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Seventeenth Annual Report of the Business Done in Pursuance of the MUNICIPAL SUPERANNUATION ACT for the… British Columbia. Legislative Assembly [1957]

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Seventeenth Annual Report
of the Business Done in Pursuance of the
MUNICIPAL
SUPERANNUATION ACT
for the
YEAR ENDED MARCH 3 1st
1956
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1957  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, 1956.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., January 25th, 1957. 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, 1956.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Superannuation Commissioner.
January 24th, 1957. Municipal Superannuation Report, 1955-56
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "MUNICIPAL
SUPERANNUATION ACT" DURING THE FISCAL YEAR ENDED MARCH
31st, 1956.
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
City of Langley May 1st, 1955
City of Port Alberni May 1st, 1955
District of Summerland September 1st, 1955
Village of Quesnel November 1st, 1955
Village of Warfield lanuary 1st, 1956
School District No. 3 (Kimberley) lune 1st, 1955
School District No. 62 (Sooke) December 1st, 1955
School District No. 31 (Merritt)—
extended coverage November 1st, 1955
School District No. 63 (Saanich) —
extended coverage January 1st, 1956
Section 4.—Superannuation-allowance payments pursuant to this section amounted
to $114,800.37. As at March 31st, 1956, there were 341 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 $1,647,357.74 and employee contributions made under Over-age Agreements amounted to $139,803.32. As at
March 31st, 1956, there were 7,438 regular contributors and 831 contributors under
Over-age Agreements.
Section 8.—Regular employer contributions amounted to $1,796,578.89, and employer contributions made under Over-age Agreements amounted to $195,373.74. Of
the ninety employers, thirty-seven made contributions under subsection (2) in amounts
of $607,029.41 to Account "A" and $680,387.73 to Account "B." The remaining fifty-
three employers made contributions under subsection (1) in amounts of $253,134.12 to
Account "A" and $227,816.64 to Account "B." Extra employer contributions totalling
$28,210.99, 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
$16,164.31, in accordance with the provisions of subsection (4) (c) of this section. Outstanding certificates of loan were reduced by the amount of $108,846.13, and cash
advances were reduced by the amount of $1,253.30, in accordance with the provisions
of subsection (6) of this section.
5 X 6 BRITISH COLUMBIA
Section 14.—Superannuation allowances were granted to eighty-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 six employers
under the Act, whereby the Act was made to apply to a total of ten employees who
entered their service after the maximum eligible age of regular contributors.
Section 19.—Two superannuation allowances were granted during the year under
the total and permanent disability provisions.
Section 20.—Superannuation allowances were granted to the dependent in the case
of seventeen contributors who died while still in service. Refunds amounting to $5,331.37
and $187.09 respectively were made in the case of five regular contributors and two overage contributors who died while still in service.
Section 23.—Refunds amounting to $329,775.63 and $11,965.06 respectively were
made in the case of 888 regular contributors and forty over-age contributors who left the
service of their employers.
Section 28.—Administration expenses amounting to $31,312.68 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. The total expenses of the Superannuation Branch are distributed among the various funds administered on the basis of the
number of contributors and pensioners. This annual unit amounted to approximately
$3.45 for 1952-53, $3.30 for 1953-54, $3.20 for 1954-55, and $3 for 1955-56.
Section 33.—The securities held by the trustees on March 31st, 1956, are set out in
Schedule No. 3 and Schedule No. 9 of this Report.
During the year $3,334,000 par-value bonds were purchased, the average yield to
maturity being 3.27 per cent. In addition, sundry short-term holdings maturing 1956-58,
having a total par value of $738,000, were sold in April, 1955, to yield 3 per cent and
were immediately reinvested in longer-term bonds to yield 3.50 per cent.
The total purchases of $4,072,000 par value were made up as follows: British
Columbia Provincial Government guarantees, 1956 to 1975 maturities, $2,607,000;
