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 PROVINCE OF BRITISH COLUMBIA
Fourteenth Annual Report
of the Business Done in Pursuance of the
MUNICIPAL
SUPERANNUATION ACT
for the
YEAR ENDED MARCH 3 1st
1953
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1954  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, 1953.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., February 1st, 1954. 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, 1953.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Superannuation Commissioner.
January 29th, 1954. Municipal Superannuation Report, 1952-53
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE " MUNICIPAL
SUPERANNUATION ACT " DURING THE FISCAL YEAR ENDED MARCH
31st, 1953.
Section 4.—Superannuation-allowance payments pursuant to this section amounted
to $146,239.46. As at March 31st, 1953, there were 435 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 $1,142,396.93, and
employee contributions made under Over-age Agreements amounted to $75,807.14. As
at March 31st, 1953, there were 6,414 regular contributors and 559 contributors under
Over-age Agreements.
Section 8.—Regular employer contributions amounted to $1,428,109.03, and
employer contributions made under Over-age Agreements amounted to $122,932.92.
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 $3,489.02 in accordance with the provisions of subsection (4) (c) of this section.
Outstanding Certificates of Loan were reduced by the amount of $318,310.45 and cash
advances were reduced by the amount of $3,055.13 in accordance with the provisions of
subsection (6) of this section.
Section 14.—Superannuation allowances were granted to eighty-eight contributors
who attained retirement age. For analysis, see statements of comparative statistics
appended hereto. As provided in subsection (2) (b), the Commissioner, with the
approval of the Provincial Secretary, during the year entered into agreements with four
employers under the Act whereby the Act was made to apply to a total of five employees
who entered their service after the maximum eligible age of regular contributors.
Section 19.—A superannuation allowance was granted to one contributor who had
become totally and permanently disabled.
Section 20.—Superannuation allowances were granted to the dependent in the case
of fourteen contributors who died while still in service. Refunds amounting to $14,579.35
were made in the case of nine contributors who died while still in service.
Section 23.—Refunds amounting to $204,900.79 were made to 775 contributors
who left the service of their employers.
Section 28.—Administration expenses amounting to $30,623.10 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, 1953, are set out
in Schedule No. 3 and Schedule No. 10 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. BB 6 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1953
REVENUE
Contributions as per requirements of the " Municipal Superannuation Act"—
Employees, section 6  $1,142,396.93
Employers, section 8—■
Fund "A" (Schedule No. 1)  $902,296.01
Fund "B" (Schedule No. 2)     500,952.42
Special Agreement bonus contributions       24,860.60
     1,428,109.03
Interest on investments and bank interest        597,095.72
$3,167,601.68
EXPENDITURE
Superannuation allowances, chargeable to Employers' Service Pension Accounts—-
Allowances pursuant to section 4  $146,651.95
Less amount refunded  412.49
  $146,239.46
Service Pensions, Fund "A"  $584,638.02
Less amount refunded         1,085.84
     583,552.18
Service Pensions, Fund " B "         2,137.89
$731,929.53
Employees' retirement annuities  $244,672.45
Less amount refunded  118.05
     244,554.40
$976,483.93
Refunds—
Section 20      $14,397.55
Section 23      198,806.45
     213,204.00
