PROVINCE OF BRITISH COLUMBIA Twelfth Annual Report of the business done in pursuance of the MUNICIPAL SUPERANNUATION ACT for the Year Ended March 31st 1951 VICTORIA, B.C. Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty 1952 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, 1951. WM. T. STRAITH, Provincial Secretary. Provincial Secretary's Office, Victoria, B.C., January 25th, 1952. 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, 1951. I have the honour to be, Sir, Your obedient servant, R. A. PENNINGTON, Superannuation Commissioner. January 24th, 1952. ■ Municipal Superannuation Report, 1950-51 REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "MUNICIPAL SUPERANNUATION ACT " DURING THE FISCAL YEAR ENDED MARCH 31st, 1951. Section 3.—During the year the following employers adopted the Act pursuant to this section:— Corporation of the District of Central Saanich, covering two employees. Corporation of the Village of Creston, covering three employees. School Board of Castlegar School District No. 9, covering six employees. School Board of Mission School District No. 75, covering nine employees. School Board of Slocan School District No. 8, covering one employee. School Board of Southern Okanagan School District No. 14, covering nine employees. School Board of Trail School District No. 11, covering twenty employees. Section 4.—Superannuation allowance payments pursuant to this section amounted to $166,937.84. As at March 31st, 1951, there were 494 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 $887,790.33 and employee contributions made under Over-age Agreements amounted to $5,781.15. As at March 31st, 1951, there were 6,246 regular contributors and 42 contributors under Over-age Agreements. Section 8.—Regular employer contributions amounted to $1,186,109.17 and employer contributions made under Over-age Agreements amounted to $8,735.41. Section 8 (6).—During the year the Commissioner entered into special agreements, in accordance with the provisions of this subsection, with the City of Vancouver to cover firemen and policemen and with the City of Victoria to cover policemen. Under these agreements both the employer and the employees referred to make additional contributions in order to provide increased retirement annuities and special bonuses up to $10 per month, such special bonuses to be incorporated in the retirement annuities when granted. 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 $55,487.94 in accordance with the provisions of subsection (4) (c) of this section. Outstanding Certificates of Loan were reduced by the amount of $58,697.61 and cash advances were reduced by the amount of $591.17 in accordance with the provisions of subsection (6) of this section. Section 14.—Superannuation allowances were granted to 112 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 two employers under the Act whereby the Act was made to apply to a total of two employees who entered their service after the maximum eligible age of regular contributors. Section 19.—Superannuation allowances were granted to four contributors who had become totally and permanently disabled. 5 AA 6 BRITISH COLUMBIA Section 20.—Superannuation allowances were granted to the dependent in the case of fourteen contributors who died while still in service. Refunds amounting to $5,870.58 were made in the case of five contributors who died while still in service. Section 23.