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Sixteenth Annual Report of the Business Done in Pursuance of the MUNICIPAL SUPERANNUATION ACT for the… British Columbia. Legislative Assembly 1956

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Sixteenth Annual Report
of the Business Done in Pursuance of the
MUNICIPAL
SUPERANNUATION ACT
for the
YEAR ENDED MARCH 31st
1955
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1956  To His Honour Frank Mackenzie Ross, C.M.G., M.C.,
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, 1955.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., January 30th, 1956. 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, 1955.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Superannuation Commissioner.
January 27th, 1956. Municipal Superannuation Report, 1954-55
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE " MUNICIPAL
SUPERANNUATION ACT " DURING THE FISCAL YEAR ENDED MARCH
31st, 1955.
Section 3.—The following employers adopted the Act pursuant to the provisions of
clause (b) of this section effective from the dates shown:—
Employer Effective Date
District of Mission City January 1st, 1954
School District No. 80 (Kitimat)  December 1st, 1953
School District No. 56 (Vanderhoof)  January 1st, 1954
School District No. 47 (Powell River)  April 1st, 1954
School District No. 48 (Howe Sound)  March 1st, 1955
Section 4.—Superannuation-allowance payments pursuant to this section amounted
to $126,241.68. As at March 31st, 1955, there were 372 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 $1,527,399.79, and
employee contributions made under Over-age Agreements amounted to $124,061.05.
As at March 31st, 1955, there were 7,206 regular contributors and 781 contributors
under Over-age Agreements.
Section 8. — Regular employer contributions amounted to $1,756,555.37, and
employer contributions made under Over-age Agreements amounted to $178,049.96.
Of the eighty-three employers, twenty-three made contributions under subsection (2) in
amounts of $595,477.25 to Account "A" and $594,249.41 to Account " B." The
remaining sixty employers made contributions under subsection (1) in amounts of
$289,383.05 to Account "A" and $249,878.63 to Account " B." Extra employer contributions totalling $27,567.03, being one-half of 1 per cent of salaries for firemen and
police in Vancouver and police in Victoria, were made pursuant to Special Agreements under subsection (6). Ultimately these contributions will be transferred to the
Retirement Annuity Account to provide additional benefits in accordance with the Special
Agreements.
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 $18,883.87 in accordance with the provisions of subsection (4) (c) of this section.
Outstanding certificates of loan were reduced by the amount of $126,007.27, and cash
advances were reduced by the amount of $1,566.89 in accordance with the provisions
of subsection (6) of this section.
Section 14.—Superannuation allowances were granted to ninety-two 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 five
employers under the Act whereby the Act was made to apply to a total of thirty employees who entered their service after the maximum eligible age of regular contributors.
Section 19.—No superannuation allowances were granted during the year under the
total and permanent disability provisions.
5 BB 6 BRITISH COLUMBIA
Section 20.—Superannuation allowances were granted to the dependent in the case
of eleven contributors who died while still in service. Refunds amounting to $5,750.31
were made in the case of five contributors who died while still in service.
Section 23.—Refunds amounting to $253,213.40 were made to 795 contributors
who left the service of their employers.
Section 28.—Administration expenses amounting to $30,792.89 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, 1955, are set out in
Schedule No. 3 and Schedule No. 9 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, 1954, was made by Messrs.
Pipe and Eckler, consulting actuaries, and mimeograph copies were sent to each of the
employers.
R. A. PENNINGTON,
Commissioner of Municipal Superannuation.
MUNICIPAL SUPERANNUATION FUND
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1955
REVENUE
Contributions as per requirements of the " Municipal Superannuation Act "—
Employees, section 6  $1,527,399.79
Employers, section 8—■
Account " A " (Schedule No. 1)      $884,860.30
Account " B " (Schedule No. 2)        844,128.04
Special Agreement bonus contributions  27,567.03
     1,756,555.37
Interest on investments and bank interest        773,236.75
EXPENDITURE
Superannuation allowances—
Paid from Employers' Service Pension Account " A "—
Allowances pursuant to section 4  $126,241.68
Service Pensions Account    A "     753,459.84
      $879,701.52
Paid from Employers' Service Pension Account " B "  4,424.71
Paid from Employees' Retirement Annuity Account        276,664.93
$4,057,191.91
$1,160,791.16
Refunds—
Section 20       $5,750.31
Section 23      240,154.97
        245,905.28
Administration expense, sections 27 and 28  3,606.00
1,410,302.44
Net increase of ledger assets  $2,646,889.47 MUNICIPAL SUPERANNUATION REPORT,  1954-55
MUNICIPAL SUPERANNUATION FUND
Balance-sheet as at March 31st, 1955
ASSETS
BB 7
Cash in bank	
Accounts receivable—contributions due from municipalities, hospitals, school districts, etc	
Trustees'
Account
$493,844.51    $11,860.16
General
Account
289,484.61
Total
$505,704.67
289,484.61
Investments at cost—net after amortization of premiums
and discounts (see Schedule No. 3)     19,956,251.25      19,956,251.25
(Par   value,   $19,941,500;    market   value,
$20,226,843.)
