Open Collections

BC Sessional Papers

Nineteenth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly 1961

Item Metadata

Download

Media
bcsessional-1.0355802.pdf
Metadata
JSON: bcsessional-1.0355802.json
JSON-LD: bcsessional-1.0355802-ld.json
RDF/XML (Pretty): bcsessional-1.0355802-rdf.xml
RDF/JSON: bcsessional-1.0355802-rdf.json
Turtle: bcsessional-1.0355802-turtle.txt
N-Triples: bcsessional-1.0355802-rdf-ntriples.txt
Original Record: bcsessional-1.0355802-source.json
Full Text
bcsessional-1.0355802-fulltext.txt
Citation
bcsessional-1.0355802.ris

Full Text

 PROVINCE OF BRITISH COLUMBIA
Nineteenth Annual Report
of the Business Done in Pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1st TO DECEMBER 31st
1959
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1960  To His Honour George Randolph Pearkes, V.C., PC, C.B., D.S.O., 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 Teachers' Pensions Act during the period January 1st, 1959, to
December 31st, 1959.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., October 18th, 1960. 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, 1959, to
December 31st, 1959.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Teachers' Pensions.
September 19th, 1960. TEACHERS' PENSIONS ACT
ANNUAL  REPORT
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE TEACHERS'
PENSIONS ACT DURING THE PERIOD JANUARY 1st, 1959, TO
DECEMBER 31st, 1959.
Section 4.— Superannuation-allowance payments pursuant to this section
amounted to $90,316.48. The Minister of Finance reimbursed the Fund by the
amount of $48,875.68 in accordance with the provisions of subsection (4). The
increases pursuant to subsection (5), amounting to $41,440.80, were paid from
the Service Pensions Account. As at December 31st, 1959, there were ninety-nine
persons in receipt of allowances under this section.
Section 6.—Contributions received from teachers amounted to $3,764,563.79,
consisting of ordinary contributions of $3,080,696.40, special 1-per-cent contributions of $593,735.73, individual contributions for service-pension credits pursuant
to subsection (6) of $1,545.90, and individual repayment of refunds for reinstatement pursuant to subsection (7) of $85,885.76 and pursuant to section 17 (2) (b)
of $2,700. As at December 31st, 1959, there were 13,352 active contributors to
the Fund.
Section 8.—Employer contributions received pursuant to this section amounted
to $3,649,153.44, consisting of regular 6-per-cent contributions of $3,560,567.68
and matching of employee contributions for reinstatement of $88,585.76.
Section 11.—Superannuation allowances were granted to fifty-seven teachers
who attained retirement age. For analysis see statements of comparative statistics
appended hereto.
Section 15.—No superannuation allowances were granted during the year to
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 one teacher who died while still in service.
Section 16 (4).—Refunds amounting to $44,572.99 were made in the case of
nineteen teachers who died while still in service.
Section 17 (1). — Transfers to the Civil Service Superannuation Fund
