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Thirteenth Annual Report of the business done in pursuance of the MUNICIPAL SUPERANNUATION ACT for the… British Columbia. Legislative Assembly 1953

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Thirteenth Annual Report
of the business done in pursuance of the
MUNICIPAL
SUPERANNUATION ACT
for the Year Ended March 31st
1952
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1953  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, 1952.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., January 5th, 1953. The Honourable Wesley D. Black,
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, 1952.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Superannuation Commissioner.
January 3rd, 1953. Municipal Superannuation Report, 1951-52
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE " MUNICIPAL
SUPERANNUATION ACT " DURING THE FISCAL YEAR ENDED MARCH
3 1st, 1952.
Section 3.—During the year the following employers adopted the Act pursuant to
this section:—
Corporation of the City of Port Moody, covering eight employees.
Corporation of the District of Glenmore, covering three employees.
School Board of Princeton, School District No. 17, covering one employee.
Section 4.—Superannuation allowance payments pursuant to this section amounted
to $156,888.51. As at March 31st, 1952, there were 463 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 $ 1,007,976.39 and employee
contributions made under Over-age Agreements amounted to $60,160.67. As at March
31st, 1952, there were 6,308 regular contributors and 492 contributors under Over-age
Agreements.
Section 8.—Regular employer contributions amounted to $1,294,156.71 and
employer contributions made under Over-age Agreements amounted to $94,708.65.
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 $14,877.69 in accordance with the provisions of subsection (4) (c) of this section.
Outstanding Certificates of Loan were reduced by the amount of $229,378.82 and cash
advances were reduced by the amount of $1,236.21 in accordance with the provisions
of subsection (6) of this section.
Section 14.—Superannuation allowances were granted to 72 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 447 employees who
entered their service after the maximum eligible age of regular contributors.
Section 19.—Superannuation allowances were granted to five contributors who had
become totally and permanently disabled.
Section 20.—Superannuation allowances were granted to the dependent in the case
of eleven contributors who died while still in service. Refunds amounting to $2,672.66
were made in the case of eight contributors who died while still in service.
Section 23.—Refunds amounting to $197,431.82 were made to 796 contributors
who left the service of their employers.
Section 28.—Administration expenses amounting to $25,583.80 were paid into the
Consolidated Revenue Fund of the Province by the various employers under the Act in
accordance with the provisions of this section.
Section 33.—The securities held by the Trustees on March 31st, 1952, are set out
in Schedule No. 3 and Schedule No. 10 of this Report. X 6 BRITISH COLUMBIA
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, 1952
REVENUE
Contributions as per requirements of the " Municipal Superannuation Act "—
Employees, section 6  $1,007,976.39
Employers, section 8—
Fund "A" (Schedule No. 1)  $798,707.98
Fund " B " (Schedule No. 2)     474,178.51
Special agreement bonus contributions       21,270.22
