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 o a Q w S u C/5 CM On *—i o Q - Z *-< [£ On oT H Z 2 « o c u a. o ^ &_ z o Z o Oh ^ W o > p. w 00 3 CO Eos o . OS ■dp Pn§ -I a ca on H h o .1 ft -_ oft < ed «r4" CON 6 0 .2g SE IS ™ si a « Sis" ra cm o S-SlSn E o BJ>3 BO***!". ; On m ON ! 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S o ^>5 ;2Z Z^; __ - S " CJ >. y rt c3 J3 JD CD > c3 ft « -w 0 C w S - n ;/: •- 3 3 CM XI fflUUU o m Zd _z (N _, £ m«? t- a /-OS.. j;Z «c3c - - M o o so Zd •oZ 3m > c o !•= i : u cu . a c3 toOd ;<»; czo 2 BJ 5 U -h H y a !__ *3 -h o a _h cs 3 S o 3 r»H &o w co « H 6 CM no S? - o 5 o szz^ ° o S ^ " c ° -* 9,-S SS 0 X 10 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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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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Title | Thirteenth Annual Report of the business done in pursuance of the MUNICIPAL SUPERANNUATION ACT for the Year Ended March 31st 1952 |
Alternate Title | MUNICIPAL SUPERANNUATION REPORT, 1951-52 |
Creator |
British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1953] |
Genre |
Legislative proceedings |
Type |
Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1953_V03_03_X1_X18 |
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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 | 2017-06-05 |
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 | 10.14288/1.0348193 |
AggregatedSourceRepository | CONTENTdm |
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