B.C. Government certificates of loan       3,011,577.51        3,011,577.51
Accrued interest on investments  156,622.05  _. 156,622.05
$23,618,295.32 $301,344.77 $23,919,640.09
LIABILITIES
Employees' Retirement Annuity Account..
Employer Service Pension Accounts—
Account "A" (see Schedule No. 1)	
Account "B" 	
$11,540,618.36
$7,190,777.52
4,953,015.16
Vancouver Agreement Bonus Account for Firemen and Policemen..
Victoria Agreement Bonus Account for Policemen	
Sundry accounts payable	
Investment adjustment reserve account	
12,143,792.68
28,663.90
2,591.06
1,566.89
202,407.20
$23,919,640.09
Contingent liability—unclaimed superannuation allowances, $9,100.
Approved.
R. A. PENNINGTON,
Superannuation Commissioner.
G. S. SOUTAR,
Accountant.
COMPTROLLER-GENERAL'S CERTIFICATE
I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st,
1955, have been examined under my direction.
An actuarial valuation as at March 31st, 1954, made by Mr. Samuel Eckler, F.S.A., and contained in his report dated December 24th, 1954, shows a deficit of $429,000 in the Employees' Retirement Annuity Account and a deficit of $38,000 in Employer's Service Pension Account " B."
Subject to the foregoing remarks, I 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 according to the best
of my information and the explanations given to me and as shown by the books of the Fund.
Victoria, B.C., January 27th, 1956.
C. J. FERBER, C.A.,
Comptroller-General, Province of British Columbia. BB 8
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BRITISH COLUMBIA
SCHEDULE No. 2
Service Pension Account " B "
Contributions by Employer for Year Ended March 31st, 1955
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
Central Saanich
Chilliwhack 	
Creston 	
Esquimalt 	
Glenmore 	
Langley
Maple Ridge	
Village of Mission City
North Cowichan	
North  Shore   Union  Board  of
Health 	
North Vancouver	
Oak Bay	
$644.40
240.90
1,915.79
1,136.54
210.60
414.88
189.48
4,981.14
5,336.59
3,423.17
285.00
6,742.41
7,589.84
25,337.19
13,830.89
6,941.12
630.72
510.18
3,167.02
1,332.90
322.62
356.92
3,123.40
373,234.66
3,889.54
53,874.94
28,222.33
199.98
572.34
115.08
3,646.57
31.58
448.68
152.82
18.00
1,286.70
1,312.60
6,868.54
8,833.60
District of—Continued
Richmond	
Saanich 	
Salmon Arm 	
Spallumcheen 	
Surrey
West Vancouver	
Greater Vancouver Water District 	
Greater Victoria Water District-
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	
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 	
Powell River, No. 47	
Prince Rupert, No. 52	
Princeton, No. 17	
Richmond, No. 38	
Salmon Arm, No. 20	
Southern Okanagan, No. 14
Trail, No. 11 	
Vancouver, No. 39	
Vanderhoof, No. 56	
Vernon, No. 22	
Victoria, No. 61 	
West Vancouver, No. 45	
Total
$2,957.44
19,175.31
195.84
62.15
6,934.48
11,738.37
14,001.58
2,367.97
3,771.69
2,882.35
19,731.22
115,611.54
8,701.52
1,224.89
197.76
761.82
504.76
641.57
191.64
1,483.28
2,486.39
1,889.67
1,009.29
33.82
332.40
183.00
2,289.91
522.00
1,326.01
1,918.57
37,056.63
18.92
948.02
8,511.90
1,092.67
$844,128.04
. MUNICIPAL SUPERANNUATION REPORT,  1954-55
SCHEDULE No. 3
BB 11
Trustees of the Municipal Superannuation Fund and the Minister of
Finance for the Province of British Columbia
Securities Held as at March 31st, 1955
Description
Government of Canada—
3 % .bonds  	
3% bonds _	
3% % bonds...	
Guaranteed   by   the   Government   of
Canada—■
Canadian National Railway Company—
234% bonds  	
2Vs % bonds 	
3% % bonds _	
Province of British Columbia—
3 V_ % bonds	
3 % bonds  _	
3 Vi % bonds  	
3% bonds  	
234% bonds _  	
2%% bonds 	
3 % bonds..  	