     1,294,156.71
Interest on investments and bank interest        535,379.03
$2,837,512.13
EXPENDITURE
Superannuation allowances, chargeable to Employers' Service Pension Accounts—
Allowances pursuant to section 4  $157,349.26
Less amount refunded  460.75
  $156,888.51
Service Pensions, Fund "A"  $566,958.94
Less amount refunded  764.95
     566,193.99
Service Pensions, Fund "B"         1,551.93
$724,634.43
Employees' retirement annuities  $229,677.11
Less amount refunded  143.49
     229,533.62
$954,168.05
Refunds-
Section 20  $2,550.67
Section 23  194,694.56
Sundry  62.99
197,308.22
Administration expense, section 28        4,176.43
     1,155,652.70
Net increase of ledger assets __  $1,681,859.43 MUNICIPAL SUPERANNUATION REPORT,  1951-52 X 7
MUNICIPAL SUPERANNUATION FUND
Balance-sheet as at March 31st, 1952
ASSETS
General Trustees'
Account Account Total
Cash at Dominion Bank     $31,188.05 $245.87 $31,433.92
Accounts receivable—
Contributions   due  from  municipalities,   hospitals,
school districts, etc     320,143.91     320,143.91
Investments at cost—net after amortization of premiums
and discounts—
Federal and Provincial guaranteed (Schedule No. 3)       13,445,246.92    13,445,246.92
(Par value,  $13,555,000;   market value,
$12,506,461.25.)
B.C. Government Certificates of Loan       3,474,690.32      3,474,690.32
Accrued interest on investments  131,866.02 131,866.02
$351,331.96 $17,052,049.13 $17,403,381.09
LIABILITIES
Employees' Retirement Annuity Account     $7,935,497.50
Employers' Service Pension Accounts—
Fund "A" (see statement below)       $6,741,989.01
Fund " B " (Schedule No. 2)       2,502,456.62
       9,244,445.63
Sundry accounts payable  1,23 6.21
Investment adjustment reserve account  222,201.75
$17,403,381.09
EMPLOYERS' SERVICE PENSION ACCOUNTS, FUND "A"
Employers' balances—
Amounts at credit (Schedule No. 1)     $3,528,646.76
Less amounts at debit (Schedule No. 1)  298,415.23
Net credit balances     $3,230,231.53
Advances from Provincial Government—
Cash advances, section 10 (4) (a)—Schedule No. 1         $37,067.16
Certificates of Loan, section 10 (4) (c)—Schedule No. 1       3,474,690.32
      3,511,757.48
$6,741,989.01
COMPTROLLER-GENERAL'S CERTIFICATE
I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st,
1952, have been examined under my direction.
Subject to the report dated December 29th, 1951, of Mr. Samuel Eckler, F.S.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.
December 30th, 1952. X 8
BRITISH COLUMBIA
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BRITISH COLUMBIA
SCHEDULE No. 2
Service Pension Accounts, Fund " B "
Summary of Employers' Accounts, April 1st, 1951, to March 31st, 1952
Balance
at Credit,
Apr. 1,
1951
Employers'
Contributions
Transfer
Values
Interest
Earnings
Pension
Payments
Balance at
Credit,
Mar. 31,
1952, as per
Balance-sheet
City of—
$1,178.24
2,446.33
5,494.17
2,434.06
130.47
1,968.60
607.49
7,680.43
9,382.75
1,768.30
2,895.36
6,174.94
30,758.72
75,867.70
38,297.34
14,668.60
874.22
18,830.05
5,636.08
103.22
53.82
12,899.30
950,585.86
11,772.91
166,181.56
45,784.44
2,654.44
664.98
$437.00
321.24
1,246.04
909.37
69.48
325.56
134.88
1,723.70
3,301.97
477.12
250.64
2,953.46
3,694.42
14,134.65
7,883.56
3,246.20
297.18
6.68
2,661.46
1,146.10
59.29
106.80
1,563.08
225,317.68
2,772.75
34,684.18
10,535.79
322.02
105.80
71.39
1,951.20
6,624,29
1,669.75
470,76
177.24
878.00
3,456.06
5,955.98
1,147.38
8,556.91
275.77
253.08
2,281.32
6,584.69
400.75
1,991.48
1.646.46
13,310.65
57,187.21
4,112.74
	