Administration expense, section 28         3,600.57
     1,193,288.50
Net increase of ledger assets  $1,974,313.18 MUNICIPAL SUPERANNUATION REPORT,  1952-53
MUNICIPAL SUPERANNUATION FUND
Balance-sheet as at March 31st, 1953
ASSETS
General Trustees'
Account Account
Cash at Dominion Bank     $23,439.70        $28,003.33
Accounts   receivable—contributions   due  from  municipalities, hospitals, school districts, etc     217,143.01   	
Investments at cost—net after amortization of premiums
and discounts (see Schedule No. 3)     15,469,744.52
(Par    value,     $15,592,000;     market    value,
$14,459,878.)
B.C. Government Certificates of Loan .".      3,159,868.89
Accrued interest on investments  147,986.13
BB 7
Total
$51,443.03
217,143.01
15,469,744.52
3,159,868.89
147,986.13
$240,582.71  $18,805,602.87 $19,046,185.58
LIABILITIES
Employees' Retirement Annuity Account	
Employer Service Pension Accounts—
Fund " A " (see statement below)     $6,836,310.29
Fund " B " (Schedule No. 2)       3,090,742.06
Vancouver Agreement Bonus Account for Firemen and Policemen..
Sundry accounts payable	
Investment adjustment reserve account	
$8,907,936.87
1,927,052.35
1,390.53
3,055.13
206,750.70
$19,046,185.58
EMPLOYER SERVICE PENSION ACCOUNTS, FUND "A"
Employers' balances—■
Amounts at credit (Schedule No. 1)  $3,937,875.41
Less amounts at debit (Schedule No. 1)  295,446.04
Advances from Provincial Government—
Cash advances, section 10 (4) (a)—Schedule No. 1  $34,012.03
Certificates of Loan, section 10 (4) (c)— Schedule No. 1  3,159,868.89
$3,642,429.37
3,193.880.92
$6,836,310.29
COMPTROLLER-GENERAL'S CERTIFICATE
I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st,
1953, 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 Superannation 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.
C. J. FERBER, C.A.,
Comptroller-General, Province of British Columbia.
January 28th, 1954. BB 8
BRITISH COLUMBIA
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BRITISH COLUMBIA
SCHEDULE No. 2
Service Pension Accounts, Fund " B "
Summary of Employers' Accounts, April 1st, 1952, to March 31st, 1953
Balance
at Credit,
Apr. 1, 1952
Employers'
Contributions
Interest
Earnings
Pension
Payments
Balance at
Credit,
Mar. 31,
1953, as per
Balance-sheet
City of—
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	
Chilliwhack..
Coldstream-
Creston —
Esquimalt.
Greater Vancouver Water District-
Greater Victoria Water District	
Langley    	
Maple Ridge	
North Cowichan 	
North Vancouver	
Oak Bay     	
Richmond   —
Saanich       	
Central Saanich	
Salmon Arm 	
Surrey
West Vancouver 	
North Shore Union Board of Health
University Endowment Lands .
Vancouver   and   Districts  Joint   Sewerage   and
Drainage Board	
Hospitals—
Royal Jubilee  	
Vancouver General  	
School District of—■
Burnaby, No. 41
Campbell River, No. 72-
Castlegar, No. 9   —	
Chilliwack, No. 33	
Creston, No. 5 	
Fernie, No. 1 —
Kamloops, No. 24	
Mission, No. 75 	
Nelson, No. 7
New Westminster, No. 40-
North Vancouver, No. 44-
Penticton, No. 15 ... 	
Prince Rupert, No. 52	
Richmond, No. 38	
Saanich, No. 63
Salmon Arm, No. 20  	
Southern Okanagan, No. 14„
Surrey, No. 36	
Trail," No. 11 ._. 	
Vancouver, No. 39 	
Vernon, No. 22	
Victoria, No. 61..
West Vancouver, No. 45-
Totals	
$1,659.20
2,849.62
6,932.74
3,434.35
205.15
2,361.24
763.61
10,618.64
13,032.00
2,308.58
3,241.07
9,369.23
35,479.39
92,227.05
46,347.32
18,427.57
1,203.59
6.68
22,126.05
6,977.61
166.69
163.99
14,892.97
1,209,257.93
16,228.49
206,220.52
58,683.75
2,333.74
793.37
72.51
9,386.72
33,533.92
5,678.76
5,548.47
1,030.77
5,523.85
13,875.70
48,244.36
5,571.65
52,529.66
751.23
1,156.93
17,812.90
42,176.47
2,354.25
12,119.44
7,486.16
51,311.38
220,797.61
18,166.82
520.83
1,017.83
644.22
652.97
3,200.73
185.10
4,535.08
7,600.19
3,512.78