Government of Canada, 1957 to 1962 maturities, $1,465,000.
Under Over-age Agreements, $392,000 par-value bonds were purchased, the average
yield to maturity being 3.25 per cent. The purchases were made up as follows: British
Columbia Provincial Government guarantees, 1966 to 1975 maturities, $202,000; Government of Canada, 1957 to 1962 maturities, $190,000.
The prices paid for securities bought or sold are determined by market conditions
at the time of the transaction. Every effort is made to invest the funds as soon as they
become available, and at the maximum yield possible at the time of purchase.
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 REPORT,  1955-56
MUNICIPAL SUPERANNUATION FUND
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1956
REVENUE
X 7
Contributions as per requirements of the "Municipal Superannuation Act'
Employees, section 6	
Employers, section 8—
Account "A" (Schedule No. 1)	
Account "B" (Schedule No. 2)	
$1,647,357.74
  $860,163.53
     908,204.37
Special Agreement bonus contributions       28,210.99
Transferred from the Over-age Agreement Account pursuant to section 5 (5) of the
Agreement in respect of one pension granted during year	
Interest on investments and bank interest	
EXPENDITURE
Superannuation allowances—
Paid from Employers' Service Pension Account "A"—
Allowances pursuant to section 4  $114,800.37
Service Pensions Account "A"     771,766.91
1,796,578.89
5,009.52
861,576.79
$4,310,522.94
Paid from Employers' Service Pension Account "B"_.
Paid from Employees' Retirement Annuity Account..
Refunds—
Section 20
Section 23
Sundry 	
$886,567.28
4,720.26
293,800.41
$1,185,087.95
$5,331.37
329,775.63
1,920.58
Administration expense, sections 27 and 28..
Net increase of ledger assets	
337,027.58
4,875.00
1,526,990.53
$2,783,532.41 X 8 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND
Balance-sheet as at March 31st, 1956
ASSETS
Trustees' General
Account Account
Cash in bank  $3,981.36      $4,740.47
Accounts receivable—contributions due from municipalities, hospitals, school districts, etc     302,328.57
Investments at cost or par—net after amortization of
premiums and discounts (we Schedule No. 3)     23,097,320.81      23,
(Par   value,   $23,206,500;    market   value,
$22,683,986.)
B.C. Government certificates of loan       2,918,895.69        2;
Accrued interest on investments  185,382.07 	
Total
$8,721.83
302,328.57
097,320.81
918,895.69
185,382.07
$26,205,579.93 $307,069.04 $26,512,648.97
LIABILITIES
Employees' Retirement Annuity Account  $ 12,981,038.45
Employer Service Pension Accounts—
Account "A" (see Schedule No. 1)  $7,329,701.92
Account "B "     6,044,135.93
  13,373,837.85
Vancouver Agreement Bonus Account for Firemen and Policemen  46,742.70
Victoria Agreement Bonus Account for Policemen  3,644.29
Sundry accounts payable  1,253.30
Investment Adjustment Reserve Account  106,132.38
$26,512,648.97
Contingent liability—unclaimed superannuation allowances, $6,201.
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,
1956, 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 22nd, 1957.
C. J. FERBER, C.A.,
Comptroller-General, Province of British Columbia. MUNICIPAL SUPERANNUATION REPORT, 1955-56
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BRITISH COLUMBIA
SCHEDULE No. 2
Service Pension Account "B"
Contributions by Employer for Year Ended March 31st, 1956
City of—
Chilliwack
Courtenay .
Cranbrook
Duncan 	
Enderby  ...
Fernie 	
Grand Forks .
Kamloops __.
Kelowna 	
Kimberley .....
Langley	
Merritt 	
Nanaimo  	
Nelson 	
New Westminster
North Vancouver .
Penticton 	
Port Alberni	
Port Coquitlam ....
Port Moody	
Prince Rupert	
Revelstoke 	
Rossland 	
Salmon Arm	
Trail 	
Vancouver
Vernon	
Victoria	
District of—
Burnaby
Central Saanich
Chilliwhack 	
Coldstream 	
Creston 	
Esquimalt 	
Glenmore 	
Langley	
Maple Ridge .
Village of Mission City..
North Cowichan 	
North   Shore   Union  Board  of
Health	
North Vancouver	
Oak Bay 	
Richmond	
Saanich 	
Salmon Arm 	
$626.64
201.60
2,365.90
1,398.80
293.36
698.99
191.52
4,651.09
5,356.01
581.80
274.34
278.40
7,983.19
8,589.42
28,030.49
14,804.23
6,537.61
139.58
1,001.74
592.24
7,140.35
4,064.58
149.64
553.08
3,917.17
394,838.71
4,128.94
55,751.62
35,674.07
292.32
512.76
135.48
262.95
4,050.65
279.42
10,512.31
197.13
151.91
1,625.82
1,436.22
10,123.59
9,585.00
3,368.67
20,406.67
198.12
District of—Continued
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	
Greater Victoria, No. 61 	
Kamloops, No. 24	
Kimberley, No. 3	
Mission, No. 75	
Nelson, No. 7	
New Westminster, No. 40
