSIONS FUND. Balance-sheet as at December 31st, 1947. Assets. General Trustees' Account. Account. Total. Cash at Canadian Bank of Commerce $20,947.42 $226,587.74 $247,535.16 Accounts receivable— Due from employees $46,547.56 Due from employers 238,417.32 284,964.88 284,964.88 Investments at cost, less amortization (Schedule No. 1) 7,893,790.26 7,893,790.26 (Valuation on Dominion Department of Insurance basis or market value at December 31st, 1947, $8,012,091.01.) Accrued interest on investments 42,652.32 42,652.32 $305,912.30 $8,163,030.32 $8,468,942.62 Liabilities. Employees' Retirement Annuity Account $4,849,367.73 Employers' Service Pensions Account 3,604,090.90 Accounts payable— Administration expense $14,157.92 Sundry 1,326.07 15,483.99 $8,468,942.62 Comptroller-General's Certificate. I certify that the accounts of the Commissioner and Trustees of the Teachers' Pensions Fund for the year ended December 31st, 1947, 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., November 5th, 19^8. BRITISH COLUMBIA. 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, 194.7. 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 3y2% Bonds 4% Bonds S%% Bonds S%% Bonds 3%% Bonds 5% Bonds Sty % Bonds 3y2% Bonds 3%% Bonds 3% Bonds 4V2% Bonds 3% Bonds S%% Bonds 2%% Bonds 2%% Bonds 2%% Bonds 2%% Bonds 2%% Bonds 2%% Bonds 2%% 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 6%% Bonds 4% Bonds 4% Bonds 4%% Bonds 4%% Bonds 5% Bonds 4>/2% Bonds West Nicomen Dyking District— 4% Bonds Issued pursuant to section 4, " Teachers' Pensions Act "— 3%% Bonds 3%% Bonds 3 y2 % Bonds 3y2% Bonds 3%% Bonds 3%% Bonds 3y2% 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, June 1, June 1, June 1, Feb. 1, April 1, Dec. 15, Dec. 31, Oct. 15, April 15, Jan. 15, Feb. 1, May 15, July 2, Oct. 1, Sept. 26, Oct. 1, May 1, Sept. 1, May Sept. Sept. May May Sept. 1, March 1, Sept. 1, Sept. 1, 1948 1950 1950 1951 1952 1953 1953 1954 1955 1956 1958 1960 1960 1960 1963 1966 1967 1967 1967 1968 1971 1972 1952 1958 1959 1962 1962 1962 1963 1964 1965 1968 1969 1970 May 1, 1953 Dec. 31, 1962 June 30, 1963 Dec. 31, 1963 June 30, 1964 Dec. 31, 1964 June 30, 1965 Dec. 31, 1965 $108,400.00 575,000.00 400,000.00 300,000.00 350,000.00 350,000.00 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 2,325,000.00 100,000.00 75,000.00 190,000.00 400,000.00 310,000.00 200,000.00 750,000.00 200,000.00 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 67,181.39 65,428.44 65,065.97 63,710.86 62,639.46 60,701.69 60,603.20 $7,877,231.01 $108,400.00 575,000.00 400,000.00 300,000.00 350,000.00 350,000.00 ,660.00 ,075.00 ,451.75 081.50 ,767.60 ,649.50 .926.40 ,692.40 ,939.00 ,668.00 ,758.80 558.13 ,692.50 000.00 500.00 000.00 681.25 000.00 000.00 000.00 000.00 000.00 5 13 23 91 15 54 167 17 212 2,325: 99 75; 188 400; 310. 200, 750: 200, 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 67,181.39 65,428.44 65,065.97 63,710.86 62,639.46 60,701.69 60,603.20 $108,400.00 575,000.00 400,000.00 300,000.00 350,000.00 350,000.00 212 2,325 99 75 188 400; 310, 200. 