3% bonds	
2%% bonds _	
2?4% bonds	
2%% bonds 	
2%% bonds   	
234% bonds _ 	
2%% bonds	
2?4 % bonds. 	
3% bonds _ _
3% bonds	
3% bonds	
3% bonds 	
3% bonds	
2%% bonds.	
2% % bonds _	
3% bonds _ 	
Guaranteed  by the Province  of British
Columbia—
B.C. Power Commission—
3% bonds _ __.
3% bonds  _
334% bonds  	
4% bonds 	
4% bonds  	
4% bonds   _ 	
Vancouver and Districts Joint Sewerage
and Drainage Board—
4% bonds  	
4% bonds   	
4% bonds	
4% bonds...	
5% bonds _  	
5'/_ % bonds	
4% bonds  	
4% bonds	
4Vi % bonds  	
4V_ % bonds	
School District No. 7 (Nelson) —
4!4 % serial bonds _	
School   District   No.   18   (Golden) —
4!4% serial bonds.   	
School   District   No.   21   (Armstrong-
Spallumcheen)—
4Va% serial bonds   —_
School District No. 24 (Kamloops)—
3'4% serial bonds 	
School   District   No.   28   (Quesnel) —
4'4 % serial bonds	
School District No. 34 (Abbotsford)—
VA% serial bonds 	
Carried forward 	
Date of
Maturity
Feb. 1, 1962
Oct. 1, 1963
Jan. 15, 1978
Jan. 2, 1967
Sept. 15, 1969
Feb.  1, 1974
June 1,
Feb. 1,
June 1,
Feb. 1,
Oct. 15,
Oct. 15,
June 15,
July 1,
Apr. 15,
July 20,
Oct. 15,
Jan. 15,
Feb. 1,
May 15,
June 15,
June 15,
July
Dec.
July 31,
Aug. 10,
Oct. 1,
Sept. 26,
Feb. 1,
1955
1956
1956
1957
1962
1963
1964
1964
1966
1966
1966
1967
1967
1967
1968
1968
1968
1969
1970
1970
1971
1972
1974
Oct. 1, 1967
Nov. 1, 1968
Sept. 15, 1991
May 21, 1992
June 15, 1992
Sept. 15, 1992
May
May
May
May
Sept.
Sept.
Oct.
May
Sept.
Sept.
1, 1958
1, 1959
1, 1960
1, 1962
1, 1962
1, 1962
1, 1962
1, 1963
1, 1965
1, 1970
July 15, 1970-71
July 15, 1970-73
July 15, 1959-73
Oct. 15, 1960-74
luly 15, 1959-73
Oct. 15, 1960-74
Par Value
$140,000.00
320,000.00
862,000.00
25,000.00
240,000.00
700,000.00
60,000.00
42,000.00
127,000.00
3,000.00
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
969,000.00
275,000.00
208,000.00
671,000.00
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
127,000.00
40,500.00
195,000.00
150,000.00
360,000.00
375,000.00
Cost Price
Book Value
13,447,500.00
$131,950.00
302,825.00
845,962.50
23,375.00
226,120.00
738,250.00
58,770.00
41,437.20
124,325.50
2,959.80
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
969,000.00
275,000.00
208,000.00
671,000.00
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
127,000.00
40,811.85
195,000.00
147,705.00
360,000.00
369,262.50
$13,328,827.65
Accrued
Interest
$134,170.92
307,189.96
847,336.84
23,765.57 |
229,047.34
736,686.94
59,983.66
41,956.59
126,773.65
2,993.78
196,089.51
49,028.24
533,246.41
290,688.89
274,871.78
220,000.00
34,439.03
340,735.16
100,000.00
90,000.00
149,296.51
410,544.47
199,019.15
704,888.83
944,701.40
1,332,512.84
250,000.00
75,000.00
219,913.08
323,758.39
715,666.34
969,000.00
275,000.00
208,000.00
671,000.00
10,012.65
1,026.77
6,011.27
1,002.41
3,220.71
3,138.10
1,002.26
11,053.26
5,419.70
1,111.65
127,000.00
40,788.61
195,000.00
147,764.23
360,000.00
369,410.57
$667.40
4,800.00
6,642.12
165.75
302.47
4,171.23
690.41
200.22
1,461.37
14.30
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
1,592.88
3,917.81
2,416.22
1,176.54
164.38
16.44
98.63
16.44
12.33
13.56
20.00
180.82
18.49
3.70
1,109.08
353.68
1,702.91
2,230.48
3,143.84
5,576.20
$13,370,267.47 | $102,073.16 BB  12
BRITISH COLUMBIA
SCHEDULE No. 3—Continued
Trustees of the Municipal Superannuation Fund and the Minister of
Finance for the Province of British Columbia—Continued
Securities Held as at March 31st, 1955—Continued
Description
Date of
Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
