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PROVINCE OF BRITISH COLUMBIA Eleventh Annual Report of the business done in pursuance of the MUNICIPAL… British Columbia. Legislative Assembly 1951

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 PROVINCE OF BRITISH COLUMBIA
Eleventh Annual Report
of the business done in pursuance of the
MUNICIPAL
SUPERANNUATION ACT
for the Year Ended March 31st
1950
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty
1951  To His Honour Clarence Wallace, C.B.E.,
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 ended March 31st, 1950.
WM. T. STRAITH,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., January 25th, 1951. The Honourable W. T. Straith,
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 ended March
31st, 1950.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Superannuation Commissioner.
January 24th, 1951. Municipal Superannuation Report, 1949-50
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "MUNICIPAL
SUPERANNUATION ACT " DURING THE FISCAL YEAR ENDED MARCH
31st, 1950.
Section 3.—During the year the following employers adopted the Act pursuant to
this section:—
Corporation of the Village of Osoyoos, covering one employee.
School Board of Creston School District No. 5, covering eleven employees.
School Board of Salmon Arm School District No. 20, covering three employees.
Section 4.—Superannuation allowance payments pursuant to this section amounted
to $178,590.38. As at March 31st, 1950, there were 527 persons in receipt of an
allowance under this section.
Section 5.—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 statements of revenue and expenditure
and the balance-sheets appended hereto.
Section 6.—Regular employee contributions amounted to $682,245.56 and employee
contributions made under Over-age Agreements amounted to $6,910.38. As at March
31st, 1950, there were 5,866 regular contributors and forty contributors under Over-age
Agreements.
Section 8.—Regular employer contributions amounted to $1,062,852.82 and
employer contributions made under Over-age Agreements amounted to $9,742.81.
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 in the amount
of $74,761.63 in accordance with the provisions of subsection (4) (c) of this section.
Outstanding Certificates of Loan were reduced by the amount of $30,392.84 in accordance with the provisions of subsection (6) of this section.
Section 14.—Superannuation allowances were granted to ninety-seven contributors
who attained retirement age. For analysis, see statements of comparative statistics
appended hereto. As provided in subsection (2) {b), the Commissioner, with the
approval of the Provincial Secretary, during the year entered into agreements with four
employers under the Act whereby the Act was made to apply to a total of five employees
who entered their service after the maximum eligible age of regular contributors.
Section 19.—A superannuation allowance was granted to one contributor who had
become totally and permanently disabled.
Section 20.—Superannuation allowances were granted to the dependent in the case of
seventeen contributors who died while still in service. Refunds amounting to $1,843.45
were made in the case of two contributors who died while still in service.
Section 21.—One superannuation allowance was granted pursuant to the provisions
of this section.
Section 23.—Refunds amounting to $73,661.85 were made to 456 contributors
who left the service of their employer.
Section 33.—The securities held by the Trustees on March 31st, 1950, are set out
in Schedule No. 3 of this Report.
Section 38.—In accordance with the provisions of this section, an actuarial valuation
of the assets and liabilities of the Fund as at March 31st, 1948, was made by Messrs.
Pipe and Eckler, consulting actuaries, and the actuarial balance-sheet appears as Schedule
No. 7 of this Report.    The following is a quotation from the actuaries' report:—
5 GG 6 BRITISH COLUMBIA
" The deficit shown in the valuation of the Retirement Annuity Account is entirely
due to the more stringent basis used to represent pensioner mortality. It means that if