North Vancouver, No. 44
Penticton, No. 15	
Prince Rupert, No. 52	
Princeton, No. 17	
Richmond, No. 38	
Saanich, No. 63 	
Salmon Arm, No. 20	
Slocan, No. 8 	
Southern Okanagan, No. 14
Trail, No. 11 	
Vancouver, No. 39	
Vanderhoof, No. 56	
Vernon, No. 22	
West Vancouver, No. 45
Less School District No. 47 Powell
River)—
Prepaid during 1954-55__ $30.48
Contributed    during
1955-56      28.70
$7,270.22
12,756.40
15,056.70
1,913.57
3,791.25
1,584.03
22,197.29
112,639.11
9,401.60
929.21
178.08
700.30
593.67
8,929.50
602.90
64.68
223.72
1,577.28
2,860.80
2,216.21
699.26
334.80
184.80
2,006.95
5.43
504.12
42.75
796.85
2,063.68
39,374.51
208.20
1,111.63
1,432.52
$908,206.15
1.78
$908,204.37 MUNICIPAL SUPERANNUATION REPORT, 1955-56 X 13
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, 1956
Description
Date of
Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Government of Canada—
2% bonds	
3 % bonds	
3 % bonds	
3% bonds _	
3%% bonds	
Guaranteed   by
Canada—
Oct.
Jan.
Feb.
Oct.
Jan.
1, 1957
1, 1959
1, 1962
1, 1963
15, 1978
the   Government   of
Canadian National Railway Company-
2%% bonds __ _	
2% % bonds 	
3%% bonds 	
Jan. 2, 1967
Sept. 15, 1969
Feb.     1, 1974
Province of British Columbia-
2% % bonds	
2%% bonds	
3 % bonds  	
3 % bonds	
2%% bonds .
2%% bonds.
2%% bonds..
23/4% bonds .
2%% bonds.
2%% bonds.
2%% bonds.
3% bonds	
3% bonds.....
3% bonds	
3% bonds.—
3% bonds	
2%% bonds.
2%% bonds .
3% bonds	
Oct.
Oct.
June
July
Apr.
July
Oct.
Jan.
Feb.
May
June
June
July
Dec.
July
Aug.
Oct.
Sept.
Feb.
15, 1962
15, 1963
15, 1964
1, 1964
15, 1966
20, 1966
15, 1966
15, 1967
1, 1967
15, 1967
15, 1968
15, 1968
2, 1968
15, 1969
31, 1970
10, 1970
1, 1971
26, 1972
1, 1974
Guaranteed  by the  Province of British
Columbia—
B.C. Power Commission—
3% bonds _	
3% bonds..- 	
31/4% bonds.
3%% bonds.
4% bonds	
4% bonds.	
4% bonds.	
Vancouver and Districts Joint Sewerage
and Drainage Board—
4% bonds  _
4% bonds 	
4% bonds 	
5% bonds  	
5'/2 % bonds 	
4% bonds  	
4% bonds	
Oct. 1, 1967
Nov. 1, 1968
July 4, 1975
Sept. 15, 1991
May 21, 1992
June 15,1992
Sept. 15, 1992
4Vi % bonds _   _
4Vi% bonds	
School District No. 3 (Kimberley)—
3V4% serial bonds —	
School District No. 7 (Nelson)—
4V^% serial bonds 	
School District No. 9 (Castlegar)—
3V4% serial bonds 	
School   District   No.   18   (Golden) —
4V4% serial bonds  _
School District No. 21 (Armstrong-
Spallumcheen)—
4lA % serial bonds 	
School District No. 24 (Kamloops)—
3V4% serial bonds	
May
May
May
Sept.
Sept.
Oct.
May
Sept.
Sept.
1, 1959
1, 1960
1, 1962
1, 1962
1, 1962
1, 1962
1, 1963
1, 1965
1, 1970
May 1, 1966-75
July 15, 1970-71
May 1, 1966-75
July 15, 1970-73
July 15, 1959-73
Oct. 15, 1960-74
$460,000.00
655,000.00
490,000.00
320,000.00
862,000.00
25,000.00
240,000.00
700,000.00
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
520,000.00
969,000.00
275,000.00
208,000.00
671,000.00
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
50,000.00
127,000.00
110,000.00
40,500.00
195,000.00
150,000.00
$454,050.00
647,602.50
477,575.00
302,825.00
845,962.50
23,375.00
226,120.00
738,250.00
192
48
530
288
274
220.
34,
339.
100
90
147.
408.
198
702.
942,
1,329.
250.
75.
218.
750.00
250.00
397.85
008.50
138.75
000.00
093.75
485.00
000.00
000.00
327.50
895.62
520.00
793.13
400.00
280.00
000.00
000.00
250.00
323,225.00
712,868.75
516,100.00
969,000.00
275,000.00
208,000.00
671,000.00
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
50,000.00
127,000.00
110,000.00
40,811.85
195,000.00
147,705.00
$454,050.00
648,365.36
480,760.29
308,696.59
847,980.12
23,870.55
229,804.77
734,739.76
196,607.98
49,142.00
533,762.64
291,154.99
274,973.97
220,000.00
34,487.64
340,927.15
100,000.00
90,000.00
149,576.94
410,919.66
199,093.15
705,304.30
945,046.94
1,333,000.23
250,000.00
75,000.00
220,183.11
323,857.69
716,316.42
516,242.72
969,000.00
275,000.00
208,000.00
671,000.00
1,020.22
6,009.07
1,002.08
3,190.97
3,119.49
1,001.91
11,046.67
5,379.42
1,104.41
50,000.00
127,000.00
110,000.00
40,500.00
195,000.00
147,764.23
$4,600.00
4,791.37
2,335.89
4,800.00
6,642.12
165.75
302.47
4,171.23
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
3,981.92
1,592.88
3,917.81
2,416.22
1,176.54
16.44
98.63
16.44
12.33
13.56
20.00
180.82
18.49
3.70
667.81
1,109.08
1,469.18
353.68
1,702.91
2,230.48
Continued on page 14. X 14
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, 1956—Continued
Description
Date of
Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Guaranteed by the Province  of British
Columbia—Continued
School   District   No.   28   (Quesnel) —
July  15, 1959-73
Oct.  15, 1960-74