amounted to $70,743.64, being the present value of five allowances granted pursuant to this subsection.
Section 18 (1) and (2).—Refunds amounting to $322,579.23 were made to
608 teachers who left the service of their employers. In addition to the number of
teachers who received a refund, there were 197 (43 males and 154 females) who,
between January 1st, 1959, and December 31st, 1959, 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 $356,264.18 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
$52,006.92.
5 G 6 BRITISH COLUMBIA
Section 26.—During the year two meetings of the Teachers' Pensions Board
were held, at which fifty-two individual cases were dealt with.
Section 31.—The securities held by the Trustees on December 31st, 1959, are
set out in Schedule No. 1 of this Report. During the year $10,521,000 par value
bonds were acquired by purchase or exchange, the average yield being 5.47 per
cent; $2,368,000 par value bonds were released by sale or exchange at an average
yield of 4.25 per cent; and $246,000 par value bonds were redeemed, resulting in
a net increase of $7,907,000 par value bonds held by the Trustees between December 31st, 1958, and December 31st, 1959. 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.
W. H. FORREST,
Commissioner of Teachers' Pensions. TEACHERS' PENSIONS ACT—ANNUAL REPORT G 7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31st, 1959
Revenue
Contributions as per requirements of the Teachers' Pensions Act—
Employee contributions—
Section 6 (1), (2), (3), and (6),
regular and voluntary  $3,080,696.40
Section 6 (5), special 1 per cent       593,735.73
Section 6 (6), service-pension
portion  1,545.90
Sections 6 (7) and 17 (2) (_>),
repayment of refunds for reinstatement   88,585.76
  $3,764,563.79
Employer contributions—
Section 8 (1), 6 per cent  $3,560,567.68
Section 8 (2), matching of employee for reinstatement  88,585.76
$3,649,153.44
Less abatements to Minister of
Finance pursuant to section
18 (3)        356,264.18
     3,292,889.26
Minister of Finance, section 4 (4) (as per contra) 48,875.68
Interest on investments and bank interest     1,905,978.30
  $9,012,307.03
Expenditure
Superannuation allowances—
Payable from Teachers' Pensions Fund—
Service pensions      $872,274.79
Section 4 (5) and (6), increases 41,440.80
$913,715.59
Retirement annuities         228,995.51
$1,142,711.10
Payable by Minister of Finance—
Section 4 (4) (as per contra)  48,875.68
  $1,191,586.78
Refund of employees' contributions—
Section 16 (4)        $44,572.99
Section 18 (1)        310,616.91
Section 18 (2)  11,962.32
Miscellaneous   84.35
        367,236.57
Transfers to Civil Service Superannuation Fund of
present value of five allowances granted pursuant
to section 17 (1)  70,743.64
Administration expenses, section 23  52,006.92
     1,681,573.91
Net increase of ledger assets  $7,330,733.12 G 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31st, 1959
Assets
Cash in bank  $32,117.41
Accounts receivable—
Due from employees, etc.  $260,185.16
Due from employers       68,491.20
328,676.36
Investments at cost or par—net after amortization of premiums