the pensioner mortality assumption made in the valuation is actually experienced in the
future, the employee contributions made to purchase their retirement annuities have been
deficient."
To provide for this contingency, new rates were adopted on April 1st, 1949, to
apply to all new purchases of retirement annuities. The valuation to be made as at
March 31st, 1951, will indicate what further steps, if any, should be taken to ensure the
financial stability of the Retirement Annuity Account. No action was recommended or
taken to reduce the deficit in Fund " B," as it is comparatively small. If the 1951
valuation confirms the trends indicated, some adjustments may be required at that time.
Fund "A" continues to show slight improvement, due mainly to the increases in salaries.
R. A. PENNINGTON,
Commissioner of Municipal Superannuation.
MUNICIPAL SUPERANNUATION FUND
Statement of Revenue and Expenditure for the Fiscal Year Ended
March 31st, 1950
REVENUE
Contributions as per requirements of the " Municipal Superannuation Act"—
Employees, section 6      $682,245.56
Employers, section 8—
Fund "A" (Schedule No. 1)  $677,444.12
Fund "B" (Schedule No. 2)     385,408.70
 —    1,062,852.82
Interest on investments and bank interest .        441,985.15
EXPENDITURE
Superannuation allowances, chargeable to Employers' Service Pension Accounts—
Allowances pursuant to section 4  $179,075.98
Less amount refunded  485.60
•  $178,590.38
Service pensions, Fund "A "_____  $465,169.95
Less amount refunded         1,820.50
■     463,349.45
Service pensions, Fund " B ".  944.31
$2,187,083.53
$642,884.14
Employees' retirement annuities  $184,194.34
Less amount refunded  71.81
     184,122.53
$827,006.67
Refunds—■
Section 20        $1,843.45
Section 23       73,661.85
       75,505.30
Administration expense, section 28         2,764.85
905,276.82
Net increase of ledger assets  $1,281,806.71 MUNICIPAL SUPERANNUATION REPORT,  1949-50 GG 7
MUNICIPAL SUPERANNUATION FUND
Balance-sheet as at March 31st, 1950
ASSETS
General Trustees'
Account Account Total
Cash at Dominion Bank      $30,487.42 $88,694.54      $119,181.96
Accounts receivable—•
Contributions  due  from  municipalities,  hospitals,
School Boards, etc.      152,353.68     152,353.68
Investments at cost—net after amortization of premiums
and discounts—
Dominion   and   Provincial   guaranteed   (Schedule
No. 3)      10,355,318.32    10,355,318.32
(Market value at March 31st, 1950, $10,419,922.50.)
B.C. Government Certificates of Loan      3,692,401.12      3,692,401.12
Accrued interest on investments  114,017.67 114,017.67
$182,841.10 $14,250,431.65 $14,433,272.75
LIABILITIES
Employees' Retirement Annuity Account     $6,338,023.11
Employers' Service Pension Accounts—■
Fund " A " (see statement below)    $6,404,889.77
Fund "B" (Schedule No. 2)_        1,466,022.14
7,870,911.91
Sundry accounts payable  »  2,135.98
Investment adjustment reserve account!  222,201.75
$14,433,272.75
EMPLOYERS' SERVICE PENSION ACCOUNTS, FUND "A"
Employers' balances—
Amounts at credit (Schedule No. 1)    $2,950,437.50
Less amounts at debit (Schedule No. 1)         276,843.39
Net credit balances    $2,673,594.11
Advances from Provincial Government—
Cash advances, section 10 (4) (a) .  $38,894.54
Certificates of Loan, section 10 (4) (c)       3,692,401.12
 3,731,295.66
$6,404,889.77
COMPTROLLER-GENERAL'S CERTIFICATE
I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st,
1950, 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 38 (1) of the "Municipal Superannuation Act,"
R.S.B.C. 1948, chapter 320, 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 23rd, 1951. GG 8
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Z     ^Q
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£ j; ai « u «j o B -c .a S -a 3 « B -S ^ GG 10
BRITISH COLUMBIA
SCHEDULE No. 2
Service Pension Accounts, Fund " B "
Summary of Employers' Accounts, April 1st, 1949, to March 31st, 1950
Balance
at Credit,
Apr. 1,
1949
Employers'
Contributions
Transfer
Values
Interest
Earnings
Pension
Payments
Balance at
Credit, Mar.
31, 1950, as
per Balance-
sheet
City of—
$179.68
303.08
900.79
442.24
	