$360,000.00
375,000.00
380,000.00
5,000.00
5,000.00
125,000.00
2,809,000.00
418,000.00
164,000.00
250,000.00
170,000.00
390,000.00
252,000.00
$360,000.00
369,262.50
374,186.00
5,183.50
5,271.00
125,000.00
2,875,854.20
425,218.86
165,262.80
250,000.00
169,014.00
390,000.00
259,383.60
$360,000.00
369,410.57
374,336.81
5,000.00
5,000.00
125,000.00
2,809,000.00
418,000.00
164,000.00
250,000.00
169,014.00
390,000.00
252,000.00
$3,143.84
School District No. 34 (Abbotsford)—
5,576.20
School District No. 38 (Richmond)—
Oct.  15, 1960-74
Aug.   1, 1960
5,650.55
School District No. 39 (Vancouver) —
33.77
Aug.   1, 1965
Aug.   1, 1966-70
Feb.     1, 1959-74
May    1, 1956-65
Sept.   1, 1959-71
May     1, 1966-75
33.77
844.18
4V4% serial bonds.
School District No. 41 (Burnaby)—
3Vi% serial bonds	
School District No. 42 (Maple Ridge)—
18,970.36
5,582.87
572.88
School District No. 43 (Coquitlam)—
3,339.04
Sept. 15, 1966-75
Aug.     1, 1959-73
242.19
School   District   No.   53   (Terrace) —
2,633.83
School District No.  60 (Peace River
North)—
4V4 % serial bonds	
School District No. 61   (Greater Victoria—
Feb.    1,1960-74
1,701.86
May     1, 1966-75
Sept. 15, 1966-75
Oct.  15, 1959-73
Oct.  15, 1960-74
May    1, 1967-75
250,000.00
450,000.00
132,000.00
95,000.00
189,000.00
300,000.00
195,000.00
52,000.00
200,000.00
169,500.00
240,000.00
192,000.00
30,000.00
42,000.00
119,000.00
42,500.00
25,000.00
165,000.00
250,000.00
447,390.00
133,016.40
93,546.50
189,000.00
296,250.00
192,562.50
51,204.40
200,000.00
169,500.00
247,032.00
197,625.60
29,550.00
42,756.00
120,785.00
43,137.50
24,895.00
171,352.50
250,000.00
447,390.00
132,000.00
93,575.41
189,000.00
296,275.51
192,579.08
51,220.58
200,000.00
169,500.00
240,000.00
192,000.00
29,613.40
42,000.00
119,000.00
42,500.00
24,902.01
165,000.00
3,339.04
641.10
School District No. 62 (Sooke) —
2,566.77
School District No. 67 (Ladysmith)—
3Vi% serial bonds	
School  District   No.   68   (Nanaimo)—
1,412.64
2,524.31
June   1, 1960-74
June   1,1960-74
Oct.  15, 1960-74
3,205.48
School  District No.  69  (Qualicum)—
2,083.56
773.23
School District No. 71  (Courtenay)—
May    1, 1966-75
2,671.23
4Va% serial bonds   	
School   District   No.   72   (Campbell
River)—
Aug. 15, 1959-71
Oct.    1, 1960-69
Feb.    1, 1960-74
Sept.    1, 1959-68
Jan.   15, 1961-65
Mar.   1, 1959-73
Sept. 30, 1963-72
July  15, 1973-78
July     1, 1959-74
868.40
5,100.00
School District No.  74  (Quatsino) —
4Vi% serial bonds... _	
Village of Campbell River—
4% serial bonds 	
Village of Comox—
3V4% serial bonds	
Village of Fort St. John—
4Vi% serial bonds 	
Village of Invermere—
4V4% serial bonds	
Village of Quesnel—
4V4% serial bonds  	
Village of Sidney—
1,296.66
98.63
302.05
440.13
5.24
218.32
1,508.73
Totals                       	
$23,206,500.00
$23,158,615.01
$23,097,320.81
$185,382.07 MUNICIPAL SUPERANNUATION REPORT,  1955-56 X 15
SCHEDULE No. 4
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1939, to March 31st, 1956
Number
of
Contributors
Contributions
Withdrawals
Allowances
Fiscal
Year
Employer
Employees
Number
Amount
Refunded
Number
Granted
during
Deaths
and
Expirations
Number
in Force
at End
Amount
Paid
Year
during
Year
of Year
1939-40  .
3,515
$376,213.96
$273,204.70
71
$42,575.46
78
36
973
$329,309.38
1940-41	
3,502
385,310.30
279,081.09
99
38,666.49
99
36
1,036
339,671.98
1941-42	
3,460
403,590.01
277,946.17
128
46,504.88
116
34
1,118
369,231.07
1942-43	
3,295
398,961.01
267,876.88
191
68,582.55
193
53
1,258
408,424.19
1943-44.	
3,340
411,337.12
278,996.62
125
45,792.56
120
44
1,334
460,091.94
1944-45	
3,416
431,251.30
298,036.94
116
53,755.08
130
46
1,418
492,423.87
1945-46 ..
3,949
505,050.16
351,672.80
314
74,102.47
215
51
1,582
551,639.04
1946-^*7	
4,209
579,347.60
403,783.92
415
79,892.69
171
48
1,705
628,619.36
1947-48	
4,707
693,553.87
474,499.19
499
99,412.03
149
42
1,812
702,630.14
1948-49...	
5,352
895,590.07
574,025.89
441
. 88,140.76
134
42
1,904
767,067.05
1949-50	
5,866
1,062,852.82
682,245.56
458
75,505.30
115
65
1,954
827,006.67
1950-51	
6,246
1,186,109.17
887,790.33
662
129,164.91
130
68
2,016
918,709.14
1951-52	
6,308
1,294,156.71
1,007,976.39
786
197,308.22
88
80
2,024
954,168.05
1952-53...	
6,414
1,428,109.03
1,142,396.93
740
213,204.00
103
76
2,051
976,483.93
1953-54	
6,756
1,660,960.41
1,405,294.40
708
210,664.96
91
74
2,068
1,137,286.29
1954-55
7,206
1,756,555.37
1,527,399.79
748
245,905.28
103
96
f 2,075
I 2,093
.        4i
) 1,160,791.16
1955-56
7,438
1,796,578.89
1,647,357.74
893
337,027.58
101
83
j 1,185,087.95
Totals-
$15,265,527.80
$11,779,585.34
	