—Refunds amounting to $123,872.86 were made to 660 contributors who left the service of their employers. Section 33.—The securities held by the Trustees on March 31st, 1951, 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, 1951, was made by Messrs. Pipe and Eckler, consulting actuaries, and the actuarial balance-sheet appears as Schedule No. 8 of this Report. R. A. PENNINGTON, Commissioner of Municipal Superannuation. MUNICIPAL SUPERANNUATION FUND Statement of Revenue and Expenditure for the Fiscal Year Ended March 31st, 1951 REVENUE Contributions as per requirements of the " Municipal Superannuation Act "— Employees, section 6 $887,790.33 Employers, section 8— Fund "A" (Schedule No. 1) $727,014.23 Fund "B" (Schedule No. 2) 442,979.50 Special agreement bonus contributions 16,115.44 1,186,109.17 Interest on investments and bank interest 485,328.33 $2,559,227.83 EXPENDITURE Superannuation allowances, chargeable to Employers' Service Pension Accounts— Allowances pursuant to section 4 $167,574.89 Less amount refunded 637.05 $166,937.84 Service Pensions, Fund "A" $538,003.03 Less amount refunded 1,473.29 • 536,529.74 Service Pensions, Fund "B" . 883.68 $704,351.26 Employees' retirement annuities $214,545.27 Less amount refunded 187.39 214,357.88 $918,709.14 Refunds— Section 20 $5,591.39 Section 23 123,573.52 ■ 129,164.91 Administration expense, section 28 2,666.92 1,050,540.97 Net increase of ledger assets . $1,508,686.86 MUNICIPAL SUPERANNUATION REPORT, 1950-51 AA 7 MUNICIPAL SUPERANNUATION FUND Balance-sheet as at March 3 1st, 1951 ASSETS General Trustees' Account Account Total Cash at Dominion Bank $37,210.74 $93,802.89 $131,013.63 Accounts receivable— Contributions due from municipalities, hospitals, school districts, etc 199,941.43 199,941.43 Investments at cost—net after amortization of premiums and discounts— Dominion and Provincial guaranteed (Schedule No. 3) 11,791,210.28 11,791,210.28 (Par value, $11,872,000; market value, $11,227,827.50.) B.C. Government Certificates of Loan 3,689,191.45 3,689,191.45 Accrued interest on investments 1 126,216.46 126,216.46 $237,152.17 $15,700,421.08 $15,937,573.25 LIABILITIES Employees' Retirement Annuity Account $7,104,331.19 Employers' Service Pension Accounts— Fund "A" (see statement below) $6,648,506.91 Fund "B" (Schedule No. 2)— 1,960,681.45 8,609,188.36 Victoria Agreement Bonus Account for Policemen 301.49 Sundry accounts payable . 1,550.46 Investment adjustment reserve account _■_ 222,201.75 $15,937,573.25 EMPLOYERS' SERVICE PENSION ACCOUNTS, FUND "A" Employers' balances— Amounts at credit (Schedule No. 1) $3,212,677.32 Less amounts at debit (Schedule No. 1) 291,665.23 Net credit balances •_ $2,921,012.09 Advances from Provincial Government— Cash advances, section 10 (4) (a) $38,303.37 Certificates of Loan, section 10 (4) (c) 3,689,191.45 3,727,494.82 $6,648,506.91 COMPTROLLER-GENERAL'S CERTIFICATE I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st, 1951, have been examined under my direction. Subject to the report dated December 29th, 1951, 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, 1952. 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J- OB? cd •-- o £s S<« £ A o> .. 