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Eighteenth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly 1960

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 PROVINCE OF BRITISH COLUMBIA
Eighteenth Annual Report
of the Business Done in Pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1st TO DECEMBER 3 1st
1958
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1959  To His Honour Frank Mackenzie Ross, C.M.G., M.C., LL.D.,
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 " Teachers' Pensions Act " during the period January 1st, 1958, to December 31st,
1958.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., November 3rd, 1959. 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 " Teachers' Pensions Act" during the period January 1st, 1958, to
December 31st, 1958.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Teachers' Pensions.
November 2nd, 1959. TEACHERS' PENSIONS ACT"
ANNUAL REPORT
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE " TEACHERS'
PENSIONS ACT " DURING THE PERIOD JANUARY 1st, 1958, TO DECEMBER 31st, 1958.
Section 4.—Superannuation-allowance payments pursuant to this section amounted
to $103,149.09. The Minister of Finance reimbursed the Fund by the amount of
$52,504.12 in accordance with the provisions of subsection (4). The increases pursuant
to subsection (5), amounting to $50,644.97, were paid from the Service Pensions
Account. As at December 31st, 1958, there were 104 persons in receipt of allowances
under this section.
Section 6.—Contributions received from teachers amounted to $3,248,083.96,
consisting of ordinary contributions of $2,675,932.62, special 1-per-cent contributions
of $513,928.39, individual contributions for service-pension credits pursuant to subsection (6) of $1,972.87, and individual repayment of refunds for reinstatement pursuant
to subsection (7) of $52,263.10 and pursuant to section 17 (2) (b) of $3,986.98. As at
December 31st, 1958, there were 12,602 active contributors to the Fund.
Section 8.—Employer contributions received pursuant to this section amounted to
$3,140,136.88, consisting of regular 6-per-cent contributions of $3,083,886.80 and
matching of employee contributions for reinstatement of $56,250.08.
Section 11.—Superannuation allowances were granted to thirty-seven teachers who
attained retirement age. For analysis see statements of comparative statistics appended
hereto.
Section 15.—Superannuation allowances were granted to two teachers who had
become totally and permanently disabled.
Section 16 (1), (2), and (6).—Superannuation allowances were granted to the
dependent in the case of three teachers who died while still in service.
Section 16 (4).—Refunds amounting to $30,074.22 were made in the case of fifteen
teachers who died while still in service.
Section 17 (1).—Transfers to the Civil Service Superannuation Fund amounted to
$18,894.67, being the present value of two allowances granted pursuant to this subsection.
Section 18 (1) and (2).—Refunds amounting to $296,997.81 were made to 564
teachers who left the service of their employers. In addition to the number of teachers
who received a refund, there were 453 (123 males and 330 females) who, between
January 1st, 1953, and December 31st, 1958, had been absent for more than two
school-years, and had no refundable credit on termination, as they had only one year
of service or less.
Section 18 (3).—An amount of $304,065.36 was paid to the Minister of Finance
out of the Service Pensions Account as an abatement to the employer contributions paid
under section 8.
Section 23.—Administration expenses paid from the Fund amounted to $46,072.02.
Section 26.—During the year three meetings of the Teachers' Pensions Board were
held, at which forty-two individual cases were dealt with. L 6 BRITISH COLUMBIA
Section 31.—The securities held by the Trustees on December 31st, 1958, are set
out in Schedule No. 1 of this Report. During the year $20,002,500 par value bonds were
acquired by purchase or exchange, the average yield being 3.89 per cent; $13,997,000
par value bonds were released by sale or exchange at an average yield of 3.11 per cent;
and $375,000 par value bonds were redeemed, resulting in a net increase of $5,630,500
par value bonds held by the Trustees between December 31st, 1957, and December 31st,
1958. Prices paid for securities bought or sold are determined by market conditions at
the time of transfer. Prices used on exchange transactions were determined on the basis
of book yield. 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.
The " Teachers' Pensions Act Amendment Act, 1958," provided for an increase in
the service-pension formula by increasing the service pension for each of the first twenty
years of service from $30 per annum to $36 per annum. For each year of service in
excess of twenty years of service, the service-pension rate was increased from $40 per
annum to $48 per annum. This formula was made retroactive to July 1st, 1957, and
was applied to pensioners as well as active contributors.