and discounts (see Schedule No. 1) (par value, $52,279,000)    51,585,863.76
Accrued interest on investments  489,233.50
$52,435,891.03
Liabilities
Employees' Retirement Annuity Account  $24,179,011.82
Employers' Service Pension Account     28,208,434.15
Miscellaneous accounts payable  48,445.06
$52,435,891.03
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, 1959, have been examined under my direction.
The liabilities in respect of Employees' Retirement Annuity Account and Employers' Service Pensions Account are stated at book value. Under the terms of section 36 (1) of the
Teachers' Pensions Act, 1940, 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., September 16th, 1960. TEACHERS' PENSIONS ACT—ANNUAL REPORT
G 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, 1959
Canadian National Railway Company (Government
of Canada guaranty)	
Province of British Columbia	
Province of British Columbia guaranty—
British Columbia Power Commission	
British  Columbia  Toll  Highways  and  Bridges
Authority	
Pacific Great Eastern Railway Company	
Greater Vancouver Water District	
Vancouver  and  Districts  Joint Sewerage
Drainage Board	
Par Value
$50,000.00
156,000.00
Book Value
$48,448.98
154,750.50
8,304,500.00       8,197,683.57
and
British Columbia school district serials..
British Columbia municipal serials	
British Columbia hospital improvement district
serials	
British Columbia irrigation and waterworks district serials	
Alberta Government Telephone Commission	
Province of Manitoba	
Province of Ontario	
Province of Ontario guaranty—
Ontario Hydro Electric Commission	
Ontario Municipal Improvement Corporation.	
University of Toronto	
2,056,000.00
3,906,000.00
1,528,000.00
44,000.00
23,392,000.00
2,588,000.00
480,000.00
258,000.00
108,000.00
2,612,000.00
30,000.00
375,500.00
3,666,000.00
2,725,000.00
2,054,526.79
3,876,142.59
1,522,125.54
46,419.63
22,754,519.98
2,486,587.22
479,040.00
256,509.00
105,592.59
2,619,252.16
30,447.87
391,840.39
3,750,449.19
2,811,527.76
$52,279,000.00 $51,585,863.76 G 10
BRITISH COLUMBIA
Os
V.
ON
T—I
H
t/i
Q
T-H
Z
CO
1.
w
«
CO
i
z
w
o
w
r—1
Q
z
o
w
H
Ph
*
T-H
C/_
P.
•_■
ON
T-H
P.
_^
s
H
u
T-H
<
►<
P.
<
-
1
Z
CI
<
ri
O.
z
U
H
P.
u_
_
<
H
Q
co
P.
w
s
g
y
H
</_
<
<
o
U
ggwx
Z.S " o
_ _1 !3
sis
Its
S B'g
til. I
zow
il
il
I
55
ao
ti c_
E
W
BP-ai
^ _w
l_l«|l
p.
(NinvDcriOt.rnmco'^tNCO^-TrM^^
mOO.Ti-rnmCTNO<ncn rintnt. _h oo
^_n-,,|-.CT_,(S1 «■• >o t> -m co.m o H no nr-
oo \o o"r_i in © m ooaCcr\"©t^cio\"oo"-t*o\'
inf-Osociinr^Oss—iinTfciinos^tosm
HHHf.(.ncJMcn mTtvci>i>coooa\
...... .    ...   ...HO^OOO
mcnm^,«r'^m<r)^0--___>t>t>t---t^'C0
Cr. v.
rr m
oo r-
_>fto\N2|tnf.Hinc.Op.Oo\h
MONmONO^Ot.rNN'tMint.
0\00-OOPl\0-,Mr.Oh(.,*(-(.
"1 "1 °i, °_. °_ °_ ""_ "*v pl *$, *?, °£ °°_ <"! al,
xO_)a\nt.(.HHtnr.-i>eOt)oa\
rnrHr-T-i^-iT-.r-(T-.rHC^C.r-
M(.f^c.O\oor.inrn'-<--_3ooo^r._-
Ocnr-ni«0r.inc.'-0\,tr.a\''.a>o
c._,r.f.'d-_:vo>i.^',t--_-iri--^w.\o
r.oooooT-.ootsit-ooT~iOOo\T-tr-r.
r.r--ct.W-t^mr-)mv.a\CT\r^O\ooooi-o
0'Hwa>_.inM-w.no>c.,*'^rvOCTv[s;
fn^ooinc^ooyfc^^ifo^f^c^so oo'dv.
--____-(— ooOr.Tj-voooo-__OsfS__.r.