1,578.38
962.37
4,583.70
277.30
257.11
334.50
35.97
368.77
94,583.95
858.66
31,395.63
1,908.85
$477.48
199.71
1,350.43
971.22
100.18
325.56
134.88
3,196.62
3,448.04
477.12
224.64
3,845.27
4,248.68
14,754.08
7,941.82
4,244.91
292.77
200.64
2,308.40
1,136.76
183.84
1,908.49
232,215.71
2,893.56
35,684.19
11,506.34
406.56
36.60
77.88
1,795.14
7,789.64
1,785.05
393.27
177.24
1,061.31
3,875.29
5,516.44
1,536.17
8,533.39
290.16
253.08
4,039.43
7,122.00
547.20
2,128.12
1,838.65
12,940.81
65,169.20
4,480.07
779.60
44.16
202.56
479.23
154.08
244.111
112.68
893.34
1,677.97
588.33
200.81
229.92
893.95
3lf.20
308.28
749*55
21,062.28
350.65
5,815.30
278.20
$61
95.
247.
127.
8.
82.
27.
397.
479.
82.
109.
367.
1,222.
3,231.
1,632.
668.
43.
3.
756.
245.
5.
8.
515.
43,084.
574.
7,281.
2,091.30
82.49
26.39
3.62
334.37
1,209.73
213.65
186.79
36.39
196.85
514.14
1,658.24
206.12
1,842.49
29.14
41.73
644.81
1,487.05
85.44
428.63
273.29
1,878.65
8,238.19
663.48
29.61
.72
36.39
28.74
23.73
100.10
7.85
161.97
274.38
123.77
54.58
35.03
163.56
9.02
13.42
15.89
1.17
24.18
3,417.60
33.62
1,115.31
66.58
$413.16
201.46
394.07
"204"48
230.04
441.60
253.08
$2,198.39
3,145.23
8,530.53
4,533.02
313.63
2,768.86
925.51
14,212.47
16,959.80
2,868.51
3,574.74
13,581.63
40,950.67
109,799.67
55,720.39
23,340.62
1,540.25
210.80
25,191.36
8,359.71
172.11
356.15
17,316.70
1,484,164.53
19,696.72
248,981.82
72,051.35
2,822.79
856.36
154.01
11,516.23
42,091.69
7,677.46
6,128.53
1,244.40
6,782.01
18,265.13
55,419.04
7,313.94
62,652.46
1,070.53
1,451.74
22,497.14
50,785.52
2,986.89
14,676.19
9,598.10
66,130.84
294,205.00
23,310.37
1,330.04
44.88
1,256.78
1,152.19
830.78
3,056.72
305.63
5,590.39
9,552.54
4,224.88
1,833.77
1,227.32
5,641.21
286.32
581.73
658.67
37.14
1,142.90
119,063.83
1,242.93
38,326.24
2,253.63
$2,502,456.62
$500,952.42
$89,470.91
$2,137.89
$3,090,742.06
^Credit. MUNICIPAL SUPERANNUATION REPORT,  1952-53
BB  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, 1953
Description
Date of
Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Government of Canada—
3% bonds   	
Feb.     1, 1962
Oct.      1, 1963
Jan.    15, 1978
Jan.     2, 1967
Sept. 15, 1969
June    1,1953
Sent.    1, 1953
Feb.     1, 1954
June     1,1954
Feb.     1, 1955
June     1,1955
Feb.     1, 1956
June     1,1956
Feb.     1, 1957
Apr.     1, 1959
Dec.   15, 1960
Oct.    15, 1962
Oct.    15, 1963
June   15,1964
July     1, 1964
Apr.   15, 1966
July   20, 1966
Oct.   15, 1966
Jan.    15, 1967
Feb.     1, 1967
May   15, 1967
June   15, 1968
June   15, 1968
July     2, 1968
Dec.   15, 1969
July   31, 1970
Aug.  10, 1970
Oct.     1, 1971
Sept. 26, 1972
Feb.     1, 1974
Oct.     1, 1967
Nov.    1, 1968
Sept. 15, 1991
May   21, 1992
June   15,1992
Sept. 15, 1992
Oct.     1, 1954
May     1, 1958
May     1, 1959
May    1,1960
May    1, 1962
Sept.    1, 1962
Sept.    1, 1962
Oct.     1, 1962
May     1, 1963
Sept.    1, 1965
Sept.    1, 1970
Sept. 1, 1953-68
Mar. 1, 1959-73
$140,000.00
320,000.00
862,000.00
25,000.00
240,000.00
14,000.00
234,500.00
30,000.00
19.500.00
25,000.00
60.000.00
4",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
989,000.00
275,000.00
208,000.00
680,000.00
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
48,000.00
119,000.00
$131,950.00
302,825.00
845,962.50
23,375.00
226,120.00
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
275,000.00
208,000.00
680,000.00
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
47,280.00
120,785.00
$132,466.12
304,176.70
846,050.28
23,555.61
227,532.48
13,998.85
235,305.17
29,961.95
19,538.13
24,937.64
59,791.32
41,853.25
126,386.63
2,987.02
3,500.000.00
68,365.73
195,052.57
48,800.72
532,213.95
289,756.69
274,667.40
220,000.00
34,341.81
340,351.18
100,000.00
90,000.00
148,735.65
409,794.09
198,871.15
704,057.89
