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Twentieth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly 1962

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Twentieth Annual Report
of the Business Done in Pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
IANUARY 1st TO DECEMBER 3 1st
1960
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1961
  To His Honour George Randolph Pearkes, V.C., P.C., 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 lanuary 1st, 1960, to
December 31st, 1960.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., October 27th, 1961.
 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 lanuary 1st, 1960, to
December 31st, 1960.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Teachers' Pensions.
October 26th, 1961.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
REPORT OF TFIE BUSINESS DONE IN PURSUANCE OF THE TEACHERS'
PENSIONS ACT DURING THE PERIOD IANUARY 1st, 1960, TO
DECEMBER 31st,  1960.
Section 4. — Superannuation-allowance payments pursuant to this section
amounted to $85,666.85. The Minister of Finance reimbursed the Fund by the
amount of $46,300.21 in accordance with the provisions of subsection (4). The
increases pursuant to subsection (5), amounting to $39,366.64, were paid from the
Service Pensions Account. As at December 31st, 1960, there were ninety-three
persons in receipt of allowances under this section.
Section 6.—Contributions received from teachers amounted to $4,254,267.21,
consisting of ordinary contributions of $3,481,355.79, special 1-per-cent contributions of $672,691.03, individual contributions for service-pension credits pursuant
to subsection (6) of $1,910.19, and individual repayment of refunds for reinstatement pursuant to subsection (7) of $98,262.62. As at December 31st, 1960, there
were 14,061 active contributors to the Fund.
Section 8.—Employer contributions received pursuant to this section amounted
to $3,877,686.27, consisting of regular contributions of $3,779,423.65 and matching of employee contributions for reinstatement of $98,262.62.
Section 11.—Superannuation allowances were granted to sixty-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 three teachers who died while still in service.
Section 16 (4).—Refunds amounting to $49,998.84 were made in the case of
twenty-one teachers who died while still in service.
Section 17 (1).—Transfers to the Civil Service Superannuation Fund amounted
to $41,203.25, being the present value of three allowances granted pursuant to this
subsection.
Section 18 (1) and (2).—Refunds amounting to $360,683.41 were made to
703 teachers who left the service of their employers. In addition to the number of
teachers who received a refund, there were 428 (96 males and 332 females) who,
between lanuary 1st, 1960, and December 31st, 1960, 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 $397,009.42 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
$48,582.18.
 K 6 BRITISH COLUMBIA
Section 26.—During the year two meetings of the Teachers' Pensions Board
were held, at which fifty-three individual cases were dealt with.
Section 31.—The securities held by the Trustees on December 31st, 1960, are
set out in Schedule No. 1 of this Report. During the year $11,519,000 par value
bonds were purchased, the average yield being 5.876 per cent; $860,000 par value
bonds were sold at an average yield of 4.076 per cent; and $1,969,000 par value
bonds were redeemed, resulting in a net increase of $8,690,000 par value bonds
held by the Trustees between December 31st, 1959, and December 31st, 1960.
Prices paid for securities bought or sold are determined by market conditions at the
time of transfer. 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 K 7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31st, 1960
Revenue
Contributions as per requirements of the Teachers' Pensions Act—
Employee contributions—
Section 6 (1), (2), (3), and (6),
regular and voluntary $3,481,355.79
Section 6 (5), special 1 per cent      672,691.03
Section 6 (6), service-pension
portion  1,910.19
Section 6 (7), repayment of refunds for reinstatement         98,262.62
 $4,254,219.63
Employer contributions—
Section 8 (1), regular $3,779,423.65
Section 8 (2), matching of employee for reinstatement         98,262.62
$3,877,686.27
Less abatements to Minister of
Finance pursuant to section
18 (3)       397,009.42
    3,480,676.85
Minister of Finance, section 4 (4) (as per contra)        46,300.21
Interest on investments and bank interest    2,431,015.46
 $10,212,212.15
Expenditure
Superannuation allowances—
Payable from Teachers' Pensions Fund—
Service pensions     $943,684.58
Section 4 (5) and (6), increases        39,366.64
$983,051.22
Retirement annuities       257,480.16
$1,240,531.38
Payable by Minister of Finance—
Section 4 (4) (as per contra).         46,300.21
 $1,286,831.59
Refund of employees' contributions—
Section 16 (4)       $49,998.84
Section 18 (1)       345,768.22
Section 18 (2)         14,915.19
 ■      410,682.25
Transfers to Civil Service Superannuation Fund of
present value of three allowances granted under
section 17 (1)         41,203.25
Administration expenses, section 23        48,582.18
      1,787,299.27
Net increase of ledger assets    $8,424,912.88
 K 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31st, 1960
Assets
Cash in bank        $ 169,642.72
Accounts receivable—
Due from employees, etc  $331,224.58
Due from employers     237,016.53
  568,241.11
Investments at cost or par—net after amortization of premiums
and discounts (see Schedule No. 1) (par value, $60,969,000)    59,534,077.26
Accrued interest on investments  585,748.91
$60,857,710.00
Liabilities
Employees' Retirement Annuity Account  $28,185,898.78
Employers' Service Pension Account     32,626,460.07
Miscellaneous accounts payable  45,351.15
$60,857,710.00
Approved.