$43.96
82.05
192.53
90.92
5.20
67.08
21.24
283.51
347.28
63.16
95.07
240.83
1,026.25
2,604.34
1,311.42
512.77
32.19
	
$1,659.20
2,849.62
6,932.74
	
3,434.35
205.15
2,361.24
	
763.61
$931.00!
10,618.64
13,032.00
2,308.58
3,241.07
9,369.23
35,479.39
$379.64
92,227.05
1,145.00s
46,347.32
18,427.57
	
1,203.59
6.68
634.54
195.43
4.18
3.37
430.59
33,463.10
433.83
5,769.73
1,618.56
77.28
22.59
1.12
256.66
928.92
147.81
151.14
28.75
155.16
389.73
1,381.25
152.51
1,487.16
18.72
31.44
508.73
1,186.50
65.72
339.43
203.31
1,363.24
5,864.27
505.49
9.30
29.40
13.75
17.57
87.92
3.16
124.70
204.37
85.91
45.80
25.86
81.49
8.46
5.21
6.53
1.10
5.71
2,605.54
21.28
874.55
50.92
22,126.05
6,977.61
166.69
163.99
Trail                                   _	
64.002
1.249.001
191.00=
975.001
720.002
44.71
14,892.97
1,209,257.93
16,228.49
223.95
230.04
206,220.52
58,683.75
2,333.74
793 37
District of—
72 51
Esquimau   	
	
7,178.86
26,422.31
3,861.20
4,206.57
824.78
4,490.69
11,278.91
40,907.13
4,271.76
43,457.58
456.74
872.41
15,022.85
34,405.28
1,887.78
9,788.53
5,636.39
36,677.49
157,706.13
14,459.59
79.61
879.47
242.98
481.32
2,473.98
18.75
3,513.67
5,590.86
2,032.32
1,377.63
706.59
676.26
268.84
79.13
86.74
34.87
9,386.72
441.60
33,533.92
5,678.76
Greater Victoria Water District	
Langley  _	
720.001
5,548.47
Maple Ridge 	
	
1,030.77
ljmOO'
5,523.85
13,875.70
North Vancouver
Oak Bay  .          	
48,244.36
' 231.99
5,571.65
740.002
52,529.66
751.23
1,156.93
17,812.90
42,176.47
2,354.25
12,119.44
Vancouver and Districts Joint Sewerage
7,486.16
40.002
40.001
911.002
51,311.38
220,797.61
18,166.82
School District of—■
431.92
520.83
Chilliwack, No. 33	
108.96
387.49
154.08
638.83
163.19
896.71
1,804.96
249.55
154.95
229.92
3,825.95
1,017.83
644.22
	
652.97
3,200.73
185.10
4,535.08
1,145.00'
7,600.19
3,512.78
1,578.38
962.37
Rirhmnnrl   No, 38
4,583.70
	
277.30
172.77
241.23
257.11
334.50
Surrey, No. 36  _	
35.97
Trail, No. 11 -   .   —     .
363.06
18,390.41
322.83
5,470.01
480.48
368 77
73,588.00
514.55
25,051.07
1,377.45
	