944,010.32
1,331,538.06
250,000.00
75,000.00
219,373.02
323,559.79
714,366.18
989,000.00
275,000.00
208,000.00
680,000.00
5,039.73
10,020.79
1,039.87
6,015.67
1,003.07
3,280.19
3,175.32
1,002.96
11,066.44
5,500.26
1,126.13
47,291.95
120,784.79
$667.40
3% bonds     	
4,800.00
3%% bonds                   	
6,642.12
Guaranteed   by   the   Government   of
Canada—
Canadian National Railway Company—
23/4% bonds            	
165.75
2%% bonds               	
302.47
Province of British Columbia—
3'/S% bonds    —.
161.10
963.70
143.01
y/i% bonds...  .._. ...'..
224.38
3% bonds    „  	
3>/i% bonds                   	
119.18
690.41
3 % bonds                  	
200.22
ZVi% bonds - _ 	
1,461.37
3% bonds   — ■	
14.30
3Vz% bonds-    	
61,250.00
3% bonds     — 	
592.44
234% bonds _   _	
2,516.44
234 % bonds -   _.
629.11
3% bonds           	
4,687.22
3% bonds   	
23/4% bonds    	
2?4% bonds    	
2,157.95
3,472.69
1,160.28
2?4% bonds — _	
2%% bonds   	
234% bonds   	
234% bonds
440.38
1,938.19
436.99
922 19
2%% bonds  ,	
3% bonds           	
1,221.90
3,619.96
1,446.58
6,194.45
4,606.84
5,396.72
3,437.50
28 25
3% bonds 	
3% bonds 	
3% bonds  	
3% bonds 	
2Va% bonds...-	
2?4 % bonds ...         	
1,072.60
4,875.00
8,932.22
1,625.72
3,917.81
2,416.22
1,192.33
100.00
164.38
16.44
98.63
16.44
12,33
Guaranteed by the Province of British
Columbia—
British Columbia Power Commission—
3% bonds 	
3% bonds         	
3?4% bonds 	
4% bonds
Vancouver and Districts Joint Sewerage and Drainage Board—
4% bonds  _	
4% bonds  	
4% bonds  	
5% bonds   	
5V4% bonds  	
20.00
180.82
18.49
3.70
157.81
440.14
AV>% bonds 	
Village of Campbell River—
Village of Fort St. John—
AV2% serial bonds.—	
Totals
$15,592,000.00
$15,464,386.42
$15,469,744.52
$147,986.13 BB 12
BRITISH COLUMBIA
SCHEDULE No. 4
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1939, to March 31st, 1953
Fiscal Year
Number
of
Contributors
Contributions
Employer
Employees
Withdrawals
Number
Amount
Refunded
Allowances
Number
Granted
during
Year
Deaths
and
Expirations
during
Year
Number
in Force
at End
of Year
Amount
Paid
1939-40	
1940-41.	
1941-42
1942-43 —
1943-44—
1944-45—
1945-46—
1946-47—
1947-48.	
1948-49 —
1949-50....
1950-51—
1951-52.....
1952-53.—.
Totals
3,515
3,502
3,460
3,295
3,340
3,416
3,949
4,209
4,707
5,352
5,866
6,246
6,308
6,414
$376.
385
403
398
411
431
505
579
693
895
1,062
1,186.
1,294.
1,428.
213.96
.310.30
590.01
961.01
,337.12
,251.30
050.16
347.60
553.87
590.07
852.82
,109.17
156.71
109.03
$273
279
277
267
278,
298
351
403
474,
574
682
887
1,007,
1,142.
,204.70
,081.09
,946.17
876.88
,996.62
,036.94
,672.80
,783.92
499.19
,025.89
,245.56
790.33
976.39
396.93
71
99
128
191
125
116
314
415
499
441
458
662
786
740
$42,575.46
38,666.49
46,504.88
68,582.55
45,792.56
53,755.08
74,102.47
79,892.69
99,412.03
88,140.76
75,505.30
129,164.91
197,308.22
213,204.00
78
99
116
193
120
130
215
171
149
134
115
130
88
103
36
36
34
53
44
46
51
48
42
42
65
68
80
76
973
1,036
1,118
1,258
1,334
1,418
1,582
1,705
1,812
1,904
1,954
2,016
2,024
2,051
;10,051,433.13
$7,199,533.41
$1,252,607.40
$329,309.38
339,671.98
369,231.07
408,424.19
460,091.94
492,423.87
551,639.04
628,619.36
702,630.14
767,067.05
827,006.67
918,709.14
954,168.05
976,483.93
8,725,475.81
SCHEDULE No. 5
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1953,
Subdivided According to Sex of Contributor
Number of
Contributors
Number of
Refunds
Granted
Allowances
Number of
Number of
Number of
Allowances in
Force at End
of Year
Fiscal Year
Allowances
Deaths and
o
Q>
Granted
Expirations
o
rt
eg
3
«
rt
E
E
6
E
B
1
Mh
s
St
s
Ph
is
Vi
s
A
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
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
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
1952-53—
Maximum retirement age 65
3,190
	