The amendments also made provision for reinstating, under certain conditions, the
accounts of former contributors who had returned to service after receiving a refund from
the Fund.
The amendments also increased the maximum amount under temporary annuities
to age 70 from the former rate of $40 per month to the new maximum rate of $55 per
month, to conform with the new level of benefits under the Federal Old Age Security
programme.
The twenty-year minimum service requirement to qualify for a superannuation
allowance was modified to allow persons having teaching experience elsewhere to count
all or part of such experience as eligibility service, provided that they could complete
at least ten years of actual teaching service in British Columbia. The amount of the
allowance is based on their actual service in British Columbia.
An amendment to section 18 provided for a one-year waiting period on second and
subsequent refunds, except where the waiting period is reduced by order of the Teachers'
Pensions Board.
Membership in the Teachers' Pensions Board was enlarged to include a member of
the Department of Education and a member of the Department of Finance in addition
to the three other members.
Provision was also made to refund to the Consolidated Revenue Fund a matching
sum out of the Employers' Service Pensions Account when a teacher obtains a refund
after ceasing to teach.
The provision governing permissible investments was also broadened to include
securities of any Province, or securities the principal and interest of which are guaranteed
bv any Province.
W. H. FORREST,
Commissioner of Teachers' Pensions. TEACHERS' PENSIONS ACT—ANNUAL REPORT
L 7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31st, 1958
Revenue
Contributions as per requirements of the " Teachers' Pensions Act"—
Employee contributions—
Section 6 (1), (2), (3), (4), and
(6), regular and voluntary  $2,675,932.62
Section 6 (5), special 1 per cent___       513,928.39
Section 6 (6), service-pension portion   1,972.87
Sections 6 (7) and 17 (2) (b), repayment of refunds for reinstatement 	
56,250.08
Employer contributions—
Section 8 (1), 6 per cent  $3,083,886.80
Section 8 (2), matching of employee
for reinstatement  56,250.08
$3,248,083.96
Less abatements to Minister of Finance pursuant to section 18 (3)
$3,140,136.88
304,065.36
2,836,071.52
Minister of Finance, section 4 (4) (as per contra)  52,504.12
Interest on investments and bank interest     1,622,874.05
$7,759,533.65
„ x.       „ Expenditure
Superannuation allowances—
Payable from Teachers' Pensions Fund—
Service pensions (including increases
retroactive to July 1st, 1957)      $886,675.23
Section 4 (5), increases (including
increases retroactive to July 1st,
1957)   	
Retirement annuities
Payable by Minister of Finance—
Section 4 (4) (as per contra) ..
Refund of employees' contributions-
Section 16 (4) 	
Section 18 (1) 	
Section 18 (2) 	
Miscellaneous  	
50,644.97
$937,320.20
217,569.51
$1,154,889.71
52,504.12
$30,074.22
285,964.33
10,999.47
34.01
$1,207,393.83
327,072.03
Transfers to Civil Service Superannuation Fund of present
value of two allowances granted pursuant to section
17(1)	
Administration expenses, section 23	
18,894.67
46,072.02
Net increase of ledger assets
1,599,432.55
$6,160,101.10 L 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31st, 1958
Assets
Cash in bank        $140,199.26
Accounts receivable—
Due from employees, etc  $249,876.69
Due from employers     184,851.96
Due from Minister of Finance, section 4 (4)        25,615.47
  460,344.12
Investments at cost or par—net after amortization of premiums and
discounts (see Schedule No. 1) (par value, $44,372,000)     44,116,603.42
Accrued interest on investments  397,394.53
$45,114,541.33
Liabilities
Employees' Retirement Annuity Account  $20,755,251.71
Employers' Service Pension Account     24,301,461.14
Miscellaneous accounts payable  57,828.48
$45,114,541.33
Approved.
W. H. Forrest, G. S. Soutar,
Superannuation Commissioner. Accountant.
I certify that the accounts of the Commissioner and Trustees of the Teachers' Pensions Fund for
the year ended December 31st, 1958, have been examined under my direction.
The liabilities in respect of Employees' Retirement Annuity Account and Employees' Service
Pensions Account are stated at book value. Under the terms of section 36 (1) of the "Teachers'
Pensions Act," chapter 334, R.S.B.C. 1948, an actuarial valuation of these liabilities was made as at
December 31st, 1955, showing a surplus on Service Pensions Account.