94,583.95
858 66
31,395.63
1,908.85
Totals                 	
$1,960,681.45
$474,178.51
$69,148.59
$1,551.93
$2,502,456.62
1 Credit.
2 Debit. MUNICIPAL SUPERANNUATION REPORT, 1951-52
X 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, 1952
Description
Date of
Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Government of Canada—
3% bonds   _	
3% bonds  	
Guaranteed  by   the   Government
of
Oct.
Sept.
1,1963
1, 1966
Canada—
Canadian National Railway Company—
2%% bonds  	
2% % bonds _. 	
Province of British Columbia—
3V_% bonds	
3!/2% bonds	
5% bonds	
3% bonds   	
3»/4% bonds  	
3% bonds      	
3"/_% bonds  	
3% bonds  	
3'/4% bonds 	
3% bonds	
Jan.      2,1967
Sept. 15, 1969
3!/_% bonds .
3% bonds ...
2%% bonds.
2%% bonds..
3% bonds	
3% bonds.....
VA% bonds.
2%% bonds .
2%% bonds
2,4 % bonds .
2%% bonds.
2?4% bonds.
23/4 % bonds.
3% bonds	
3% bonds	
3% bonds.	
3% bonds..—.
3% bonds	
2?4% bonds...
2?4% bonds.
3% bonds.-..
June
June
Sept.
Feb.
June
Feb.
June
Feb.
June
Feb.
Apr.
Dec.
Oct.
Oct.
15,
15,
1,
June 15,
July 1,
Apr. 15,
July 20,
Oct.
Jan.
Feb.
May 15
June 15
June 15,
July 2,
Dec. 15,
July 31,
Aug. 10,
Oct. 1,
Sept. 26,
Feb.     1,
1952
1953
1953
1954
1954
1955
1955
1956
1956
1957
1959
1960
1962
1963
1964
1964
1966
1966
1966
1967
1967
1967
1968
1968
1968
1969
1970
1970
1971
1972
1974
Guaranteed by the Province of British
Columbia—
British Columbia Power Commission—
3 % bonds. 	
3% bonds 	
3%% bonds.
Vancouver and Districts Joint Sewerage
and Drainage Board—
4% bonds   _.
4% bonds    	
4% bonds   _.
4% bonds 	
4% bonds  _
5% bonds  _ 	
5i/_ % bonds   _	
4 % bonds    _.
4% bonds  	
4 V_ % bonds  	
Oct. 1,1967
Nov. 1, 1968
Sept. 15, 1991
4.4% bonds....
Totals-
Oct.
May
May
May
May
Sept.
Sept.
Oct.
May
Sept.
Sept.
1, 1954
1, 1958
1, 1959
1, 1960
1, 1962
1, 1962
1, 1962
1, 1962
1, 1963
1, 1965
1, 1970
$200,000.00
405,000.00
25,000.00
240,000.00
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 I
250,000.00 [
75,000.00 I
225,000.00
325,000.00
724,500.00
989,000.00
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
$189,500.00
393,322.50
23,375.00
226,120.00
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
989,000.00
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
$189,532.41
393,859.74
23,450.63
226,775.05
9,997.14
13,992.06
237,213.52
29,916.75
19,570.68
24,903.78
59,695.15
41,801.58
126,193.12
2,983.64
3,500,000.00
68,413.16
194,534.10
48,686.96
531,697.72
289,290.59
274,565.21
220,000.00
34,293.20
340,159.19
100,000.00
90,000.00
148,455.22
409,418.90
198,797.15
703,642.42
943,664.78
1,331,050.67
250,000.00
75,000.00
219,102.99
323,460.49
713,716.10
989,000.00
5,066.16
10,024.86
1,046.42
6,017.87
1,003.40
3,309.93
3,193.93
1,003.31
11,073.03
5,540.54
1,133.37
$3,000.00
998.65
165.75
302.47
115.07
161.10
963.70
143.01
224.38
119.18
690.41
200.22
1,461.37
14.30
61,250.00
592.44
2,516.44
629.11
4,687.22
2,157.95
3,472.69
1,160.28
440.38
1,938.19
436.99
922.19
1,221.90
3,619.96
1,446.58
6,194.45
4,606.84
5,396.72
3,437.50
28.25
1,072.60
4,875.00
8,932.22
1,625.72
100.00
164.38
16.44
98.63
16.44
12.33
13.56
20.00
180.82
18.49
3.70
$13,555,000.00 I $13,445,240.42
 I	
$13,445,246.92
$131,866.02 X 12
BRITISH COLUMBIA
SCHEDULE No. 4
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1939, to March 31st, 1952
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
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
1950-51
887,790.33
662
129 164 91
130
68
2,016
1951-52	
6,308
1,294,156.71
1,007,976.39
786
197,308.22
88
80
2,024
954,168.05
Totals
	
$8,623,324.10
$6,057,136.48
|$1,039,403.40
..--
| $7,748,991.88
1
SCHEDULE No. 5
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1952,
Subdivided According to Sex of Contributor
Number of
Contributors
Number of
Refunds
Granted
Allowances
Fiscal Year
Number of
Allowances
Number of
Deaths and
Number of
Allowances in
Force at End
of Year
a
u
Granted
Expirations
o
V
V
0J
*c3
o
rt
o
*3
a.
'ti
*rt
"3
E
"rt
E
'rt
E
*c5
E
el
s
s
u
11,
a
£
£
V
s
*
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
l
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
1951-52—
Maximum retirement age 65—
3,116
300
	