$13,447,500.00
380,000.00
5,000.00
5,000.00
125,000.00
3,337,000.00
164,000.00
390,000.00
252,000.00
132,000.00
95,000.00
300,000.00
195,000.00
52,000.00
169,500.00
240,000.00
192,000.00
42,000.00
42,000.00
119,000.00
42,500.00
25,000.00
190,000.00
$13,328,827.65
374,186.00
5,183.50
5,271.00
125,000.00
3,420,609.40
165,262.80
390,000.00
259,383.60
133,016.40
93,546.50
296,250.00
192,562.50
51,204.40
169,500.00
247,032.00
197,625.60
41,280.00
42,756.00
120,785.00
43,137.50
24,895.00
197,315.00
$13,370,267.47
374,336.81
5,180.68
5,268.84
125,000.00
3,413,190.87
165,118.00
390,000.00
258,760.89
132,889.05
93,575.41
296,275.51
192,579.08
51,220.58
169,500.00
246,344.66
197,150.33
41,458.72
42,740.64
120,531.35
43,053.32
24,902.01
196,907.03
$102,073.16
Guaranteed by the Province  of British
Columbia—Continued
School District No. 38 (Richmond)—
Oct.  15, 1960-74
Aug.   1, 1960
Aug.   1, 1965
Aug.   1, 1966-70
Feb.    1, 1956-74
Sept.   1, 1959-71
Aug.     1, 1959-73
Feb.    1, 1960-74
Oct.   15, 1959-73
Oct.   15, 1960-74
June   1, 1960-74
June   1, 1960-74
Oct.  15, 1960-74
Aug. 15, 1959-71
Oct.    1, 1960-69
Feb.     1, 1960-74
Sept.   1, 1955-68
Jan.  15, 1961-65
Mar.   1, 1959-73
Sept. 30, 1963-72
July   15, 1973-78
July     1, 1955-74
5,650.55
School District No. 39 (Vancouver)—
4V.% serial bonds  	
4lA % serial bonds	
4lA% serial bonds	
4'4% serial bonds	
School District No. 42 (Maple Ridge)—
33.77
33.77
844.18
22,930.16
572.88
School   District   No.   53   (Terrace) —
4'4 % serial bonds 	
School District  No.  60 (Peace River
North) —
4J4% serial bonds 	
School District No. 62 (Sooke) —
2,633.83
1,701.86
2,566.77
School District No. 67 (Ladysmith)—
1,412.64
School  District  No.   68   (Nanaimo)—
3,205.48
School  District No.  69  (Qualicum)—
2,083.56
773.23
School District No. 71  (Courtenay)—
868.40
School   District   No.   72   (Campbell
River) —
4V. % serial bonds  	
School  District No.  74 (Quatsino) —
4Va%  serial bonds ..         ..   	
Village of Campbell River—
5,100.00
1,296.66
138.08
Village of Comox—
302.05
Village of Fort St. John-
440.13
Village of Invermere—
5.24
Village of Quesnel—
218.32
Village of Sidney—
3%% serial bonds	
1,737.33
$19,941,500.00
$19,924,629.85
$19,956,251.25
$156,622.05 MUNICIPAL SUPERANNUATION REPORT,  1954-55
BB  13
SCHEDULE No. 4
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1939, to March 31st, 1955
Number
of
Contributors
Contributions
Withdrawals
Allowances
Fiscal
Year
Employer
Employees
Number
Amount
Refunded
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
1953-54
1954-55
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
6,756
7,206
$376,213.96
385,310.30
403,590.01
398,961.01
411,337.12
431,251.30
505,050.16
579,347.60
693,553.87
895,590.07
1,062,852.82
1,186,109.17
1,294,156.71
1,428,109.03
1,660,960.41
1,756,555.37
$273,204.70
279,081.09
277,946.17
267,876.88
278,996.62
298,036.94
351,672.80
403,783.92
474,499.19
574,025.89
682,245.56
887,790.33
1,007,976.39
1,142,396.93
1,405,294.40
1,527,399.79
71
99
128
191
125
116
314
415
499
441
458
662
786
740
708
748
$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
210,664.96
245,905.28
78
99
116
193
120
130
215
171
149
134
115
130
88
103
91
103
36
36
34
53
44
46
51
48
42
42
65
68
80
76
74
96
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
2,068
( 2,075
1         I1
$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
1,137,286.29
) 1,160,791.16
Totals...
|$13,468,948.91
1
$10,132,227.60
|$1,709,177.64
1
-        1       '
!