$2,046,205.22
	
—
	
$12,208,641.21
i Unclaimed pensions. X 16 BRITISH COLUMBIA
SCHEDULE No. 5
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1956,
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
Male    Female
Number of
Allowances in
Force at End
of Year
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
1955-56—
Maximum
Maximum
retirement
retirement
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
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
3,834
1,787
873
869
937
1,171
1,291
UM
1,539
1,557
1,669
1,779
1,817
87
55
142
56
195
50
159
37
140
29
266
28
300
77
223
69
233
44
193
46
315
56
172
217
254
245
289
368
409
448
431
509
522
129
41
110
38
108
31
81
26
86
29
63
15
69
24
62
17
63
26
60
25
45
23
10
15
10
10
12
14
40
10
37
7
36
3
38
3
49
14
56
6
62
14
63
6
57
16
79
12
60
14
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
1,421
473
116
135
142
150
156
165
171
185
194
199 MUNICIPAL SUPERANNUATION REPORT,  1955-56
SCHEDULE No. 6
Municipal Superannuation Fund
Comparative Statistics, April 1st, 1945, to March 31st, 1956—Allowances
Granted and in Force, Subdivided by Type and Plan of Allowance
X 17
In Force at Beginning
Granted during
Expired during
In Force at End
of Year
Year
Year
of Year
Fiscal Year
3
"So
■o
<_>
a
a
H
a)
3
•a
£
c
2
<
d
f
3
u
O
■o
to
S
■5
1
d
JO
3
"Ho
Guar-
anteedi
3
•d
-3
d
<:
a,
u
3
u
00
■a
u
to
c
3
T3
V
•3
a
c
<
a
B
<o
H
c
CO
3
O
o
S
H
W
3
o
o
s
to
H
(a>
(b)
o
2
a.
H
B
5i
O
o
S
1945-46—
I
Normal retirement...
297
450
274
89
	
57
92
38
5
24
7
7
3
l
330
528
309|    93
	
Disability 	
44
24
62
3
	
4
6
2
1
1
42
27
671      3
Death...  	
175
13
5
183|	
 1 	
	
Totals 	
516
474
336
92
-
70
96
44|    5| -
31|    8
7|    4
i
-
5551 5551 3761    961 .	
1946-47—
|
1
1        1
Normal retirement-
330
528
309
93
43
77
32|    2
21     6
4
9
352
595| 332|    95
Disability 	
42
27
67
3
	
3
2
1| ....
1   ....
2
	
44
29     66|      3
Death-   ,.	
183
11
— I ....
5| ....
....
189
—1 ~-l 	
Totals	
555
555
376
96
—
57
79
331    2| ....
271    6
4]   11
-
....
585) 624| 398|    98| 	
1947-48—
1
1
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
311    69
3
1
Death.	
189
—
	
8
-| ....
4
193| ...... | 	
—1 -	
Totals	
585
624
398
98
......
20
42
20|    1| 66
241    6
4|    8
_..
-
581| 656| 410|    99|    66
1948-49—
1      1
1
1
1
Normal retirement...
348
625
341
96
65
6
18
19| —| 77
10|    5
3| 11
2
1
344
635
349
94
141
Disability 	
40
31
69
3
1
....
2
-| -|    1
-I    1
1     1
40
31
68
3
2
Death 	
193
	