23 u s » OS f» S ' w 3 D m in n | O MM u 3 ' rn "H *Z N^ *H NV 53 •> z 3 >i D co cO n 3 co co .C ■fflUOU 5 ° M cN 0 oo •7 en ^ • en •Z. g O NO & 3 ^ A <1 ., w O X! c uO0jO«O=?Htj WC05 r« *i *E ■ m *s 9 ^ 53 tra Q x: s a *2£z*zZ ■S8z -z s- >>sf * s s O IH u uun ZZZi .3 u « a fa «« ™ 0imH^ p a 0 *^ h z I * s > -O -Z 3 ez. >. . 0 ca £ o ^* u S o 3 >- « .5 o izz Z> 0J v- ^- >0^ AA 10 BRITISH COLUMBIA SCHEDULE No. 2 Service Pension Accounts, Fund " B " Summary of Employers' Accounts, April 1st, 1950, to March 31st, 1951 Balance at Credit, April 1, 1950 Employers' Contributions Transfer Values Interest Earnings Pension Payments Balance at Credit, March 31, 1951, as per Balance-sheet City of— $842.79 2,056.02 4,116.05 1,153.29 75.20 1,603.52 456.29 5,766.67 6,049.62 1,214.62 2,421.01 4,116.86 25,060.65 60,287.05 31,014.80 10,851.38 494.62 15,615.06 4,452.35 $304.44 321.24 1,230.68 1,225.73 52.11 310.28 134.88 1,799.46 2,724.37 507.92 392.79 1,900.19 4,841.71 13,703.86 6,219.18 3,425.70 358.60 2,686.55 1,028.96 101.64 53.40 1,666.95 215,065.56 2,879.43 31,159.20 11,231.54 383.84 106.80 $31.01 69.07 147.44 55.04 3.16 54.80 16.32 206.30 236.76 45.76 81.56 157.89 856.36 2,088.83 1,063.36 391.52 21.00 528.44 154.77 1.58 .42 364.62 $1,178.24 2,446.33 5,494.17 2,434.06 130.47 1,968.60 $92.00* 372.00t 607.49 7,680.43 9,382.75 1,768.30 2,895.36 6,174.94 30,758.72 $212.04 75,867.70 38,297 34 14,668.60 874.22 18,830.05 5,636.08 103.22 53.82 10,867.73 710,087.48 8,581.22 131,106.00 33,565.59 2,196.19 539.70 44.50» 12,899.30 25,477.32 312.26 4,560.86 950,585 86 11,772.91 644.50* 166,181.56 District of— 1,217.35 74.41 18.48 230.04 45,784 44 2,654.44 664.98 4,965.34 20,014.50 2,546.96 3,879.95 634.85 3,537.92 7,941.07 33,780.77 3,Tl9!2~3 34,611.26 2,027.21 6,137.00 1.215.93 574.56 167.54 933.60 3,042.98 5,980.53 1,039.14 8,204.62 19.58 253.08 186.31 712.41 98.31 124.06 22.39 123.17 294.86 1,145.83 113739 1,197.70 1.16 22.54 414.82 933.74 49.82 7,178.86 441.60 26,422 31 3,861.20 372.00* 4,206.57 824.78 104.00* 4,490.69 11,278 91 40,907 13 556.00* 436.00t 4,271.76 43,457 58 456 74 596.79 872 41 12,016.27 26,458.49 1,359.43 7,472.89 2,963.59 22,911.80 102,474.13 10,465.49 8.17 2,591.76 7,013.05 478.53 2,050.82 2.540.86 13,010.50 51,081.42 3,611.71 70.09 15,022 85 34,405 28 1,887 78 264.82 9,788 53 Vancouver and Districts Joint Sewerage 131.94 914.19 3.991.58 382.39 1.35 5,636 39 Royal Jubilee Hospital — 159.00* 159.00t 36,677.49 157,706 13 School District of— 14,459 59 79 61 727.46 57.38 315.02 1,662.20 127.36 24.65 879 47 180.99 154.08 656.32 4.61 12.22 63.46 242 98 92.001 481 32 2,473 98 18.73 807.66 1,667.86 170.43 137.76 229.92 195.63 78732 85.96 .02 93.98 143.75 58.84 18 75 2,612.03 ! 3,779.25 1,803.05 1 1,200.32 458.80 463.15 t 260.72 1 3,513 67 5,590 86 2,032 32 39.55 17.87 17.48 8.12 .81 1,377 63 706 59 676 26 268 84 33.82 1 56,767.09 1 327.80 ! 