$11,023,553.26
1 Unclaimed pension. BB  14 BRITISH COLUMBIA
SCHEDULE No. 5
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1955,
Subdivided according to Sex of Contributor
Fiscal Year
Number of
Contributors
Male    Female
Number of
Refunds
Granted
Male    Female
Allowances
Number of
Allowances
Granted
Male   Female
Number of
Deaths and
Expirations
Number of
Allowances in
Force at End
of Year
Male    Female    Male    Female
1945-46—
Maximum
Maximum
1946-47—
Maximum
Maximum
1947-48—
Maximum
Maximum
1948-49—
Maximum
Maximum
1949-50—
Maximum
Maximum
1950-51—
Maximum
Maximum
1951-52—
Maximum
Maximum
1952-53—
Maximum
Maximum
1953-54—
Maximum
Maximum
1954-55—
Maximum
Maximum
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
retirement
age 65.
age 60
age 65.
age 60
age 65.
age 60
age 65.
age 60
age 65.
age 60.
age 65-
age 60
age 65-
age 60
age 65.
age 60
age 65.
age 60
age 65
age 60
1,987
1,089
2,184
1,156
2,427
1,343
2,762
1,419
3,066
1,509
3,105
1,637
3,116
1,653
3,190
1,667
3,376
1,711
3,689
1,738
873
869
937
1,171
1,291
1,504
1,539
1,557
1,669
1,779
87
55
142
56
195
50
159
37
140
29
266
28
300
77
223
69
233
44
193
46
172
217
254
245
289
368
409
448
431
509
129
41
110
38
108
31
98
27
81    |
26    |
45
23
10
86
29
15
63
15
10
69
24
10
62
17
12
63
26
14
40
10
37
7
36
3
38
3
49
14
56
6
62
14
63
6
57
16
79
12
1,143
323
1,216
354
1,288
382
1,348
406
1,380
418
1,410
441
1,411
442
1,417
460
1,422
461
1,406
475
116
135
142
150
156
165
171
174
185
194 MUNICIPAL SUPERANNUATION REPORT,  1954-55 BB  15
SCHEDULE No. 6
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1955—Allowances
Granted and in Force, Subdivided by Type and Plan of Allowance
In Force at Beginning
Granted during
Expired dur
mg
In Force at End
of Year
Year
Year
of Year
Fiscal Year
3
_
_-
C
C3
3
t_
CE
■5
d
q
<
d
g
o
3
u
"3
•a
c
3
•a
u
•a
<
d
(3
u
3
_
"Ho
Guaranteed!
u
3
•a
»
CH
.3
d
5
<
d
S
03
H
3
"Si
■a
V
V
c
CCi
g
3
■a
5
•a
d
c
<
£
V
C
c/>
3
0
O
s
H
c
9
O
c
s
0J
H
(a)
(b)
0
S
c
3
O
o
s
1945-46—
1
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
--
70
96
44|    5| _
311    8
7
4
1| ....
555
555
376
96| --
1946-47—
1
Normal retirement ....
330
528
309
93
43
77
32
2
211    6
4
9
352
595
332
95
Disability  ...
42
27
67
3
3
2
1
1| -
2
44
29
66
3
Death 	
183
11
51 -
-
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
991    66
1948-49—
I      1
I
1
Normal retirement....
348
625
341
96
65
6
18
191 ....
77
10|    5
3
11
2
1
344
635
349
94|  141
Disability   .
40
31
69
3
1
2
-| --
1
.... |    1
1
1
-
40
31
68
3I      2
Death..	
193
-..
—
11
....
- I --
—
7|
-
--
-
197
 1
Totals 	
581
656
410
99
66
17
20
19| —| 78
IT]    6
4
12
2|    1
581
666
417
97|  143
1949-50—
1      1
|
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
- I -1    1
5
1
2
5
1
35
28
63
3
3
Death 	
197
-----
17
—1   -1 --
5|...
---
--! --
209
....
	
	
Totals	
581
666
417
97
143
26
14
131   -1 «
33|  11
11
9
i| _.
574
658
421
961 205
1950-51—
1
1
1
1
Normal retirement...
330
630
358
93
202
5
12
16| ....
79
14| 19
151 10
321
608
364
93] 281
Disability	
35
28
63
3
3
1
3| -
1|    1
1
2
1
34
27
64
3|      3
Death	
209
-
--
14
....
1  ....