	
	
11
....
1 - 1 	
7| ....
-1 -
197
Totals 	
581
656
410
99
66
17
20
19| ... | 78
17|    6
4|  12
2
1
5811 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
-|    1
51    1
2
5
._.
35
28|    63|      3
3
Death	
197
	
17
....
- | ....
S| -
-
~-
209
 1 —I -
Totals	
581
666
417
97
143
26
14
13] ... | 62
33|  11
11|    9
1
....
574
658| 421|    96| 205
1950-51—
1
1         I
Normal retirement-
330
630
358
93
202
5
12
16
79
14|  19
15
10
-
321
608| 364|    93
281
35
?8
63
3
3
1
3
11    1
1
?
34
27|    64|      3
3
Death-	
209
	
	
—
14
5|  ....
_..
....
-
218
Totals	
574
658
421
96
205
19
13
19|  ... |  79
201  20
16|   12
...
....
573
635|  428|     96|  284
1951-52—
1       1
1
1         1         1
Normal retirement-
321
608
364
93
281
6
12
7
-| 47
24
11
261    6
3
303
583| 3651    93| 325
Disability	
34
27
64
3
3
1
-
4
-1 -
1
2|    1
1
34
25|    67|      2       3
Death 	
218
	
11
-
- 1 ~
51 -
--! -
-
-
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—
1
1
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
26] 20
8|  10
3
9
558
599| 431|    92| 371
1953-54—
1
Normal retirement-
295
574
365
90
368
3
3
6
69
19
17
5
7
3
9
279
555| 364
87
428
Disability	
34
25
66
2
3
....
....
2
2
1
32
251    64
2
2
Death	
229
8
-
2
9
228
 1 	
 1      2
Totals	
558
599
431
92
371
11
3
6]   _| 71
30|  17
5|    9
3
10
539
580| 428)    89| 432
1954-55—
1
1
1
Normal retirement-
279
555
364
87
428
2
6
2   -
82
13
27
12
11
4
7
268
522| 355
83| 503
Disability...	
32
25
64
2
2
-
5
....
10
-
1
32
20]    54
2       1
Death..
228
-
-
2
6
- I-I    5
6| ...
-
228
-—I 	
 |      7
Totals	
539
580
428
89
432
8
6
21 —| 87
19| 32
12| 21
4
8
528| 542| 409|    85
511
1955-56—=
Normal retirement-
268
522
355
83
503
3
4
4
71
17
23
11     7
2
11
195
384
331
77
755
Disability..	
32
20
54
2
1
1
1
1
2     2
34
18
54
2
1
Death	
228
7
13
4
7
....| _.
231
11
Totals	
528
542
409
85
511
17
4
5
-| 75
251 23
13|    9
2
11
4601 4021 385
79
767
1 Guaranteed:   (a) Superannuant died after expiration of guaranteed period;   (6) guaranteed period expired, super-
annuant having died previously.
2 From year 1955-56 the figures are based on the actual count by plan in force. X 18 BRITISH COLUMBIA
SCHEDULE No. 7
Municipal Superannuation Fund
Number of Contributors and Pensioners by Employer, as at March 31st, 1956
City of—
Armstrong..
Chilliwack-
Courtenay...
Cranbrook-
Duncan	
Enderby	
Fernie	
Grand Forks..
Kamloops	
Kelowna	
Kimberley	
Langley	
Merritt	
Nanaimo	
Nelson	
New Westminster-
North Vancouver...
Penticton	
Port Alberni..
Port Coquitlam..
Port Moody	
Prince Rupert.—
Revelstoke	
Rossland	
Salmon Arm	
Trail	
Vernon-
Victoria -
District of—
Burnaby .
Central Saanich..
Chi lliwh ack	
Coldstream	
Creston 	
Esquimau	
Glenmore  	
Greater Vancouver Water District and Vancouver  and
Districts Joint Sewerage and Drainage Board	
Greater Victoria Water District   _
Langley
Maple Ridge	
Mission City	
North Cowichan....
North Vancouver-
Oak Bay 	
Osoyoos.
Quesnel Village..
Richmond	
Saanich —
Salmon Arm...
Spallumcheen..
Summerland—
Surrey .
Warfield..
West Vancouver..
North Shore Union Board of Health-
University Endowment Lands	
Contributors
Account
"A"
Account
"B"
16
li
56
15
2i
4
28
1
4
3
3
1
4
587
31
4
91
3
1
27
3
2
6
13
i
2
11
13
21
10
2
10
2
4
6
3
21
9
3
8
1
25
40
17
2
2
49
58
189
92
45
2
4
24
13
1
3
37
li
2,534
26
348
233
2
6
1
2
22
2
111
12
21
2
3
14
74
54
25
128
1
48
78
9
19
Pensioners
3
2
7
2
3
1
1
20
14
2
20
34
56
58
1
l2
4
14
6
1
1
934
l2
12
216
l2
34
7
2
46
2
3
1
1
3
23
21
26
1
1
14
27
7
1 Inactive accounts, but eligible for pension benefits.
2 Now eligible for pensions, as yet unclaimed.
Total
Contributors
and
Pensioners
2
9
5
li
30
12
6
10
2
50
li
54
18
2
4
77
108
li
301
165
2i
57
31
l2
13
8
41
22
2
5
49
li
4,055
31    l2
42
655
l2
286
2
10
3
2
32
5
184
17
26
3
9
17
103
1
35
li
167
2
1
21
72
2
115
11
30 MUNICIPAL SUPERANNUATION REPORT,  1955-56 X 19
SCHEDULE No. 7—Continued