18,365.19 1 838.20 1 .78 1.05 86 74 34 87 14,821.06 173.83 5,210.81 505.26 1 1,999.85 12.92 666.07 33.99 73.588 00 514 55 809.00t 25,051 07 West Vancouver, No. 45 1,377.45 $1,466,022.14 1 $443,083.50 1 $104.00* 52.563.49 1 $883.68 $1,960,681.45 ' Debit. t Credit. MUNICIPAL SUPERANNUATION REPORT, 1950-51 AA 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, 1951 Description Date of Maturity Par Value Cost Price Book Value Accrued Interest Dominion of Canada— 3% bonds Sept. June June June Sept. Feb. June Feb. June Feb. June Feb. Apr. Dec. Oct. Oct. June July Apr. July Oct. Jan. Feb. May June June July Dec. July Aug. Oct. Sept. Feb. Oct. Nov. Oct. May May May May Sept. Sept. Oct. May Sept. Sept. 1, 1966 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 15, 1968 2, 1968 15, 1969 31,1970 10, 1970 1, 1971 26, 1972 1,1974 1, 1967 1, 1968 1, 1954 1, 1958 1, 1959 1, 1960 1, 1962 1, 1962 1, 1962 1, 1962 1, 1963 1, 1965 1, 1970 $175,000.00 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 50,000.00 538,000.00 295,000.00 276,000.00 220,000.00 35,000.00 343,000.00 100,000.00 90,000.00 153,000.00 415,500.00 200,000.00 711,000.00 950,000.00 1,340,000.00 250,000.00 75,000.00 225,000.00 325,000.00 724,500.00 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 $170,843.75 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 48,250.00 530,397.85 288,008.50 274,138.75 220,000.00 34,093.75 339,485.00 100,000.00 90,000.00 147,327.50 408,895.62 198,520.00 702,793.13 942,400.00 1,329,280.00 250,000.00 75,000.00 218,250.00 323,225.00 712,868.75 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 $170,852.40 1,000.39 9,980.18 13,985.27 239,121.87 29,871.55 19,603.23 24,869.92 59,598.98 41,749.91 125,999.61 2,980.26 3,500,000.00 68,460.59 194,015.63 48,573.20 531,181.49 288,824.49 274,463.02 220.000.00 34,244.59 339,967.20 100,000.00 90,000.00 148,174.79 409,043.71 198,723.15 703,226.95 943,319.24 1,330,563.28 250,000.00 75,000.00 218,832.96 323,361.19 713,066.02 5,092.59 10,028.93 1,052.97 6,020.07 1,003.73 3,339.67 3,212.54 1,003.66 11,079.62 5,580.82 1,140.61 $431.52 11 51 Province of British Columbia— 3'/2% bonds VA% bonds 115 07 316% bonds .... 161 10 963 70 3% bonds ~ 143.01 3'/2% bonds - 224 38 3% bonds 119 18 3V4% bonds ' 3% bonds 690.41 200 22 3V4% bonds 1,461.37 14.30 VA% bonds 61,250.00 592.44 2,516.44 3% bonds _... 2% % bonds 2%% bonds .... _ ~ 629.11 3% bonds 4,687.22 2,157.95 3,472.69 3% bonds.- 2%% bonds 2%% bonds -. - 1,160.28 234% bonds . 440.38 2%% bonds 1,938.19 436.99 2%% bonds . 2%% bonds 922.19 1,221.90 3,619.96 1,446.58 3% bonds 6,194.45 3% bonds 4,606.84 3% bonds 2%% bonds 5,396.72 3,437.50 28.25 1.072.60 Guaranteed by the Province of British Columbia— British Columbia Power Commission— 4,875.00 8,932.22 Vancouver and Districts Joint Sewerage and Drainage Board— 100.00 164.38 4% bonds 16.44 98.63 16.44 12.33 5>/2% bonds — 13.56 20.00 180.82 18.49 3.70 $11,872,000.00 $11,795,780.17 $11,791,210.28 $126,216.46 AA 12 BRITISH COLUMBIA SCHEDULE No. 4 Municipal Superannuation Fund Comparative Statistics, April 1st, 1939, to March 31st, 1951 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 1942-43 ; 3,295 398,961.01 267,876.88 191 68,582.55 193 53 1,258 408,424.19 1943 44 3,340 3,416 411,337.12 431,251.30 278,996.62 298,036.94 125 45,792.56 53,755.08 120 44 1,334 1,418 460,091.94 492,423.87 1944-45 116 130 46 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 1950-51 6,246 1,186,109.17 887,790.33 662 129,164.91 130 68 2,016 918,709.14 Totals. $7,329,167.39 $5,049,160.09 $842,095.18 $6,794,823.83 SCHEDULE No. 5 Municipal Superannuation Fund Comparative Statistics, April 1st, 1945, to March 31st, 1951, Subdivided According to Sex of Contributor Number of Contributors Number of Refunds Granted Allowances Fiscal Year 'a 1 6 o JX, 13 8 <o ft Number of Allowances Granted Number of Deaths and Expirations Number of Allowances in Force at End of Year 'rt s "3 E 4) ft 1 ft o "3 o E ft 1945^16— Maximum retirement age 65.... 