5| --
.-
_
-1 --
218
	
|
Totals 	
574
658
421
96
205
19
13
19|       | 79
20j 20
16
12
1 -
573
635
428
96| 284
1951-52—
1
|
Normal retirement	
321
608
364
93
281
6
12
7
_   47
24-1 11
26
6
-1    3
303
583
365
931 325
Disability	
34
27
64
3
3
1
4
-| ....
1| ...
2
1
1| ....
34
25
67
2|      3
Death 	
218
-----
-----
—
11
... | -| -
5| --
.-
-1 -
224
--I ......
Totals	
573
635
428
96
284
18
12
11| „.| 47
30|  11
28
7
1|    3
561
608
432
95| 328
1952-53—
|
Normal retirement-
303
583
365
93
325
8
19
9
52
16
20
8
9
3
9
295
574
365
90] 368
Disability 	
34
25
67
2
3
1
1
1
34
25
66
2|      3
Death. 	
224
14
9
229
--. | 	
Totals	
561
608
432
95
328
23
19
9| -.| 52
261 20
8
10
3|    9
558
599
431
92( 371
1953-54—
1
Normal retirement	
295
574
365
90
368
3
3
61 --
69
19
17
5
7
3
9
279
555
364
87
478
Disability 	
34
25
66
2
3
_
2
-
2
1
32
25
64
7
2
Death	
229
	
8
-
... | ....
2
9
-
-
228
-
2
Totals	
558
599
431
92
371
11
3
6] -| 71
30|  17
5
9
3|  10
539
580
428
89| 432
1954-55—
j
|
Normal retirement	
279
555
364
87
428
2
6
21  ...
82
13   27
12
11
4|    7
268
572
355
831 503
Disability-	
32
25
64
2
2
-| -.-
-  1    5
-
10
--I    1
32
20
54
2      1
Death 	
228
..-
-----
2
6
... |-|    5
6| ....
-
-| ....
228
	
 1      7
Totals	
539
580
428
89
432
8
6
21 —| 87
1       1
19| 32
1
12
21
4|    8
1
528
542
409
85
511
1 Guaranteed:   (a) Superannuant died after expiration
annuant having died previously.
of guaranteed period;   (_■) guaranteed period expired, super- BB  16 BRITISH COLUMBIA
SCHEDULE No. 7
Municipal Superannuation Fund
Number of Contributors and Pensioners by Employer, as at March 31st, 1955
Contributors
Pensioners
Total
Account
"A"
Account
"B"
and
Pensioners
City of—
1
.      	
1            I1
2
1
2
2
.             5
!        i1
i
8
.           17
I             I1
59
f           17
|             2i
5
1
5
3
3
1
4
f        632
.            2i
4
107
18
1
1
2
3
30
3
3
6
7
16
f            2
1             I1
13
10
11
2
4
61
f        180
)            2i
6
I            3
15
9
2
4
1
|           28
38
14
2
45
1           51
I
167
\          91
45
4
4
21
11
1
3
.           21
1             I1
)     2,472
24
342
201
2
3
1
1
24
1
113
15
3
1
2
11
64
52
\           22
S
117
1
45
76
10
20
195
,         855
3
2
8
2
1
1
20
14
2
20
34
55
59
7
4
14
6
1
2
!       io
926
12
214
36
4
1
9
43
2
3
1
1
3
23
18
8
26
1
1
14
27
7
63
152
1
9
,            5
I            I1
25
12
Enderby__ _   _	
5
6
2
Kamloops  __ __  	
r       53
1      I1
52
15
4
73
Nelson....  _ __ ',  _ __ ___
f         102
I              I1
281
f        167
1            2i
57
9
Penticton  __ __  _
9
Prince Rupert. ■   _ .
38
20
2
6
Trail     _                        	
f          35
1             I1
f     4,030
1             2i
40
Vancouver    	
663
District of—
255
3
7
3
4
Greater Vancouver Water  District  and  Vancouver  and
Districts Joint Sewerage and Drainage Board	
186
20
9
Maple Ridge. __ _ 	
2
9
14
94
Oak Bay           _- ■	
86
f           32
I             li
156
2
1
69
114
17
31
Hospitals—
319
,     1,187
1?            2i
(     1,253
[          lQi
5,259
I1
}     1,860
I
t     8,372
|1           lU
1 Inactive accounts, but eligible for pension benefits. MUNICIPAL SUPERANNUATION REPORT,  1954-55
BB  17
SCHEDULE No. 7—Continued
Municipal Superannuation Fund—Continued
Number of Contributors and Pensioners by Employer, as at March 31st, 1955—Continued
Contributors
Account
"A"
Brought forward-
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-	
Howe Sound, No. 48	
Kamloops, No. 24 	
Kitimat, No. 80-
Merritt, No. Si-
Mission, No. 75—
Nelson, No. 7-
New Westminster, No. 40-
North Vancouver, No. 44...