Municipal Superannuation Fund—Continued
Number of Contributors and Pensioners by Employer, as at March 31st, 7956—Continued
Contributors
Account
"A"
Account
"B"
Pensioners
Total
Contributors
and
Pensioners
Hospitals—
Royal Jubilee..
Vancouver General.
School District of—
Burnaby, No. 41-
Campbell River, No. 72..
Castlegar, No. 9	
Chilliwack, No. 33 __
Cowichan, No. 65	
Creston, No. 5	
Fernie, No. 1   	
Howe Sound, No. 48-
Kamloops, No. 24	
Kimberley, No. 3._	
Kitimat, No. 80  	
Merritt, No. 31	
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	
Sooke, No. 62	
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.
Totals  	
45..
58
163
21
1
2
5
12
7
11
56
12
1
1,364
lli
196
853
64
4
2
4
9
19
17
4
1
2
1
19
1
3
1
15
306
li
3
8
69
6,074
2i
63
154
14
2
7
13
3
2
122
3
31
2
2,093
42
317
1,170
21
79
6
5
5
1
15
9
7
10
7
li
1
3
8
12
30
32
7
8
4
1
23
9
5
1
12
12
28
484
li
7
11
112
11
9,531
131    4-
i Inactive accounts, but eligible for pension benefits.
2 Now eligible for pensions, as yet unclaimed.
Number of non-active unclaimed moneys accounts at March 31st, 1956, 59. X 20 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND (OVER-AGE AGREEMENTS)
Statement of Revenue and Expenditure for the Fiscal Year
Ended March 31st, 1956
REVENUE
Contributions as per requirements of the agreements entered into pursuant
to section 14 (2) (b) of the "Municipal Superannuation Act"—
Employees, section 6  $ 139,803.32
Employers, section 8—
Regular   $ 195,162.27
Special Agreement bonus contributions  211.47
     195,373.74
$335,177.06
Net interest on investments and bank interest       33,425.52
  $368,602.58
EXPENDITURE
Refunds—
Section 20       $ 187.09
Section 23   11,965.06
     $12,152.15
Transfer to Municipal Superannuation Fund General Account pursuant to
section 5 (5) of the Agreement in respect of one pension granted during
year          5,009.52
17,161.67
Net increase of ledger assets  $351,440.91
Balance-sheet as at March 31st, 1956
ASSETS
Cash in bank	
Accounts receivable—contributions due from municipalities,
hospitals, school districts, etc..
Trustees'
General
Account
Account
Total
$921.07
$519.18
$1,440.25
Investments   at   cost   or   par — net   after   amortization   of
premiums and discounts (see Schedule No. 9)     1,287,169.03      1,287,169.03
(Par value, $1,294,000; market value, $1,276,059.)
Accrued interest on investments  10,682.81   10,682.81
$1,298,772.91  $30,307.38 $1,329,080.29
LIABILITIES
Employees' Retirement Annuity Account  $503,479.83
Employer Service Pension Accounts  822,858.27
Vancouver Agreement Bonus Account for Firemen and Policemen  817.29
Accounts payable   1,924.90
$1,329,080.29
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, 1956, has 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. J. FERBER, C.A.,
Comptroller-General, Province of British Columbia.
 Victoria, B.C., January 23rd, 1957. MUNICIPAL SUPERANNUATION REPORT,  1955-56
X 21
SCHEDULE No. 8
Municipal Superannuation Fund (Over-age Agreements)
Employer Service Pension Accounts as at March 31st, 1956
Number of
Contributors
Employer
City of Cranbrook  3
City of Kamloops  4
City of Kelowna  3
City of Kimberley  1
City of Nanaimo  7
City of Penticton  3
City of Port Moody  1
City of Revelstoke  4
City of Vancouver  624
City of Vernon  2
City of Victoria  I
District of Central Saanich  2
District of Chilliwhack    2
Village of Creston...     1
Village of Mission City  2
District of Oak Bay    3
Village of Quesnel  2
University Endowment Lands  1
District of West Vancouver  3
Royal Jubilee Hospital  7
Vancouver General Hospital  102
Campbell River School District No. 72  1
Castlegar School District No. 9..     1
Chilliwack School District No. 33.
Creston School District No. 5	
Kitimat School District No. 80	
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..
Sooke School District No. 62	
Southern Okanagan School District No. 14	