$640.27
1,695.18
3,104.08
682.78
72.92
1,344.93
309.62
4,215.95
3,976.93
1,132.41
1,926.03
2,615.25
19,613.30
46,268.05
23,989.70
8,137.49
248.22
12,432.39
3,276.04
$22.84
57.76
111.18
28.27
2.28
45.40
11.79
153.72
154.40
36.14
66.94
103.66
687.92
1,640.82
847.00
292.40
11.44
$842.79
2,056.02
4,116.05
$48.00*
1,153.29
75.20
261.19
134.88
1,397.00
1,918.29
46.07
428.04
1,397.95
4,759.43
12,436.22
6,178.10
2,421.49
234.96
2,750.77
1,009.30
1,603.52
456.29
5,766.67
6,049.62
1,214.62
2,421.01
4,116.86
25,060.65
New Westminster   ~ .
154.00,
$212.04
60,287.05
31,014.80
.
10,851.38
494.62
48.00,
431.90
	
15,615.06
119.01
	
4,452.35
	
Trail	
9,037.50
498,029.69
5,580.53
100,941.17
22,843.72
1,691.48
418.15
3,188.55
12,983.22
1,576.91
3,089.44
485.21
2,642.67
5,117.98
27,738.02
2,142.91
26,178.98
329.45
8,926.50
19,119.29
935.61
5,424.30
1,342.68
12,077.73
60,437.67
7,297.91
554.60 |
1,523.72
193,389.68
2,782.62
26,766.58
10,064.27
444.85
106.80
1,651.23
7,025.39
726.18
683.19
132.40
800.08
2,622.00
5,205.84
895.29
7,496.18
253.08
306.51
18,603.71
218.07
3,573.25
868.64
59.86
14.75
125.56
508.12
68.87
107.32
17.24
95.17
201.09
947.31
81.03
936.10
14.26
10,867.73
64.40t
175.00*
19.00t
710,087.48
8,581.22
131,106.00
33,565.59
District of—
230.04
Chilliwhack
2,196.19
539.70
4,965.34
Greater Vancouver Water District  .
175.00t
502.23
20,014.50
2,546.96
3,879.95
634.85
110.40*
3,537.92
7,941.07
Oak Bay
33,780.77
3,119.23
34,611.26
596.79
221.00*
221.OOt
2,988.28
6,416.36
385.48
1,849.99
1,554.60
10,338.28
39,484.83
2,867.05
8.05 |
153.12
56.50 |
64.20 |
586.21  j
503.73 |
1,303.05 1
343.70 !
144.12 |
106.80 |
299.77 j
322.49
701.84
38.34
198.60
66.31
538.79
2,508.63
273.53
.12
19.74
.88
8.58
41.52
12,016.27
26,458.49
1,359.43
7,472.89
Vancouver and Districts Joint Sewerage
2,963.59
Hospitals—■
43.00*
43.00t
27.00t
22,911.80
102,474.13
School Board of—
10,465.49
Campbell River, Dist. No. 72	
8.17
727.46
57.38
242.24 |
1,034.47
2,036.72 |
2,533.00 1
1,409.88 |
1,021.98 1
339.71  I
153.88 j
252.81 |
32.80 |
43,912.67 |
212.52
13,359.45 |
559.21  |
315.02
1,662.20
-
71.58
97.20
49.47
34.22
12.29
9.50
7.91
1.02 |
1,550.35
8.32
488.52
21.52
2,612.03
154.00*
3,779.25
1,803.05
1,200.32
458.80
463.15
260.72
Surrey, Dist. No. 36      	
11,304.07 |
106.96 |
4,517.22 I
257.47 j
	