«■ rH(Ht.T.i-i01(SCvlr-f-',t
V.  0O
ri o
m a
oo Wl
cn cc_3XM\orfiv.Mooif.O\ fn a o^
t^r^CNV-rirr\Dt>oooi^^T-HoC-rTrn
© ■*
m vo c
■* Tt ->
0\ rn
ts tt
^ VCf.O\COt. H VOW. _D C
inOba -it.'tOHM
Hint- © ^^t-^^or^r^i
so os t-T cn oo m hm* in i
Hifihfflf N   _3>\Oy-  V
wts   . 0\aftNMnT.r-.
r-< \C  U-  ■Tf  \OHO\  l-l    -9 CJ,*n'
.     ,-ONMr.-)NOO\
<Tt^c_©rrc.o©-_coi-.c.m_>
V.   Tt   1-H  OS   rH   l> (
•—> -m   * \j l    >'w y "*"'' "^ ^ !■' i"
.    _ o_ \q cs O 00 rn xt o 0\ _D »-i vO_ r- a.
T-<t.t.'*V-_:_-000\Or«r»ff)TjmiCt-
TtTtTtTtTtTfTj-TtTj--nininin'/".»''->nin
0\OvONCiO\0\O.Ov^O\0\^Ovff'0\0\ON
p «
II
EO  S
j. 5
■__?
o
Tt
IT.
Os
3
O
3
0
fi
m
CU
' '
•0,0
<]>
>
>
•fi .fi
O
« A X!
■a
1* 1*
t/i
J= -fi
a
.;
<u
ft
O
o
co
a
o
.  .
Q
O
o
«
«
*o
rt
rt
fi
a
.H
o 0
8
p
rt
o
rt
rt
C
fi
u
5
O
BZZ TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 3.—TEACHERS' PENSIONS FUND
G 11
Comparative Statistics, January 1st, 1950, to December 31st, 1959—Allowances Granted and in Force, Subdivided by Type and Plan of Allowance
In Force at Beginning
of Year
Granted during
Year
Expired during
Year
In Force at End
of Year
Fiscal Year
u
u
%
s
Vi
ti
Hi
a
Lt
-
3
O
,2
3
.53
"o
•o
o
s
•3
H
« _
O-i
D. 3
E §
a>
3
Hi
•a
a
to
■a
u
Hi
c
a
u
ts.
3
a
Hi
3
0
0
•a
S
53
o
s
P _
U  >i
P. 3
E c
u c
Hi
3
0
"__
G
in
Guaranteed1
3
a
o
■a
_>
(3
xi
O
2
Li
1- >i
o.i_
& 3
si
o
L*
B
CU
.s
CO
13
Hi
Hi
C
C_
H
3
0
3
.3
o
u
E
■3
o
s
u
L.   >,
o.ti
(a)
(6)
O, 3
i e
s
Hi  C
1950—
Normal retirement
Disability- -	
Death  ....
228
70
59
149
24
47
14
12
—
19
2
3
17
5
3
—
—
8
3
3
1
1
2
._.
—
239
69
59
165
28
48
14
12
-
Totals 	
357
173 | 61 | 12 | ___
24 | 22
3
_..
14 | ....
2
2
—
—
367 |193 | 62
12 | -
1951—
Normal retirement
Disability	
Death       	
239
69
59
165
28
48
14
12
-
8      2
1      1
1 | ....
1
-
40
8
3
2
2
l2
-
239
67
60
163
28
48
15
12
40
Totals-
367 |193 | 62
12
_„
101    3
1|_
40
11 |    2|    3
—
—
366 |191
63 | 12
40
1952—
Normal retirement
Disability- 	
Death      	
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
Totals.	
366 |191
63 | 12
40
13 |    1
2
48
12 |    4
1
—
—
1
367 |187
65
12 | 87
1953—
Normal retirement
233
69
65
159
28
48
16
1
12
87
2
4
3
1
2
-
27
10
1
3
4
2
1
_..
11
225 |l56
68    28
66 1 —
49
17
1
12
103
Death	
—
Totals
367 |187 | 65
12
87
6 |    3
3
—
27
14 |    4
2
1
—
11
359 |184
67
12
101
1954—
Normal retirement
Disability	
Death _	
225
68
66
156    49
28    17
— |    1
12
103
3
2
3
2
-
-
32
13
5
1
2
2
1
4
215
65
69
155
28
47
17
2
12
131
Totals
359
184 | 67 | 12
103
8|    2|    2
—
32
18
1|    2
3
—
4
349 |183 | 66 | 12
131
1955—=
Normal retirement
Disability	
Death      	
137
70
69
115
28
45
16
2
12
247
2
3
4
—
—
39
~2
11
3
3
2
3
1
-
—
126
69
72
114
25
46
15
2
12
286
?,
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
1
4
--
35
10
6
2
1
1
1
1
l
3
119
66
73
115
23
46
15
2
11
318
Death	
72 j ._.
2
Totals	
267 |139
63
12 |288
7|    4
—
35
16 |    3 |    2
1
l
3
258 |138
63 | 11 (320
1957—
Normal retirement
Disability	
Death	
119
66
73
115
23
46
15
2
1
11 [318
- | ....
-1    2
4
4
5
2
—
—
46
1
7
5
4
-
3
-
6
116
65
78
113
23
44
15
2
11
358
3
Totals	
258 |138 | 63 | 11 ]320
