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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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 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. AA 8
BRITISH COLUMBIA
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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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