223
	
69
63
1,417
Maximum retirement age 60
1,667
1,557
69
448
24
10
6
7
460
174 MUNICIPAL SUPERANNUATION REPORT,  1952-53
BB 13
SCHEDULE No. 6
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1953—Allowances
Granted and in Force, Subdivided by Type and Plan of Allowance
In Force at Beginning
of Year
Granted during
Year
Expired during
Year
In Force at End
of Year
Fiscal Year
S
3
c
CO
OJ
C
U
3
0
3
a
'o
©
CC
0
§
<
d
E
V
H
qa
3
c
CO
d
3
O
3
'5
■a
O
c
<
6.
£
H
g
3
o
c
CO
Guaranteed1
3
O
S
'■£
o
i
<
A
E
o
H
3
"Hi>
a
CO
o
B
a
3
i
3
0
■o
u
<c
■3
o
s
i
1
(a)1(6)
6
u
H
1945-46—
Normal retirement-
Disability	
Death	
297
44
175
450
24
274
62
89
3
	
57
13
92
4
38
6
5
—
24
2
5
7
1
7
3
1
1
330
42
183
528
27
309
67
93
3
Totals— 	
516
474
336|    92
—
70| 96
44|    5| -
31|    8
7
4|    1| ....
555
555] 376
96] —
1946-47—
Normal retirement-
Disability 	
Death	
330
42
183
528
27
309
67
93
3
	
43
3
11
77
2
32
1
2
-
21
1
5
6
4
9
2
352
44
189
595
29
332
66
95
3
Totals	
555
555
376]    96
	
57| 79| 33
2
...
27|    6|    4
11| -| -
585
624] 398
981 —
1947-48—
Normal retirement-
Disability 	
Death       	
352
44
189
595
29
332
66
95
3
	
12
8
40
2
17
3
1
65
1
16
4
4
6
4
8
348
40
193
625
31
341
69
96
3
65
1
Totals	
585
624
398|    98
	
20| 421 20|    1| 66
24|    6
4
8| _| -
581
656| 410
991    66
1948-49—
Normal retirement-
348
40
193
625
31
.....
341     96
69       3
65
1
6|  18
....I    2
111   ..
19
77
1
10
7
5
1
3
1
11
1
2
1
344
40
197
635
31
	
