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
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Nineteenth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly [1961]
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Title | Nineteenth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1ST TO DECEMBER 31ST 1959 |
Alternate Title | TEACHERS' PENSIONS ACT - ANNUAL REPORT |
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British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1961] |
Genre |
Legislative proceedings |
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FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1961_V01_11_G1_G12 |
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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 | 2017-09-07 |
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 | 10.14288/1.0355802 |
AggregatedSourceRepository | CONTENTdm |
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