Penticton, No. 15  _
Powell River, No. 47-	
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	
Vanderhoof, No. 56	
Vernon, No. 22	
Victoria, No. 61	
West Vancouver, No. 45-
Totals  -
1,253
10i
1
2
5
12
63
4
12
2
1,403
101
Account
"B"
Pensioners
5,259
li
63
4
10
19
12
5
1
2
1
14
13
294
1
6
58
6
5,803
li
1,860
15
3
3
3
1
2
8
13
2
2
121
3
31
2
2,075
Total
Contributors
and
Pensioners
1,372
Hi
79
10
5
5
1
17
6
6
10
1
1
8
13
31
27
4
1
18
2
5
1
12
27
478
5
9
101
10
f     9,281
I H1
1 Inactive accounts, but eligible for pension benefits.
Number of non-active unclaimed moneys accounts at March 31st, 1955, 44. BB  18 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND  (OVER-AGE AGREEMENTS)
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1955
REVENUE
Contributions as per requirements of the agreements
entered into pursuant to section 14 (2) (b) of
the " Municipal Superannuation Act"—
Employees, section 6  $124,061.05
Employers, section 8—
Regular   $177,841.88
Special Agreement  bonus contributions   208.08
     178,049.96
$302,111.01
Interest on investments and bank interest       27,811.14
  $329,922.15
EXPENDITURE
Refunds—section 23        13,058.43
Net increase of ledger assets ■_  $316,863.72
Balance-sheet as at March 31st, 1955
ASSETS
Trustees' General
Account Account Total
Cash in bank     $35,424.75    $1,962.39    $37,387.14
Accounts  receivable — contributions   due  from  municipalities,
hospitals, and school districts          27,332.07      27,332.07
Investments at cost—net after amortization of premiums and
discounts (see Schedule No. 9)     903,494.85         903,494.85
(Par value, $904,500; market value, $927,188.)
Accrued interest on investments         7,500.42             7,500.42
$946,420.02 $29,294.46 $975,714.48
LIABILITIES
Employees' Retirement Annuity Account  $364,392.61
Employer Service Pension Accounts  610,716.05
Vancouver Agreement Bonus Account for Firemen and Policemen  605.82
$975,714.48
Approved.
R. A. PENNINGTON,
Superannuation Commissioner.
G. S. SOUTAR,
Accountant.
COMPTROLLER-GENERAL'S CERTIFICATE
I certify that the accounts of the Municipal Superannuation Fund (Over-age Agreements) for
the year ended March 31st, 1955, 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.
Victoria, B.C., January 27th, 1956. MUNICIPAL SUPERANNUATION REPORT,  1954-55
SCHEDULE   No. 8
Municipal Superannuation Fund (Over-age Agreements)
Employer Service Pension Accounts as at March 31st, 1955
BB 19
Employer
City of Cranbrook ..
City of Kamloops	
City of Kelowna 	
City of Kimberley ..
City of Nanaimo     -
City of Penticton ....
City of Port Moody
City of Revelstoke _
City of Vancouver   595
City of Vernon 	
City of Victoria 	
District of Central Saanich
District of Chilliwhack 	
District of Coldstream 	
Village of Mission City 	
District of Oak Bay
Number of
Contributors
....      3
.-      4
....      3
1
— 4
....      2
1
— 4
University Endowment Lands
District of West Vancouver ....
Royal lubilee Hospital	
Vancouver General Hospital
Campbell River School District No. 72.
Castlegar School District No. 9	
Mission School District No. 75	
Nelson School District No. 7	
Penticton School District No. 15	
Powell River School District No. 47	
Salmon Arm School District No. 20	
Southern Okanagan School District No.
Vanderhoof School District No. 56	
Greater Victoria School District No. 61-
West Vancouver School District No. 45—
14-
2
1
1
2
1
2
1
1
2
7
100
1
1
1
3
4
3
4
4
1
21
1
Credit
Balance
$5,409.92
299.57
5,167.64
2,376.98
1,156.81
1,077.31
1,082.33
5,026.40
478,893.02
3,209.67
3,322.32
246.69
1,773.78
520.52
627.57
434.86
675.05
2,714.04
10,898.95
75,017.90
687.96
455.84
519.22
2,010.42
1,251.47
534.46
1,502.58
2,569.65
331.26
454.21
467.65
Totals .