349
68
94
3
141
2
Death              	
Totals—	
581
656
410|    99
66
17| 20|  19| —| 78
17|    6|    4
12]    2|    1
581
666| 417
97 [ 143
1949-50—
Normal retirement _
344
40
197
635
31
	
349
68
	
94
3
141
2
9[ 14
-| -
171 -
13
61
1
231  10
5      1
5| _
9
2
1
4 1
5 —
330
35
209
630
28
358
63
I
931 202
3       3
Death               	
Totals	
581
666
417|    97
143
26|  14| 13| „..| 62
33|  11|  11
9|    1| -
574
658| 421
961 205
1950-51—
Normal retirement...
330
35
209
630
28
	
358
63
93
3
202
3
5
14
12
1
16
3
79
14
1
5
19
1
15
1
10
2
321
34
218
608
27
364
64
93
3
281
3
Death    .„,'	
Totals	
574
658
421|    96
205
19| 13| 19
— | 79
20| 20| 16
12|   ...| ....
573
6351 428
96| 284
1951-52—
Normal retirements—
321
34
218
608
27
364
64
93
3
281
3
6
1
11
12
7
4
—
47
24
1
5
11
26
2
6
1
1
3
303
34
224
583
25
365
67
93
2
325
	
3
Death.. 	
Totals 	
573
635
428|    96
284
18| 12] 11| -_| 47
30] 11| 28
7|    1|    3
561
6081 432
951 328
1952-53—
Normal retirement-
303
34
224
583
25
3651    93
67       2
325
3
8
1
14
19     9] —| 52
16
1
9
20
8
9
1
3
9
295
34
229
1
574| 365
25     66
1
90] 368
2       3
Death
Totals	
561
608
432|    95
1
328
231  19|    9| —1 52
riil
26] 20     8
1      1
10|    3
1
9
558| 599| 431
1        1
92
371
1 Guaranteed:   (a) Superannuant died after expiration of guaranteed period;   (6) guaranteed period expired, super-
annuant having died previously. BB 14
BRITISH COLUMBIA
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i-h (N CN i-h i-h CN CO MUNICIPAL SUPERANNUATION REPORT,  1952-53
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
BB  15
Employer Account " B "	
Retirement Annuity Account	
Retirement Annuity Account deficit-
$7,104,000
576,000
$14,039,000
1,961,000
7,680,000
$23,680,000
LIABILITIES
Employer Account "A" actuarial reserve-
Employer Account " B " actuarial reserve .
Employer Account " B " surplus	
$1,334,000
627,000
$14,039,000
Retirement Annuity Account actuarial reserve.
1,961,000
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. BB 16 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND (OVER-AGE AGREEMENTS)
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1953
REVENUE
Contributions  as per requirements  of the  agreements
entered into pursuant to section 14 (2) (b) of
the " Municipal Superannuation Act "—
Employees, section 6     $75,807.14
Employers, section 8     122,932.92
$198,740.06
Interest on investments and bank interest         9,695.66
$208,435.72
EXPENDITURE
Refunds—
Section 20   $181.80
Section 23          6,094.34
6,276.14
Net increase of ledger assets  $202,159.58
Balance-sheet as at March 3 1st, 1953
ASSETS
General Trustees'
Account Account Total
Cash at Dominion Bank     $3,850.91      $1,030.06      $4,880.97
Accounts  receivable—Contributions  due  from  municipalities,
hospitals, and school districts     16,807.79        16,807.79
Investments   at   cost — net   after   amortization   of   discounts
(Schedule No. 10)     379,602.22    379,602.22
(Par value, $388,000;  market value, $372,447.)
Accrued interest on investments           2,591.94        2,591.94
$20,658.70 $383,224.22 $403,882.92
LIABILITIES
Employees' Retirement Annuity Account at book value  $147,475.48
Employers' Service Pension Accounts at book value (Schedule No. 9)     256,407.44
$403,882.92
COMPTROLLER-GENERAL'S CERTIFICATE
I certify that the accounts of the Municipal Superannuation Fund (Over-age Agreements) for