33.82
56,767.09
327.80
18,365.19
West Vancouver, Dist. No. 45 	
838.20
Totals
$1,042,914.75 I
$385,408.70 |
S38.643.00 1    $944.31  I $1,466,022.14
* Debit.
t Credit. MUNICIPAL SUPERANNUATION REPORT, 1949-50
GG 11
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, 1950
Description
Date of
Maturity
Par Value
Cost Price
Book Value
Market Value
Province of British Columbia—
Nov.
June
June
June
Sept.
Feb.
June
Feb.
June
Feb.
June
Feb.
Apr.
Dec.
Oct.
Oct.
June
July
Apr.
July
Oct.
Jan.
Feb.
May
June
July
Dec.
July
Aug.
Oct.
Sept.
Feb.
Oct.
Oct.
May
May
May
May
Sept.
Sept.
Oct.
May
Sept.
Sept.
1.1950
1, 1951
1,1952
1, 1953
1, 1953
1, 1954
1, 1954
1, 1955
1, 1955
1, 1956
1,1956
1, 1957
1, 1959
15, 1960
15, 1962
15, 1963
15, 1964
1, 1964
15, 1966
20, 1966
15, 1966
15, 1967
1, 1967
15, 1967
15, 1968
2, 1968
15, 1969
31, 1970
10, 1970
1, 1971
26, 1972
1, 1974
I, 1967
1, 1954
1,1958
1, 1959
1, 1960
1, 1962
1, 1962
1, 1962
1, 1962
1, 1963
1, 1965
1, 1970
$276,000.00
1.000.00
10,000.00
14,000.00
234,500.00
30,000.00
19,500.00
25,000.00
60,000.00
42,000.00
127.000.00
3,000.00
3,500,000.00
68,000.00
200.000.00
50,000.00
366,000.00
295,000.00
276,000.00
220,000.00
35,000.00
328,000.00
100,000.00
90,000.00
153,000.00
200,000.00
496,500.00
950,000.00
1,340.000.00
250,000.00
75,000.00
225,000.00
305,000.00
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
$276,617.60
1,013.50
9,834.00
13,898.00
254,485.52
29,598.00
19,844.10
24,665.00
58,770.00
41,437.20
124,325.50
2.959.80
3,500,000.00
68,720.00
192,750.00
48,250.00
359,595.35
288,008.50
274,138.75
220,000.00
34,093.75
325,160.00
100,000.00
90,000.00
147,327.50
198,520.00
490,867.50
942,400.00
1,329,280.00
250,000.00
75,000.00
218,250.00
303,475.00
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
$276,065.48
1,002.63
9,963.22
13,978.48
241,030.22
29,826.35
19,635.78
24,836.06
59,502.81
41,698.24
125,806.10
2,976.88
3,500,000.00
68,508.02
193,497.16
48,459.44
359,880.02
288,358.39
274.360.83
220.000.00
34,195.98
325,462.43
100.000.00
90,000.00
147,894.36
198,649.15
490,907.81
942,973.70
1,330,075.89
250.000.00
75,000.00
218,562.93
303,512.36
5,119.02
10,033.00
1,059.52
6,022.27
1,004.06
3,369.41
3,231.15
1,004.01
11,086.21
5,621.10
1,147.85
$278 070 00
Vh% bonds.. ,	
1 010.00
3V4% bonds  ' _
10,175 00
3Vi% bonds         	