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.
C. J. Ferber, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C., October 30th, 1959. TEACHERS' PENSIONS ACT—ANNUAL REPORT
L 9
SCHEDULE No. 1, TRUSTEES OF THE TEACHERS' PENSIONS FUND AND
THE MINISTER OF FINANCE FOR THE PROVINCE OF BRITISH
COLUMBIA.
Securities Held as at December 3 1st, 1958
Par Value Book Value
Government of Canada   $518,000.00 $518,000.00
Canadian National Railway Company  (Government of Canada guaranty)    1,900,000.00 1,878,560.82
Province of British Columbia  161,000.00 159,547.59
Province of British Columbia guaranty—
British Columbia Power Commission  7,688,500.00 7,575,931.42
Pacific Great Eastern Railway Company _ 3,706,000.00 3,679,868.08
Greater Vancouver Water District  1,528,000.00 1,521,874.70
Vancouver and Districts Joint Sewerage and
Drainage Board   55,000.00 57,822.57
British Columbia school district serials   17,525,000.00 17,256,519.52
British Columbia municipal serials  1,612,000.00 1,563,506.90
British Columbia hospital improvement district serials   480,000.00 479,040.00
British Columbia irrigation and waterworks
district serials   260,000.00 258,475.00
Province of Manitoba   2,612,000.00 2,620,269.86
Province of Ontario   30,000.00 30,513.39
Province of Ontario guaranty—
Ontario Hydro Electric Commission   375,500.00 394,219.55
Ontario Municipal Improvement Corporation 3,196,000.00 3,301,609.85
University of Toronto   2,725,000.00 2,820,844.17
$44,372,000.00    $44,116,603.42 L 10
BRITISH COLUMBIA
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L 11
SCHEDULE No. 3, TEACHERS' PENSIONS FUND
Comparative Statistics, January 1st, 1949, to December 31st, 1958—Allowances Granted and in Force, Subdivided by Type and Plan of Allowance
In Force at Beginning
of Year
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Year
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Year
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es
u
u
.a
CO
•o
s
1
3
O
'J
.B
O
1-1
•a
V
td
■a
o
Si
(a)
(6)
63
E 9
E B
3
3
0
219
72
53
133
24
44
13
12
—
18
7
16
4
1
-
—
9
2
1
-.
1
_
-—
228
70
59
1949—
Normal retirement
Disability.- 	
Death.    	
149
24
47
14
12
-
Totals	
344 |157 | 57
12
--
25
16 |    5
._.
—
12 | ....
-1    1
—
—
357 1173
61 | 12 |
1950—
Normal retirement
228
70
59
149
24
47
14
12
--
19
2
3
17      3
5     .
....
—
8
3
3
1
1
2
-
~
239
69
59
165
28
48
14
12
—
Death
....
Totals	
357
173 | 61
12 |_
24
22
3|_
14
—.
2
2
—
—
367 [193
62
12
1951—
Normal retirement
Disability... 	
Death 	
239
69
59
165    48
28    14
12
-
8
1
1
2
1
1
—
40
8
3
2
2
l2
-
~-
239
67
60
163
28
48
15
12
40
Totals	
367
193 | 62
12
10 |    3
1
—
40
11
2 |    3
—
366 |191
63
12
40
1952—
Normal retirement
239
67
60
163
28
48
15
12
40
2
6
.5
1
1
1
--
48
8
4
4
1
-
—
1
233
69
65
159
28
48
16
1
12
87
Death- 	
Totals.	
366 [191 | 63
12
40
13 |    1
2 | ....