the year ended March 31st, 1953, 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.
C. I. FERBER, C.A.,
Comptroller-General, Province of British Columbia.
January 28th, 1954. MUNICIPAL SUPERANNUATION REPORT,  1952-53
BB  17
SCHEDULE No. 9
Municipal Superannuation Fund (Over-age Agreements)
Employer Service Pension Accounts as at March 31st, 1953
City of Armstrong 	
Number of
Contributors
Credit
Balance
$766.38
City of Cranbrook     	
       3
3,498.41
City of Kelowna       "'  	
       4
2,964.57
City of Kimberley
1
1,688.97
City of Penticton            ..   	
2
244.34
City of Port Moody        _ ....   ..'
       1
423.37
City of Revelstoke ..     ...               '
       2
2,405.44
City of Vancouver    	
  474
2
197,267.08
City of Vernon                            '  -   '
1,904.98
City of Victoria              -   -     - —         	
       1
2,401.13
District of Chilliwhack     	
       2
728.30
District of Coldstream   . . 	
       1
19.71
District of North Cowichan —. . .	
297.64
District of West Vancouver           -   - .
       2
1,476.91
University Endowment Lands 	
       1
108.97
Royal lubilee Hospital           -.. . 	
7
6,676.85
Vancouver General Hospital  .—      '
     50
32,102.57
Campbell River School District No. 72  . . .
       1
270.38
Mission School District No. 75 	
Richmond School District No. 38	
       1
42.18
162.96
Southern Okanagan School District No. 14 -       '
       4
827.69
Trail School District No. 11 	
128.61
  559
Totals	
$256,407.44
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, 1953
Description
Date of Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Government of Canada—
3% bonds  	
3 % bonds.  —	
3% bonds —
3%% bonds.
Province of British Columbia-
3 % bonds — —
3% bonds 	
3 % bonds— 	
3% bonds-  	
3 % bonds	
Guaranteed by the Province of British Columbia—
British Columbia Power Commission—
3% bonds  	
3 % bonds - _.	
3%% bonds..
4% bonds	
4% bonds	
4% bonds.	
Village of Lake Cowichan—
VA.% serial bonds 	
Totals..
Feb. 1, 1962
Oct. 1, 1963
Sept. 1, 1966
Jan. 15, 1978
June IS, 1964
July 1, 1964
June 15, 1968
Dec. 15, 1969
Feb. 1, 1974
Oct. 1, 1967
Nov. 1, 1968
Sept. 15, 1991
May 21, 1992
June 15, 1992
Sept. 15, 1992
Mar. 15, 1954-65
$15,000.00
36,000.00
4,000.00
73,000.00
3,000.00
5,000.00
26,500.00
12,500.00
10,000.00
9,000.00
16,000.00
65,000.00
15,000.00
14,000.00
62,000.00
22,000.00
$388,000.00
$14,137.50
34,093.75
3,905.00
71,631.25
2,959.40
4,881.50
24,318.73
12,196.88
9,700.00
8,592.50
14,982.62
65,000.00
15,000.00
14,000.00
62,000.00
21,560.00
$378,959.13
$14,192.80
34,236.79
3.917.42
71,634.33
2,969.18
4,911.13
24,473.30
12,232.34
9,749.91
8,639.27
15,089.60
65,000.00
15,000.00
14,000.00
62,000.00
21,556.15
$71.51
540.00
9.86
562.50
26.14
36.58
230.88
108.90
47.67
135.00
197.26
106.85
213.70
162.63
108.71
33.75
$379,602.22 | $2,591.94 BB 18 BRITISH COLUMBIA
SCHEDULE No.  11
Municipal Superannuation Fund (Over-age Agreements)
Comparative Statistics, April 1st, 1948, to March 31st, 1953
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
122,932.92
$3,586.93
6,910.38
5,781.15
60,160.67
75,807.14
1
2
16
33
1
2
Nil
$153.82
578.53
2.859.25
Nil
1949-50	
1950-51   	
1951-52     	
Nil
Nil
Nil
1959   53
467            92
11      |   6,276.14
Nil
Totals	
|      ....      |$246,737.51    |$152,246.27
1                1                        I
_      1 $9,867.74
1           !
	
VICTORIA. B C
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1954
310-254-7429