1,987 87 129 40 1,143 Maximum retirement age 60.... 1,089 873 55 172 41 45 10 1 323 116 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 1950-51— Maximum retirement age 65..... 3,105 266 86 56 1,410 Maximum retirement age 60— 1,637 1,504 28 368 29 15 6 6 441 165 MUNICIPAL SUPERANNUATION REPORT, 1950-51 SCHEDULE No. 6 Municipal Superannuation Fund Comparative Statistics, April 1st, 1945, to March 31st, 1951—Allowances Granted and in Force, Subdivided by Type and Plan of A llowance AA 13 In Force at Beginning Granted during Expired during In Force at End of Year Year Year of Year Fiscal Year "3 U u 3 to 3 ■a o S d 3 < d u 3 o ■o O s 3 0) 3 •a IB 3 3 < d *3 3 qi * * 3 ■3 i < d 3 EU ■o u V 3 3 < d bo 3 55 3 0 3 O o E H Oil 3 CO 3 O .3 'o O H 00 ,3 3 o B 3 O 3 'o —. O 3 E H 3 3 O 3 O 0 E u H 1945-46— Normal retirement— 297 450 274 89 57 92 38 5 24 7 7 3 1 330 528 309 93 Disability 44 24 62 3 4 6 2 1 1 42 27 67 3 Death 175 13 — — 5 183 Totals 516 474 336 92 701 96 44| 5 - 31| 8 7 4 l -- 555 555 376 961 1946-47— Normal retirement.... 330 528 309 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 11 5 — 189 Totals— 555 555 376 96 _ 571 79 331 2 — 271 « 4 11| ....[ .... 585 624 3981 981 1947-48— Normal retirement... 352 595 332 95 12 40 17 1 65 16 6 4 8 348 625 341 961 65 Disability 44 29 66 3 2 3 1 4 40 31 69 3| 1 Death. - 189 8 — — 4 ._. — — 193 1 Totals — 585 624 398 98 201 42 20 1 66 24| 6 4 8 — 581 656 410] 99| 66 1948-49— Normal retirement 348 625 341 96 65 6 18 19 77 10 5 3 11 2 1 344 635 349 94 141 40 31 69 3 1 ? 1 1 1 1 40 197 31 68 3 2 Death _ 193 11 7] - Totals - 581 656 410 99 66 171 20 19 78 171 6 4 12 2| 1 581 666 417| 97] 143 1949-50— Normal retirement... 344 635 349 94 141 9 14 13 61 23 10 9 4 1 330 630 358 93 202 Disability—. 40 31 68 3 2 1 5 1 2 5 35 28 63 3 3 197 17 5 209 — Totals 581 666 417 97 143 261 14 13| .... 62 331 11 11 9| 1| _ 574 658 421| 96 205 1950-51— Normal retirement _ 330 630 358 93 202 5 12 16 79 14 19 15 10 .... 321 608 364 93 281 Disability... 35 28 63 3 3 1 3 1 1 1 2 _ .... 34 27 64 3 3 Death 209 _.... 14 — 5 _| _ 218 — Totals 574 658 421 96 205 19 13 19 79 20 20 16 12 573 635 428 96 284 * Guaranteed: (a) Superannuant died after expiration of guaranteed period; (b) guaranteed period expired, super- annuant having died previously. AA 14 BRITISH COLUMBIA SCHEDULE No. 7 Municipal Superannuation Fund Number of Contributors and Pensioners by Employer, as at March 31st, 1951 Contributors Pensioners Total Contribu Fund "A" Fund "B" tors and and Pensioners City of— 1 1 3 1 2 2 14 3 1 1 15 22 72 32 6 3 7 5 2 5 799 5 143 27 1 2 1 2 2 45 5 4 1 11 21 1 3 19 12 18 2 4 4 13 9 1 3 1 11 31 8 3 18 40 132 63 30 3 37 11 1 1 16 2,054 26 314 113 1 4 1 18 85 14 5 2 9 27 52 13 76 2 21 52 5 4 2 6 3 1 1 19 14 3 16 39 63 54 6 2 12 4 1 2 9 917 12 216 34 1 1 9 41 1 2 1 3 22 21 8 26 1 1 15 22 5 49 131 18 2 2 3 3 10 10 2 1 6 1 120 2 34 2 1 8 7 22 13 4 5 2 44 48 Kimberley .... Merritt 9 7 49 101 267 149 42 8 56 20 2 5 Trail 30 3,770 43 673 District of— 174 2 Chilliwhack 7 3 2 29 Greater Vancouver Water District and Vancouver and Districts Joint Sewerage and Drainage Board ' 171 20 11 4 12 60 Oak Bay 94 Osoyoos 1 24 121 3 1 48 92 7 6 19 30 Hospitals— 96 270 2 • 4 6 2 1 8 1 2 1 8 1 6 5 1 1 1 2 3 • 1 7 15 81 1 16 1 129 569 42 1 1 4 1 8 2 9 18 1 3 2 1 1 1 3 167 3 52 4 274 970 School District of— 62 Campbell River, No. 72 . 