13 |    2
—
47
12 |    4 | - |    3 | - |    6
259
136 | 61
11 |361
1958—
Normal retirement.
Disability 	
Death 	
116  113
65 1 23
78 | —
44
15
2
11
358
3
5
2
3
4
--
27
6      6
5      1
1 | —
2
1
-|_|_
115
62
80
109
21
45
14
2
1
11 |381
1 ~2
Totals	
259 [136 | 61
11
361
10
4
1 1
27
12 |    7 1    3
1|-.|    5
257 [130
61 | 11 [383
1959—   -
Normal retirement
Disability-	
Death 	
115
62
80
109
21
45
14
2
11
381
4
....
3
_...
49
1       1
1       1
5|    6|   2
3 | _.. | ._.
2 1 — 1
1
— 1    6
.... | -
.... | -
114|104
59 | 21
79 | _.
46
13
2
11
424
7
Totals	
257 1130
61 | 11 |383
5|    3 |    1 | - | 49
101    6|    2|    1
-|    6
252 |125 | 61 | 11 |426
1 Guaranteed:   (
superannuant having
2 Disability; recc
'From 1955 the
o)  S
lied]
very
figu
uper
.revi
ret
res
iiraii
ouslj
_rne<
ire c
ant
1 to
n a
died
each
:tual
afte
ing s
COUl
r ex
ervic
at b
.irat
e.
f pl£
on c
n in
f gi
for
larante
ce, in
ed
ludi
_erio
tig t
d;
.ose
b)
chat
iuan
lged
inteec
to t
I pe
smpc
riod
rary
expt
ann
red,
uity
effective January 1st, 1952 G 12 BRITISH COLUMBIA
SCHEDULE No. 4.—TEACHERS' PENSIONS FUND
comparative statistics, january 1st, 1946, to december 31st, 1959,
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
4,982
409
169
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
6,640
1,321
810
97
Hi
111
71
52
~85
70
59
54
76
93
103
96
103
511
504
444
362
359
412
376
469
436
478
500
501
483
524
29
26
25
21
24
"25
28
27
27
-8
21
23
21
19
20
31
19
25
25
29
36
12
17
23
26
40
21
39
5
4
"IT
5
5
6
~9
10
"To
14
9
12
14
12
9
"To
~~i
8
~"_3
~10
~9
~2_.
"Ii1
9
~17
~13
14
200
222
236
252
271
289
308
325
342
357
369
383
390
397
298
Non-active	
1947               	
319
1948 	
Non-active—  _.
1949           	
334
351
1950                       	
363
1951          	
383
1952           	
410
1953       -
400
1954        	
399
1955.   -      -	
412
1956          	
421
1957  —
445
1958        _
452
1959- _     ....
Non-active3...	
Non-active2	
478
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.
1960
260-1060-7971

Cite

Citation Scheme:

        

Citations by CSL (citeproc-js)

Usage Statistics

Share

Embed

Customize your widget with the following options, then copy and paste the code below into the HTML of your page to embed this item in your website.
                        
                            <div id="ubcOpenCollectionsWidgetDisplay">
                            <script id="ubcOpenCollectionsWidget"
                            src="{[{embed.src}]}"
                            data-item="{[{embed.item}]}"
                            data-collection="{[{embed.collection}]}"
                            data-metadata="{[{embed.showMetadata}]}"
                            data-width="{[{embed.width}]}"
                            async >
                            </script>
                            </div>
                        
                    
IIIF logo Our image viewer uses the IIIF 2.0 standard. To load this item in other compatible viewers, use this url:
http://iiif.library.ubc.ca/presentation/cdm.bcsessional.1-0355802/manifest

Comment

Related Items