63
	
62
1,411
Maximum retirement age 60—
1,653
1,539
77
409
15
10
14
4
442
171 •
MUNICIPAL SUPERANNUATION REPORT,  1951-52
SCHEDULE No. 6
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1952—Allowances
Granted and in Force, Subdivided by Type and Plan of Allowance
X 13
In Force at Beginning
of Year
Granted during
Year
Expired during
Year
In Force at End
of Year
Fiscal Year
60
C
-_
u
u
B
a
rt
3
0
u
13
a
'5
>->
E
•a
o
s
<
d
S
H
o
13
u
B_
G
■o
u
u
c
ts
3
0
«2
g
'5
•d
'S
o
a
c
<
d
E
u
H
.2
3
o
"oo
c
55
Guaranteed1
3
c
o
o
2
i
<
d
E
H
13
"to
c
•a
u
a>
d
es
rt
3
0
a)
13
c
'3
a>
'•3
o
s
i
<
1
(a)1(6)
i
E
8
1945-46—
Normal retirement	
297
450
274
89
	
57
92
38
5
	
24
7
7
3
l
330
528
309
93
44
24
62
3
4
6
2
1
1
42
77
67
3
Death 	
175
	
13
—
—
5
	
183
Totals
516
474
336
92
	
70
96| 44|    5| _
31
8
7
4|    1| ....
555| 555
376
96
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
—-
57
79| 33
2
—
27
6|    4
11| -.
585] 624
398
98| —
1947-48—
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
40
31
69
3
1
Death	
189
	
	
8
—
—
4
193
	
	
	
Totals	
585
624
398
98
—
20
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
7
1
1
1
1
40     31
68
3|      2
Dnath
193
......
11
	
	
7
197|	
Totals  	
581
656
410
99
66
17
20| 19| ....
78
17
6|    4
12
2|    1
581| 666
417
971  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
Death	
197
	