750, 200, 896.44 036.65 673.58 ,043.39 895.15 829.78 172,60 607.76 ,377.72 46 ,811.29 541.39 ,603.54 ,000.00 500.00 ,000.00 682.96 000.00 000.00 000.00 000.00 000.00 1,021.72 4,175.39 12,151.85 3,144.66 3,391.42 2,376.10 2,107.24 5,305.99 8,015.79 3,395.04 21,596.84 1,129.35 2,607.15 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 50,000.00 5,150.00 91,670.00 5,200.00 14,560.00 25,200.00 90,720.00 16,275.00 58,800.00 179,550.00 18,360.00 595.00 211,140.00 2,325,000.00 98,505.00 74,250.00 188,100.00 396,000.00 306,900.00 198,000.00 750,000.00 200,000.00 1,080.00 4,360.00 13,310.00 3,240.00 3,690.00 2,560.00 2,160.00 5,500.00 8,400.00 3,660.00 23,400.00 1,230.00 2,625.00 67,181.39 65,428.44 65,065.97 63,710.86 62,639.46 60,701.69 60,603.20 $7,897,433.74 $7,893,790.26 $8,012,091.01 TEACHERS' PENSIONS ACT—ANNUAL REPORT. 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Mil ■S'fi o S3 C a, a S H s •s-S' •SSj as; §2"Sg 0 c* ft r-l ID CM CM o CM CM CO o o * CO CO o CO CM CO CO CJ in CO ID o CI CM o CM in CM CM o ITS CM CO <M t- fc- ae i-l CD »(BNOlTjilOffi^fllOO»MNt- 0)0!HNtIIM»HO10Wc3)t)io HNWMilOtOTfMtDMHCOCStO en cc 3 a- IT tc C3 OJ » $ s s cs C3 e S > > £* TEACHERS' PENSIONS ACT—ANNUAL REPORT. S 11 TEACHERS' PENSIONS FUND. Comparative Statistics, January 1st, 1946, to December 31st, 1947—Allowances granted and in force, subdivided by type and plan of allowance. In Force at Beginning op Year. Granted during Year. Expired during Year. In Force at End of Year. Fiscal Year. 0 «H % c CO ■6 V V S3 8 H 3 s O CJ <H 3 '8 1-5 V 0 d *H 3 5 g 'co i u c to u a 3 O at 3 *o ■3 0 3 0 'co Guaranteed.* J +> 'o 13 01 0 6 <H 3 'co •9 V $ a C9 u S3 a a! 3 0 'o s (a.) (°.) •3 0 S 1946— Normal retirement 183 76 40 97 16 29 11 11 18 1 6 12 2 9 1 3 5 1 2 1 2 198 72 45 106 18 36 12 ll Death Totals 299 113 40 11 25 14 10 9 2 1 2 315 124 48 n 1947— Normal retirement 198 72 45 106 18 36 12 11 21 5 1 14 4 9 1 2 7 4 1 1 1 .... 212 73 45 118 22 45 13 13 Death Totals 315 124 48 11 27 18 10 2 12 1 1 330 140 58 13 ♦Guaranteed: (a) Superannuant died after expiration of guaranteed period; (6) guaranteed period expired, superannuant having died previously. Comparative Statistics, January 1st, 1946, to December 31st, 1947, subdivided according to sex of contributor. Number of Contributors. Number of Refunds GRANTED. Allowances. Fiscal Year. d] 'ri £ Eh 'w IS e Number of Allowances granted. Number of Deaths and Expirations. Number of Allowances in Force at End of Year. £ ft r5! 'a 3 E 0) ft 13 E j3 'rt 1 1946 1,742 227 2,100 169 3,387 666 3,842 438 97 118 511 504 29 26 20 31 5 4 9 10 200 222 298 1947 319 VICTORIA, B.C. : Printed by Don McDiaumid, Printer to the King's Most Excellent Majesty. 1949. 460-149-6853
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PROVINCE OF BRITISH COLUMBIA Seventh Annual Report of the business done in pursuance of the TEACHERS'… British Columbia. Legislative Assembly 1949
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Title | PROVINCE OF BRITISH COLUMBIA Seventh Annual Report of the business done in pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1ST TO DECEMBER 31ST 1947 |
Alternate Title | TEACHERS' PENSIONS ACT - ANNUAL REPORT. |
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British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1949] |
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Language | English |
Identifier | J110.L5 S7 1949_S1_S11 |
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Sessional Papers of the Province of British Columbia |
Source | Original Format: Legislative Assembly of British Columbia. Library. Sessional Papers of the Province of British Columbia |
Date Available | 2016 |
Provider | Vancouver : University of British Columbia Library |
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