14,350.00
249 742 50
5% bonds -
30,300.00
20,085.00
25,312.50
62,100.00
42 420 00
VA% bonds
W2% bonds                 	
3% bonds	
lVz% bonds
131 603 75
3% bonds
3,000.00
3,622,500.00
67 830 00
3V4% bonds..	
2%% bonds        '
190 500 00
23/4% bonds     ' -
47,625.00
363,255.00
3% bonds   	
3% bonds         ■	
292 787 50
2%% bonds    ..
263,580.00
210 100.00
2% % bonds	
2%% bonds     ■  _	
33 425 00
2%% bonds     	
313,240.00
95 500 00
2%% bonds             	
2%% bonds 	
2%% bonds           	
85,950.00
145 350 00
3% bonds  -	
3% bonds   	
197,500.00
490,293.75
935 750.00
1 319 900 00
2%% bonds                  	
235 000 00
2%% bonds        	
70,500.00
218,250.00
Guaranteed by the Province of British
Columbia—
British Columbia Power Commission
3% bonds   	
Vancouver and Districts Joint Sewerage
and Drainage Board—
301,187.50
5,200.00
10,600.00
1,065.00
4% bonds   — -	
4% bonds  -	
6.435.00
1,080.00
3,555.00
3,705.00
1,080.00
4% bonds   — 	
\Vi% bonds. -	
4Vi% bonds -	
11,935.00
5,750.00
1,325.00
$10,411,500.00
$10,362,986.52
$10,355,318.32
$10,419,922.50 GG 12 BRITISH COLUMBIA
SCHEDULE No. 4
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1939, to March 31st, 1950
Number
of
Contributors
Contributions
Withdrawals
Allowances
Deaths
Fiscal Year
Number
and
Number
Employer
Employees
Number
Amount
Refunded
Granted
during
Expirations
in Force
at End
Amount
Paid
Year
during
Year
of Year
1939-40	
3,515
$376,213.96
$273,204.70
71
$42,575.46
78
36
973
$329,309.38
1940-41..	
3,502
385,310.30
279,081.09
99
38,666.49
99
36
1,036
339,671.98
1941-42...   ---
3,460
403,590.01
277,946.17
128
46,504.88
116
34
1,118
369,231.07
1942^.3	
3,295
398,961.01
267,876.88
191
68,582.55
193
53
1,258
408,424.19
1943-44	
3,340
411,337.12
278,996.62
125
45,792.56
120
44
1,334
460,091.94
1944-45	
3,416
431,251.30
298,036.94
116
53,755.08
130
46
1,418
492,423.87
1945-46	
3,949
505,050.16
351,672.80
314
74,102.47
215
51
1,582
551,639.04
1946-47	
4,209
579,347.60
403,783.92
415
79,892.69
171
48
1,705
628,619.36
1947-48	
4,707
693,553.87
474,499.19
499
99,412.03
149
42
1,812
702,630.14
1948-49	
5,352
895,590.07
574,025.89
441
88,140.76
134
42
1,904
767,067.05
1949-50	
5,866
1,062,852.82
682,245.56
458
75,505.30
115 "
65
1,954
827,006.67
Totals
| $6,143,058.22
$4,161,369.76
$712,930.27
	