17
5
	
209
	
Totals	
581
666
417
97
143
26
14| 131 -.| 62
33
11| 11
9|    1| -
574| 658
421
961 205
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| -| .-
5731 635
428
96| 284
1951-52—
Normal retirement	
321
608
364
93
281
6
12
7
...
47
24
11
26
6
3
303
583
365
93
325
34
27
64
3
3
1
4
1
?
1
1
34
75
67
2
3
Death	
218
11
—
5
224
Totals	
573
635
428
96
284
18
12
11| -
1
47
30
11,28
3
561
608
432
95
328
1 Guaranteed:   (a) Superannuant died after expiration of guaranteed period;   (6) guaranteed period expired, super-
annuant having died previously. X 14
BRITISH COLUMBIA
SCHEDULE No. 7
Municipal Superannuation Fund
Number of Contributors and Pensioners by Employer, as at March 31st, 1952
Contributors
Fund
"A"
Fund
"B"
Pensioners
Total
Contributors and
and
Pensioners
City of—
Armstrong—   -   	
Chilliwack   _  	
Courtenay  —  	
Cranbrook  _    	
Duncan  —    	
Enderby  ...  	
Fernie	
Grand Forks..   	
Kamloops        —
Kelowna  _ -  	
Kimberley— -  	
Merritt _ - 	
Nanaimo    	
Nelson    	
New Westminster _   	
North Vancouver    _. 	
Penticton    	
Port Coquitlam _   _  	
Port Moody     	
Prince Rupert  _    	
Revelstoke    —  	
Rossland    	
Salmon Arm  —  	
Trail     _	
Vancouver  _   	
Vernon _   _ —
Victoria  - _	
District of—
Burnaby   	
Central Saanich  	
Chilliwhack  	
Coldstream— _  	
Creston    _  	
Esquimau   	
Glenmore   _       	
Greater Vancouver Water District and Vancouver and Districts
Joint Sewerage and Drainage Board 	
Greater Victoria Water District 	
Langley    _  	
Maple Ridge  -	
North Cowichan 	
North Vancouver—   	
Oak Bay   .    __	
Osoyoos    	
Richmond _. _   	
Saanich - _ — 	
Salmon Arm  __
Spallumcheen  _  	
Surrey 	
West Vancouver  _  	
North Shore Union Board of Health  	
University Endowment Lands 	
Hospitals—
Royal Jubilee  	
Vancouver General-      	
School District of—
Burnaby, No. 41  —	
Campbell River. No. 72  -  	
Castlegar, No. 9 _    	
Chilliwack, No. 33-    	
Cowichan, No. 65— _   _	
Creston, No. 5	
Fernie, No. 1   	
Kamloops, No. 24      	
Merritt, No. 31 _	
Mission, No. 75    	
Nelson, No. 7  	
New Westminster, No. 40.  	
North Vancouver, No. 44  	
Penticton, No. 15  — _   	
Prince Rupert, No. 52  	
Princeton, No. 17  	
Richmond, No. 38  —  	
Saanich, No. 63    _
Salmon Arm, No. 20  	
Slocan, No. 8  — _ 	
Southern Okanagan, No. 14 _ 	
Surrey, No. 36    	
Trail, No. 11     —
Vancouver, No. 39    - —	
Vernon, No. 22      —	
Victoria, No. 61	
West Vancouver, No. 45   	
Totals   	
11
1
1
~13
20
72
22
6
2
7
6
4
--
5
767
4
134
22
2
2
1
1
2
3
43
4
4
1
14
74
1
15
1
6
4
12
9
1
3
1
17
37
8
2
30
26
134
69
34
2
1
34
12
1
16
2,136
26
325
118
2
5
1
1
17
75
14
10
21
31
50
2
19
13
73
2
11
14
2
6
36
54
3
16
84
230
141
589
2
3
6
1
44
6
1
8
1
2
6
1
8
1
10
19
6
3
2
5
192
4
52
3
1
21
15
__
18
39
57
57
5
3
"ll
4
1
2
9
906
12
210
36
42
1
2
1
3
21
18
26
1
1
16
25
55
142
17
3
10
11
2
1
1
122
2
33
2
1
9
6
22
13
4
5
2
49
53
9
5
61
85
263
148
45
7
8
51
20
1
5
30
3,809
42
669
176
4
9
3
2
28
3
160
19
10
4
11
62
89
1
23
118
3
1
63
93
5
27
280
961
63
9
6
4
1
14
4
13
1
8
14
34
21
6
3
1
14
2
6
1
9
~2<j
388
7
100
6
1.732
I    4,576        I    2,024        |    8,332 MUNICIPAL SUPERANNUATION REPORT,  1951-52 X 15
SCHEDULE No. 8
Municipal Superannuation Fund of British Columbia
Valuation Balance-sheet as at March 31st, 1951
ASSETS
Employer Account "A"  $6,649,000
Value of future receipts of Fund "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
       1,961,000
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. X 16 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND (OVER-AGE AGREEMENTS)
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1952
REVENUE
Contributions as per requirements of the agreements entered into
pursuant to section 14 (2) (_>) of the "Municipal Superannuation Act "—
Employees, section 6     $60,160.67
Employers, section 8      94,708.65