781
$610,716.05 BB 20
BRITISH COLUMBIA
SCHEDULE No. 9
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, 1955
Description
Date of Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Government of Canada—
3% bonds   _..
3% bonds.— 	
3% bonds    	
3% % bonds _  	
Guaranteed by the Government of Canada—
Canadian National Railway Company—
3%% bonds   	
Province of British Columbia—
3% bonds    _ _.
3% bonds  	
3 % bonds  _.  	
3% bonds     	
3 % bonds   —	
Guaranteed by the Province of British Co-
lumbia—
B.C. Power Commission—
3% bonds  - 	
3 % bonds — 	
VA% bonds -   	
4% bonds _ - -—
4% bonds   - 	
4% bonds     __	
School District No. 7 (Nelson) —
4V4 % serial bonds	
School District No. 9 (Castlegar) —
3V4% serial bonds  — 	
School District No. 18 (Golden)—
4Va % serial bonds  — —
School District No. 19 (Revelstoke) —
3V. % serial bonds._   	
School District No. 39 (Vancouver)—
4.4% serial bonds.    	
School  District  No.   40   (New  Westminster)—
4V4% serial bonds —  	
School District No. 43 (Coquitlam) —
3V. % serial bonds    -	
School  District  No.  44   (North  Vancouver)—
4V. % serial bonds — —	
Village of Dawson Creek—
334% serial bonds.— _ —	
Village of Invermere—■
4V_ % serial bonds  —	
Village of Lake Cowichan—
3V_ % serial bonds.— __	
Totals 	
Feb.   1, 1962
Oct.    1, 1963
Sept.   1, 1966
Jan.  15, 1978
Feb.    1, 1974
June 15, 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
July  15, 1970-71
June    1, 1966-67
July   15, 1967-69
Oct.   15, 1960-74
Aug.    1, 1959-61
Oct. 1, 1967-73
Oct.   15, 1960-61
Feb. 1, 1962-74
Dec. 31, 1955-74
Sept. 30, 1958-62
Mar. 15, 1956-65
$15,000.00
36,000.00
4,000.00
73,000.00
90,000.00
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
28,000.00
30,000.00
36,000.00
108,000.00
75,000.00
7,000.00
38,000.00
65.000.00
25,000.00
17,500.00
19,000.00
$904,500.00
$14,137.50
34,093.75
3,905.00
71,631.25
95,400.00
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
28,000.00
29,625.00
36,277.20
106,347.60
75,000.00
7,621.60
37,418.60
66,904.50
25,677.50
17,718.75
18,620.00
$14,375.46
34,572.51
3,929.72
71,744.49
95,204.07
2,974.68
4,926.93
24,739.86
12,264.38
9,773.91
8,689.01
15,206.42
65,000.00
15,000.00
14,000.00
62,000.00
28,000.00
29,627.66
36,252.00
106,390.80
75,000.00
7,621.60
37,441.55
66,756.25
25,667.61
17,664.06
18,671.88
$71.51
540.00
9.86
562.50
536.30
26.14
36.58
230.88
108.90
47.67
135.00
197.26
106.85
213.70
162.63
108.71
244.52
320.55
314.38
1,605.94
506.51
147.53
565.05
438.97
231.17
2.16
29.15
$902,009.88
$903,494.85    1 $7,500.42 MUNICIPAL SUPERANNUATION REPORT,  1954-55 BB 21
SCHEDULE No. 10
Municipal Superannuation Fund (Over-age Agreements)
Comparative Statistics, April 1st, 1948, to March 31st, 1955
Fiscal Year
Number of
Contributors
Contributions
Withdrawals
Number
of
Allow
Male
Female
Employer
Employees
Male
Female
Amount
Refunded
ances
Grantedi
1948-49	
1949-50 -	
1950-51 -	
18
20
21
437
467
547
620
9
19
21
21
55
92
132
152
$10,617.72
9,742.81
8,735.41
94,708.65
122,932.92
147,258.20
, 178,049.96
$3,586.93
6,910.38
5,781.15
60,160.67
75,807.14
95,889.57
124,061.05
1
2
16
33
25
22
1
2
11
20
30
Nil
$153.82
578.53
2,859.25
6,276.14
6,317.66
13,058.46
1951-52           	
1952-53   	
1953-54       	
1954-55—
Maximum retirement age 65 -
Maximum retirement age 60
1
Totals —	
$572,045.67
$372,196.89
....      |      --
1
$29,243.86
i Allowances paid from Municipal Superannuation Fund.    Present value transferred to corresponding accounts in
the Municipal Superannuate Fund.
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1956
260-156-8943
J v.  

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