$5,876,114.69
SCHEDULE No. 5
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1950,
Subdivided According to Sex of Contributor
Number of
Contributors
Number of
Refunds
Granted
Allowances
Fiscal Year
u
a
Number of
Allowances
Granted
Number of
Deaths and
Expirations
Number of
Allowances in
Force at End
of Year
<n
01
a
si
d
u
C3
St
E
si
B
a
E
£
£
2
iS
2
ft
s
ft
s
d.
s
ft
1945-46—
Maximum retirement age 65.	
1,987
87
129
40
1,143
Maximum retirement age 60	
1,089
873
55
172
41
45
10
i
323
116
1946-47—
Maximum retirement age 65	
2,184
142
110
37
1,216
Maximum retirement age 60	
1,156
869
56
217
38
23
7
4
354
135
1947-48—
*
Maximum retirement age 65	
2,427
195
108
36
1,288
Maximum retirement age 60.	
1,343
937
50
254
31
10
3
3
382
142
1948-49—
Maximum retirement age 65   ....
2,762
159
98
38
1,348
Maximum retirement age 60	
1,419
1,171
37
245
27
9
3
1
406
150
1949-50—
Maximum retirement age 65	
3,066
140
	
81
49
1,380
Maximum retirement age 60.—
1,509
1,291
29
289
26
8
14
2
418
156 MUNICIPAL SUPERANNUATION REPORT,  1949-50
GG  13
SCHEDULE No. 6
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1950—Allowances
Granted and in Force, Subdivided by Type and Plan of Allowance
In Force at Beginn
of Year
ng
Granted during
Year
Expired during
Year
In Force at End
of Year
Fiscal Year
•a
3
i2
*w>
3
vi
•o
o
ii
"S
d
3
0
o
3
s
o
■o
o
1C
'■5
o
2.
<
d
E
H
Uh
3
o
CO
■a
u
u
s
cct
si
3
u
<*-
3
3
'6
•o
u
0
s
d
3
<
d
B
u
-
o
Hi
"oo
B
u
si
3
o
cct
3
O
u
►J
•o
u
CC
•3
0
s
d
3
<
d
6
u
H
3
•a
g
3
ra
cd
3
0
3
"5
■o
u
C3
■o
O
i
<
d
6
H
1945-46—
Normal retirement ...
297
450| 274
89
57
92
38
5
24|    7
7
3
1
330
528
309
93
Disability 	
44
241    62
3
4
6
....
2|    1
1
■	
	
42
27
67
3
Death.	
175
 1  -
......
......
13
-
—
5| .._
—
-—
—
1831 ......
Totals	
516
474| 336
92
70
96
44
5
—
311    8
7
4
11....
555
555
376
96
1946-47—
I
Normal retirement..
330
5281 309
93
43
77
32
2
21     6
4
9
352
595
332
95
Disability 	
42
27|    67
3
	
3
2
1
1| ....
2
44
29
66
3
Death	
183
--! -	
96
......
11
—
—
5   ....
-
-
1891 	
Totals	
555
555| 376
	
57
79
33
2|-
27|    6
4
11
_..
-
585] 624
398
98
1947_4g_
1
1
Normal retirement _
352
595| 332
95
12
40
17
1
65
16|    6
4
8
_
348   625
341
96
65
Disability  -
44
29|    66
3
	
2
3
_..
1
4| ...
....
401    31
69
3
1
Death 	
189
1 -----
......
......
8
-
-
66
4| ....
-1 --
....
._.
1931 .....
Totals —	
585
624| 398
98
	
20
1 42
20
1
24|    6
4|    8
_l _
581| 656
410
99
66
1948-49—
1
Normal retirement _
348
6251 341
96
65
6
18
19
77
10j    5
3|  11
2
1
344! 635
349
94
141
Disability  -
40
311    69
3
1
2
1
... |    1
H    1
-
40)    31
68
3
2
Death 	
193
......I ......
	
~~66
11
78
7| ...
- 1    -
_
197| --
Totals	
581
656| 410
99
17
1 20
19|   ..
171    6
4| 12
2|    1
5811 666
417
97
143
1949-50—
1
1
1
|
Normal retirement —
344
635] 349
94
141
9
14
13
61
23| 10
91    4
11 ....
3301 630
358
93
202
Disability 	
40
31|    68
3
2
	