$154,869.32
Interest on investments and bank interest           3,271.20
$158,140.52
EXPENDITURE
Refunds—.
Section 20     $121.99
Section 23   2,737.26
         2,859.25
Net increase of ledger assets  $155,281.27
Balance-sheet as at March 31st, 1952
ASSETS
General Trustees'
Account Account Total
Cash at Dominion Bank          $856.27    $11,447.67    $12,303.94
Accounts  receivable—contributions  due  from  municipalities,
hospitals, and school districts     25,572.23        25,572.23
Investments   at   cost—net   after   amortization   of   discounts
(Schedule No. 10)      162,950.24    162,950.24
(Par value, $166,500; market value, $157,028.75.)
Accrued interest on investments      896.93 896.93
$26,428.50 $175,294.84 $201,723.34
LIABILITIES
Employees' Retirement Annuity Account at book value     $74,637.12
Employers' Service Pension Accounts at book value (Schedule No. 9)     127,086.22
$201,723.34
COMPTROLLER-GENERAL'S CERTIFICATE
I certify that the accounts of the Municipal Superannuation Fund (Over-age Agreements) for
the year ended March 31st, 1952, 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.
December 30th, 1952. MUNICIPAL SUPERANNUATION REPORT,  1951-52
SCHEDULE No. 9
Municipal Superannuation Fund (Over-age Agreements)
Employer Service Pension Accounts as at March 31st, 1952
X 17
Number of
Contributors
         1
       3
City of Armstrong  _	
City of Cranbrook	
City of Kelowna     2
City of Kimberley  1
City of Port Moody  1
  2
  444
  2
  1
  1
City of Revelstoke
City of Vancouver .
City of Vernon	
City of Victoria
District of Chilliwhack	
District of North Cowichan _
District of West Vancouver _
Royal lubilee Hospital
       2
       7
Vancouver General Hospital     22
Campbell River School District No. 72       1
Richmond School District No. 38	
Southern Okanagan School District No. 14       2
Trail School District No. 11	
Totals as per balance-sheet  492
Credit
Balance
$637.97
2,747.90
1,620.95
1,304.75
182.28
1,766.39
86,326.85
1,382.96
2,078.84
317.90
287.88
927.83
5,100.33
21,846.56
111.02
157.62
163.80
124.39
$127,086.22
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,
7952
Description
Date of Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Government of Canada—
3% bonds	
Oct.     1, 1963
$5,000.00
$4,737.50
$4,738.31
$75.00
3% bonds	
Sept.   1, 1966
4,000.00
3,905.00
3,911.27
9.86
Province of British Columbia—
3% bonds 	
June 15, 1964
3,000.00
2,959.40
2,966.43
26.14
3% bonds	
July     1, 1964
5,000.00
4,881.50
4,903.23
36.58
3% bonds	
June 15, 1968
13,500.00
12,785.13
12,812.16
117.62
3% bonds	
Dec. 15, 1969
12,500.00
12,196.88
12,216.32
108.90
3% bonds 	
Feb.    1, 1974
10,000.00
9,700.00
9,737.91
47.67
Guaranteed by the Province of British Co
lumbia—
British Columbia Power Commission—
3% bonds  	
Oct.     1, 1967
9,000.00
8,592.50
8,614.40
135.00
3% bonds -	
Nov.    1, 1968
16,000.00
14,982.62
15,031.19
197.26
3%% bonds 	
Sept. 15, 1991
65,000.00
65,000.00
65,000.00
106.85
Village of Lake Cowichan—
3'/_% serial debentures dated Mar. 15,
1951    	
Mar. 15, 1953-65
23,500.00
23,030.00
23,019.02
36.05
$166,500.00
$162,770.53
$162,950.24
$896.93 X 18
BRITISH COLUMBIA
SCHEDULE No.  11
Municipal Superannuation Fund (Over-age Agreements)
Comparative Statistics, April 1st, 1948, to March 31st, 1952
Fiscal Year
Number of
Contributors
Contributions
Withdrawals
Allow-
Male
Female
Employer
Employees
Male
Female
Amount
Refunded
1948-49	
18
20
21
437
19
21
21
55
$10,617.72
9,742.81
8,735.41
94,708.65
$3,586.93
6,910.38
5,781.15
60,160.67
1
2
16
1
2
Nil
$153.82
578.53
2,859.25
Nil
1949-50.	
1950-51             .-	
1951-52-	
Nit
Nil
Nil
Totals	
... ..      1      ....
$123,804.59
$76,439.13
$3,591.60
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1953
420-153-9139  

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