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 BRITISH COLUMBIA Os to < V - >•. 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L 2 I- On ■ "■' 2 S? a> rt rt 2 _' ■J rt a <u .£ o o h c! c- C S > tf, : 3 rt rt rC3 o K SCQUUUUU O CN -•oZ o § to" __ ii.ll n,a«w zz :z** fe»-< S'.d.o''. §Z SSz L_* > O J__ ; > o p* p. o o ^ •oZ a . 5 w u . E 2 c 2 2 Z£Z£fi££f>.--i Z a d g | * - - « Z 5 W _T .2 . S J_ - o £ o 5 ' o g g § | g 1. o-o_h > >> > : CN-h WO ^^Tf ^ 15 Sol SO"- a oj u_S-2" cSSo ™ _i « « a 52 "Ml. B3 BB 10 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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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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Item Metadata
Title | Sixteenth Annual Report of the Business Done in Pursuance of the MUNICIPAL SUPERANNUATION ACT for the YEAR ENDED MARCH 31ST 1955 |
Alternate Title | MUNICIPAL SUPERANNUATION REPORT, 1954-55 |
Creator |
British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1956] |
Genre |
Legislative proceedings |
Type |
Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1956_V03_12_BB1_BB21 |
Collection |
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 | 2017-07-18 |
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 | 10.14288/1.0349056 |
AggregatedSourceRepository | CONTENTdm |
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