48
12 |    4
1
—
—
1
367
187 | 65
12 [ 87
1953—
Normal retirement
Disability	
Death       	
233
69
65
159
28
48
16
1
12
87
2
4
3
1
2
—
27
10
1
3
4
2
1
--
11
225
68
66
156
28
49
17
1
12
103
Totals	
367
187
65
12
87
6 |    3
3
27
14 |   4
2
1
—
11
359 |184 | 67
12
103
1954—
Normal retirement
225
68
66
156
28
49
17
1
12
103
3
2
3
2
1
1
--
32
13
5
1
2
2
1
--
4
215
65
69
155
28
47
17
2
12
131
Death
Totals	
359 |184 [ 67 | 12
103
8 |    2 |    2
—
32
18
1
2
3
—
4
349 [183 | 66
12
131
1955—s
Normal retirement
Disability	
Death-	
1
137   115
70    28
69 1 _
45
16
2
12
247
2
3
4
1
-
39
2
11
3
3
2
3
1
-
-
126
69
72
114
25
46
15
2
12
286
2
Totals	
276 |143
63 | 12 |247
5
4
1 | _ | 41
14 |    3 |    5
1|-
—
267 |139 | 63 | 12 |288
1956—
Normal retirement
126
69
114
75
46
15
2
12
286
2
3
3
I
4
1
--
35
10 |    2
6       1
_.. | ....
1
1
1
i
3
119
66
73
115
23
46
15
2
11
318
72 | --
7,
Totals	
267 ] 139 | 63
12
288
7|    4
1
.-
35
16 |    3 |    2
1
i
3
258 |138
63 | 11
320
1957—
Normal retirement
Disability	
Death 	
1
119 J115
66 | 23
73 | ._
46
15
2
11
318
2
4 |    2
4 | ....
5|-
1
--
46
1
7      4
5 1 _
.- | ....
—
3
....
—
6
116
65
78
113
23
44 | 11
15 | ....
2| _
358
3
Totals	
258 [138 [ 63 | 11 |320
13 |    2 |    1 | ._. | 47
12 |    4 | ... |    3 | --
6
259 |136 | 61 | 11 |361
1958—
Normal retirement-
116 113
65 | 23
78 | -„
44 [ 11
15 | _
2|-
358
3
5
2
3
4
1
-
27
6
5
1
6
1
2
1
1 1 _
4
1
1       1       1
115 |109 j 45 | 11
62[ 21 1 14 | _.
80 | ..-      2 | _
381
Death   	
7
Totals   	
259 1136
61 1  11
361
10
4
1
—
27
12
7
3
1 1    -
5
257 1130
61 1  11
383
1 Guaranteed:   (a) Superannuant died after expiration of guaranteed period;   (b) guaranteed period expired, super-
annuant having died previously.
2 Disability;   recovery;   returned to teaching service.
s From 1955 the figures are on actual count by plan in force, including those changed to temporary annuity effective
January 1st, 1952. L 12
BRITISH COLUMBIA
SCHEDULE No. 4, TEACHERS' PENSIONS FUND
Comparative Statistics, January 1st. 1946, to December 31st, 1958,
Subdivided According to Sex of Contributor
Number of
Contributors
Allowances
Fiscal Year
Number of
Refunds
Granted
Number of
Allowances
Granted
Number of
Deaths and
Expirations
Number of
Allowances
in Force at
End of Year
Male
Female
Male
Female
Male
Female
Male
Female
Male
Female
1946..   ..
1,742
227
2,100
169
2,135
170
2,385
129
2,724
105
2,976
148
3,159
174
3,384
93
3,668
146
4,055
148
4,397
147
4,305
330
201
4,629
330
234
3,387
666
3,842
438
4,012
532
4,260
711
4,561
630
4,605
898
4,856
972
5,260
622
5,593
777
5,954
466
6,474
668
6,022
1,070
801
6,338
1,305
879
97
118
111
71
52
85
70
59
54
76
93
103
96
511
504
444
362
359
412
376
469
436
478
500
501
483
29
26
25
21
24
25
28
27
27
28
21
23
21
20
31
~19
25
"25
29
"lis
"l2
17
23
26
40
21
5
4
11
5
5
6
9
10
10
14
9
12
14
9
10
4
8
13
lo
9
221
181
~9
17
13
14
200
222
236
252
271
289
308
325
342
357
369
383
390
298
1947         	
319
1948 -   	
334
1949- ,
351
1950    _	
363
1951    -   	
383
1952.            	
410
1953-
400
1954          	
399
Non-active  -	
1955   ,
Non-active2 	
1956 -
412
421
1957  	
445
1958 	
452
Non-active2	
	
1
	
	
1
i
1
1 Expirations include allowances rescinded:  1953, 13; 1954, 1.
2 Non-active open accounts of teachers out of service more than two years.
3 Non-active open accounts of teachers out of service less than two years.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1959
260-1159-1160

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