1
5]    1
21    5
_| ....
35|    28
63
3
3
Death -	
197
- 1
......
......
17
—
—
5| -
_ | ....
-1 --
2091 .....
Totals .--	
581
666| 417
97
143
26
14
13
62
33]  11
11|    9
1
1
5741 658
1
421
96
205
* Guaranteed:   (a) Superannuant died after expiration of guaranteed period; ■ (h) guaranteed period expired, super-
annuant having died previously.
SCHEDULE No. 7
Municipal Superannuation Fund
Valuation Balance-sheet as at March 31st, 1948
ASSETS
Employer Fund " A "  $5,828,887
Employer Fund " B "   722,588
Retirement Annuity Fund   5,349,859
LIABILITIES
Actuarial reserves—
Employer Fund " A "	
Employer Fund " B " 	
Retirement Annuity Fund .....
$11,901,334
Value of future receipts of Fund
"A" under sections 8 and 10 of
Act      10,063,760
Deficit, Fund " B "  23,604
Deficit, Retirement Annuity Fund 594,427
$15,892,647
746,192
5,944,286
$22,583,125
$22,583,125
I certify that the above balance-sheet represents the actuarial position of the Municipal Superannuation Fund as at March 31st, 1948, according to the explanations and calculations set out in my
report dated December 29th, 1948, to the Superannuation Commissioner, relative to the Fund.
SAMUEL ECKLER,
Fellow, Actuarial Society of America and
American Institute of Actuaries. GG 14 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND (OVER-AGE AGREEMENTS)
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1950
REVENUE
Contributions as per requirements of the agreements entered into pursuant to section 14 (2) (b) of the "Municipal Superannuation Act"—
Employees, section 6     $6,910.38
Employers, section 8      9,742.81
$16,653.19
Interest on investments and bank interest  583.88
$17,237.07
EXPENDITURE
Refund, section 23        $153.82
Net increase of ledger assets  $17,083.25
Balance-sheet as at March 31st, 1950
ASSETS
General Trustees'
Account Account Total
Cash at Dominion Bank .      $461.47 $81.94       $543.41
Accounts receivable—
Contributions due from municipalities and hospitals     1,138.22        1,138.22
Investments at cost—net after amortization of discounts (Schedule
No. 9)      29,446.28    29,446.28
(Market value at March 31st, 1950, $29,485.)
Accrued interest on investments  240.08 240.08
$1,599.69 $29,768.30 $31,367.99
LIABILITIES
Employees' Retirement Annuity Account at book value   $10,573.03
Employers' Service Pension Accounts at book value (Schedule No. 8)     20,794.96
$31,367.99
I certify that the accounts of the Municipal Superannuation Fund (Over-age Agreements) for
the year ended March 31st, 1950, have been examined under my direction.
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 Municipal Superannuation Fund (Over-age
Agreements), 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 23rd, 1951. MUNICIPAL SUPERANNUATION REPORT, 1949-50
GG 15
SCHEDULE No. 8
Municipal Superannuation Fund (Over-age Agreements)
Employer Service Pension Accounts as at March 31st, 1950
City of Armstrong 	
City of Cranbrook -...'.	
City of Kelowna 	
City of Kimberley 	
City of Revelstoke 	
City of Vernon	
City of Victoria 	
District of North Cowichan	
District of West Vancouver	
Royal lubilee Hospital	
Vancouver General Hospital	
Richmond School District No. 38
Total as per balance-sheet.
$224.08
1,307.70
76.89
682.54
717.44
518.74
1,606.29
272.20
84.90
2,028.14
13,127.01
149.03
$20,794.96
SCHEDULE No. 9
Trustees of the Municipal Superannuation Fund (Over-age Agreements) and
the Minister of Finance for the Province of British Columbia
Securities Held as at March 31st, 1950
Description
Date of Maturity
Par Value
Cost Price
Book Value
Market Value
Province of British Columbia—
3% bonds	
June 15, 1964
July    1, 1964
Dec. 15, 1969
Feb.    1, 1974
Oct.    1, 1967
$2,000.00
5,000.00
9,000.00
10,000.00
4,000.00
$1,964.40
4,881.50
8,897.50
9,700.00
3,980.00
$1,966.04
4,887.43
8,898.37
9,713.91
3,980.53
$1,985.00
3% bonds        	
4,962.50
8,887.50
3% bonds  ...
Guaranteed by the Province of British
Columbia—
British  Columbia  Power  Commission
3% bonds ... .     . '  .   .
9,700.00
3,950.00
Totals                  .  	
$30,000.00
$29,423.40
$29,446.28
$29,485.00
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty
1951
495-151-4813 

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