5 6 Chilliwack, No. 33 5 1 Creston, No. 5 _ 12 4 13 Merritt, No. 31 1 10 Nelson, No. 7 13 New Westminster, No. 40 34 16 6 Prince Rupert, No. 52... 4 Richmond, No. 38 . 8 Saanich, No. 63 _ 2 Salmon Arm, No. 20 _ 4 Slocan, No. 8 1 8 Trail, No. 11 19 368 Vernon, No. 22- 6 102 West Vancouver, No. 45 7 Totals 1,871 4,375 2,016 8,262 MUNICIPAL SUPERANNUATION REPORT, 1950-51 AA 15 SCHEDULE No. 8 Municipal Superannuation Fund Valuation Balance-sheet as at March 31st, 1951 ASSETS Employer Account "A" $6,649,000 Value of future receipts of Eund " A " under sections 8 and 10 of the Act 7,390,000 $14,039,000 Employer Account " B " 1,961,000 Retirement Annuity Account $7,104,000 Retirement Annuity Account deficit 576,000 7,680,000 $23,680,000 LIABILITIES Employer Account "A" actuarial reserve $14,039,000 Employer Account " B " actuarial reserve $1,334,000 Employer Account " B " surplus —. 627,000 ,961,000 Retirement Annuity Account actuarial reserve 7,680,000 $23,680,000 CERTIFICATE I certify that in my opinion the above valuation balance-sheet represents the actuarial position of the Municipal Superannuation Fund as at March 31st, 1951, according to the explanations and assumptions set out in my report dated December 29th, 1951, to the Superannuation Commissioner, relative to that Fund and based on the assets of the Fund as of March 31st, 1951, provided me by the Commissioner and on the provisions of the " Municipal Superannuation Act " as of March 31st, 1951. S. ECKLER, Fellow, Society of Actuaries. January 16th, 1952. AA 16 BRITISH COLUMBIA MUNICIPAL SUPERANNUATION FUND (OVER-AGE AGREEMENTS) Statement of Revenue and Expenditure for the Fiscal Year Ended March 31st, 1951 REVENUE Contributions as per requirements of the agreements entered into pursuant to section 14 (2) (b) of the " Municipal Superannuation Act"— , Employees, section 6 $5,781.15 Employers, section 8 8,735.41 $14,516.56 Interest on investments and bank interest 1,136.05 $15,652.61 EXPENDITURE Refunds— Section 20 $279.19 Section 23 .- 299.34 578.53 Net increase of ledger assets .:.-.— -— $15,074.08 ; Balance-sheet as at March 31st, 1951 ASSETS .■'.■■ General Trustees' Account Account Total Cash at Dominion Bank J , $144.03 $477.62 $621.65 Accounts receivable—Contributions due from municipalities, hospitals, and school districts 1,219.90 1,219.90 Investments at cost—net after amortization of discounts (Schedule No. 10) ———.-,. , 44,234.01 44,234.01 (Par value, $45,000; market value, $41,575.) Accrued interest on investments 1 366.51 366.51 $1,363.93 $45,078.14 $46,442.07 LIABILITIES Employees' Retirement Annuity Account at book value $16,165.11 Employers' Service Pension Accounts at book value (Schedule No. 9) 30,276.96 $46,442.07 I certify that the accounts of the Municipal Superannuation Fund (Over-age Agreements) for the year ended March 31st, 1951, 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, 1952. MUNICIPAL SUPERANNUATION REPORT, 1950-51 AA 17 SCHEDULE No. 