Vanderhoof School District No. 56	
Greater Victoria School District No. 61       22
West Vancouver School District No. 45.           1
Credit
Balance
$6,475.51
1,309.34
6,040.23
2,670.79
2,683.57
1,693.95
1,414.72
6,509.54
636.042.81
3,856.78
3,846.95
612.07
2,387.64
185.02
1,144.87
1,071.60
895.96
927.04
3,442.88
13,184.15
103,305.83
927.59
695.18
206.63
390.51
617.57
797.56
3,066.18
2,219.59
1,324.70
2,291.26
81.73
3,565.05
605.48
5,663.69
704.30
Totals  831
$822,858.27 X 22
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,
1956
Description
Date of Maturity
Par Value
Cost Price
Book Value
Accrued
Interest
Government of Canada—
Oct.     1, 1957
Jan.     1, 1959
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
$60,000.00
90,000.00
55,000.00
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
7,000.00
85,000.00
24,000.00
17,500.00
17,500.00
90,000.00
20,000.00
$59,250.00
88,977.50
53,637.50
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
6,959.40
84,507.00
24,650.40
17,718.75
17,150.00
92,169.00
20,396.00
$59,250.00
89,081.16
53,979.59
34,740.37
3,935.87
71,799.57
94,927.86
2,977.43
4,934.83
24,873.14
12,280.40
9,785.91
8,713.88
15,264.83
65,000.00
15,000.00
14,000.00
62,000.00
28,000.00
29,627.66
36,000.00
106,390.80
75,000.00
7,000.00
37,441.55
65,000.00
6,959.40
84,507.00
24,000.00
17,500.00
17,197.78
90,000.00
20,000.00
$600.00
658 36
262 19
540 00
9 86
3?i% bonds   —	
Guaranteed by the Government of Canada—
Canadian National Railway Company—
562.50
536 30
Province of British Columbia—
36 58
230 88
47 67
Guaranteed by the Province of British Columbia—
Br'tish Columbia Power Commission—
135 00
197 ?6
106 85
213 70
lip 63
108 71
School District No.7 (Nelson)—
414 % serial bonds 	
School District No. 9 (Castlegar)—
314% serial bonds  	
School District No. 18 (Golden) —
244.52
320.55
314 38
School District No. 19 (Revelstoke) —
School District No. 39 (Vancouver) —
414% serial bonds     	
School District No. 40  (New Westminster)—
506.51
147.53
School District No. 43 (Coquitlam) —
314 % serial bonds    	
School District No. 44 (North Vancouver)—
Oct.   15, 1960-61
Feb.     1, 1962-74
Sept. 15, 1966
Sept. 15, 1966-75
Dec. 31, 1956-74
Sept. 30, 1958-62
Mar. 15, 1957-65
Apr.  15, 1966-75
June 30, 1971-75
565.05
438.97
School District No. 67 (Ladysmith) —
314% serial bonds    	
School District No. 68 (Nanaimo) —
354% serial bonds 	
Village of Dawson Creek—
9.97
121.10
221.92
Village of Invermere—
4!4% serial bonds 	
Village of Lake Cowichan—
2.16
26.85
Village of Terrace—
1,441.23
Village of Westview—
172.60
Totals                                     	
$1,294,000.00
$1,291,271.68
$1,287,169.03
$10,682.81 MUNICIPAL SUPERANNUATION REPORT, 1955-56 X 23
SCHEDULE No. 10
Municipal Superannuation Fund (Over-age Agreements)
Comparative Statistics, April 1st, 1948, to March 31st, 1956
Fiscal Year
Number of
Contributors
Contributions
Withdrawals
Number
of
Allow
Male
Female
Employer
Employees
Male
Female
Amount
Refunded
ances
Granted1
1948-49
18
20
21
437
467
547
620
9
648
19
19
21
21
55
92
132
152
164
$10,617.72
9,742.81
8,735.41
94,708.65
122,932.92
147,258.20
j 178,049.96
) 195,373.74
$3,586.93
6,910.38
5,781.15
60,160.67
75,807.14
95,889.57
124,061.05
139,803.32
1
—
1949-50	
1
2
16
33
25
22
1
2
11
20
30
16
$153.82
578.53
2,859.25
6,276.14
6,317.66
13,058.46
12,152.15
1950-51	
1951-52...             	
1952-53.-	
1953-54                 	
1954-55—
Maximum retirement age 65—
Maximum retirement age 60 .
1955-56—
Maximum retirement age 65—
Maximum retirement age 60 -
1
1
Totals — 	
....      | $767,419.41
1
$512,000.21
....      |      ....
1
$41,396.01
1 Allowances paid from Municipal Superannuation Fund.    Present value transferred to corresponding accounts in
the Municipal Superannuation Fund.
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1957
200-157-6469 

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