9 Municipal Superannuation Fund (Over-age Agreements) Employer Service Pension Accounts as at March 31st, 1951 Number of Contributors 1 City of Armstrong City of Cranbrook 3 City of Kelowna 3 City of Kimberley 1 City of Revelstoke 2 City of Vernon 2 City of Victoria 1 District of Chilliwhack ' 1 District of North Cowichan District of West Vancouver 2 Royal Jubilee Hospital 8 Vancouver General Hospital 17 Richmond School District No. 38 Trail School District No. 11 1 Total as per balance-sheet 42 Credit Balance $422.55 2,057.90 756.09 980.23 1,211.89 921.47 1,859.50 134.50 280.29 463.27 3,581.35 17,348.20 153.46 106.26 $30,276.96 SCHEDULE No. 10 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, 1951 Description Date of Maturity Par Value Cost Price Book Value Accrued Interest Dominion of Canada— 3% bonds _ Sept. 1, June 15, July 1, June 15, Dec. 15, Feb. 1, Oct. 1 Nov. 1, 1966 1964 1964 1968 1969 1974 1967 1968 $3,000.00 3,000.00 5,000.00 5,500.00 10,500.00 10,000.00 4,000.00 4,000.00 $2,928.75 2,959.40 4,881.50 5,433.13 10,376.88 9,700.00 3,980.00 3,918.12 $2,928.88 2,963.68 4,895.33 5,435.48 10,383.89 9,725.91 3,981.64 3,919.20 $7.40 26 14 Province of British Columbia— 3% bonds 3% bonds ... 36.58 3% bonds ■ 47.92 3% bonds.. 91 48 3% bonds. _ 47.67 Guaranteed by the Province of British Columbia— British Columbia Power Commission— 3% bonds 60.00 3% bonds 49.32 $45,000.00 $44,177.78 $44,234.01 $366.51 SCHEDULE No. 11 Municipal Superannuation Fund (Over-age Agreements) Comparative Statistics, April 1st, 1948, to March 31st, 1951 Fiscal Year Number of Contributors Contributions Withdrawals Allow- Male Female Employer Employees Male Female Amount Refunded 1948 49 | 18 19 20 21 21 21 $10,617.72 $3,586.93 9,742.81 6,910.38 8,735.41 | 5,781.15 1 2 1 Nil $153.82 578.53 Nil 1949 50 Nil 1950-51 - - Nil Totals... .... | .... 1 $29,095.94 | $16,278.46 1 $732.35 VICTORIA, B.C. Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty 1952 495-152-2980
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PROVINCE OF BRITISH COLUMBIA Twelfth Annual Report of the business done in pursuance of the MUNICIPAL… British Columbia. Legislative Assembly [1952]
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Title | PROVINCE OF BRITISH COLUMBIA Twelfth Annual Report of the business done in pursuance of the MUNICIPAL SUPERANNUATION ACT for the Year Ended March 31st 1951 |
Alternate Title | MUNICIPAL SUPERANNUATION REPORT, 1950-51 |
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British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1952] |
Genre |
Legislative proceedings |
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Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1952_V03_04_AA1_AA18 |
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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 | 2017 |
Provider | Vancouver : University of British Columbia Library |
Rights | Images provided for research and reference use only. For permission to publish, copy or otherwise distribute these images please contact the Legislative Library of British Columbia |
CatalogueRecord | http://resolve.library.ubc.ca/cgi-bin/catsearch?bid=1198198 |
DOI | 10.14288/1.0343336 |
AggregatedSourceRepository | CONTENTdm |
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