W. H. Forrest, G. S. Soutar,
Superannuation Commissioner. Accountant.
The accounts of the Teachers' Pensions Fund for the year ended December 31st, 1960, have
been examined under my direction, and in my opinion the above balance-sheet is 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 23rd, 1961.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT K 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 31st, 1960
Par Value Book Value
Government of Canada guaranty—Canadian National
Railway Company  $50,000.00         $48,589.42
Province of British Columbia  156,000.00         154,948.71
Province of British Columbia guaranty—
British Columbia Power Commission  7,688,500.00      7,588,170.34
British Columbia Toll Highways and Bridges Authority   1,056,000.00      1,054,610.98
Pacific Great Eastern Railway Company  4,811,000.00      4,687,970.57
Greater Vancouver Water District  1,528,000.00      1,522,376.38
Vancouver   and   Districts   loint   Sewerage   and
Drainage Board  44,000.00           46,082.73
British Columbia school district serials  31,534,000.00    30,285,571.60
British Columbia municipal serials  2,535,000.00      2,435,467.62
British Columbia hospital  improvement  district
serials  480,000.00         479,040.00
British Columbia irrigation and waterworks district serials   256,000.00         254,543.00
Province of Alberta guaranty—
Alberta Government Telephone Commission  108,000.00         105,722.73
Alberta Municipal Financing Corporation  564,000.00         547,135.42
Province of Manitoba  2,612,000.00      2,618,234.46
Province of Ontario  30,000.00           30,382.35
Province of Ontario guaranty—
Ontario Hydro Electric Power Commission  375,500.00         389,461.23
Ontario Municipal Improvement Corporation  3,666,000.00      3,741,047.85
University of Toronto  2,725,000.00      2,802,211.35
Province of Quebec guaranty—Quebec Hydro Electric
Commission  750,000.00         742,510.52
$60,969,000.00 $59,534,077.26
 K 10
BRITISH COLUMBIA
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 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 3.—TEACHERS' PENSIONS FUND
K 11
Comparative Statistics, Ianuary 1st, 1951, to December 31st, 1960 —
Allowances Granted and in Force, Subdivided by Type and Plan of
Allowance.
Granted during Year
Expired during
Year
In Force at End
of Year
Fiscal Year
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60
163
28
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12
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Disability--	
Death     	
Totals	
10 |    3 |    1 | .... | 40
11
2 |    3
.... | .... | _
366
191 | 63
12
40
1952—
Normal retirement 	
Disability 	
Death    —
2       1
6   ■ ....
5 J' _
1
1
-
48
8
4
4  |    1
.... | ...
-- 1 —
1
233
69
65
159
28
48
16
1
12
87
Totals             	
13  |    1  1    2
—
48
12
4|    1
.... [ -.. |    1
367
187 | 65
12
87
1953—
2
4
3
1
2
-
27
10
1
3
4
2
1
....
225
68
66
156
28
49
17
1
12
103
Death             	
Totals 	
6 j    3
3
27
14
4 j    2
1 | ....
11
359
184 1 67
12
103
1954—
3
2
3
2
1
1
-
' 32
13
5
1
2
2  1 .-
1     ....
4
215
65
69
155
28
47
17
2
12
131
Disability -  	
Death     	
Totals            	
8 |    2
2
.._ | 32
18
1  |    2
3  1 —  f    4
349
183  | 66
12
131
1955—3
Normal retirement 	
2
3
4
,    1
39
2
11
3
3
2
3
-
1
—
126
69
72
114     46
25     15
  f   2
12
286
Death     	
2
Totals	
5 [    4 |    1 | „_ | 41
14
3 [    5
1  ]  ....  | ....
267
139 | 63
12
288
1956—
Normal retirement —
3
3
1
4       1
35
10
6
2
1
'    1
1
1
—
l
3
119
66
73
115
23
46
15
2
11
318
Death     —
2
Totals -
7 |    4 |    1
._ [ 35
16
3  |    2
1  |    1 |    3
258
138
63
11
1957—
Normal retirement	
4
4
5
2
1
46
1
7
5
4 | -...
... |...
3
-
....
6
116
65
78
113
23
44
15
2
11
358
Death    	
'
13 |    2 |    1 | _ | 47
12
4 | ....
3  j .... |    6
259
136 | 61
11
1958—
Normal retirement  —
5
2
3
4
1
—
1 27
6
5
1
6
1
2
1
1
4
1
115
62
80
109 [ 45
21     14
.... 1    2
11
381
Death      -	
10 |    4
1 | ....
' 27
12
7
3
1 | .... |    5
257
130 | 61
11
383
1959—
Normal retirement	
4
1
3
1
—
49
5
3
2
6
2
....
1
6
114
59
79
104     46
21     13
  1    2
11
424
Death 	
2
5
3
1
_..
49
10
6
2
1
.... |    6
252
125 | 61
11
426
1960—
Normal retirement —
10
2
7
,   2
45
1
4
1
6
1
2
1
—
5
120
59
80
103     48
19     13
       2
11
::::
464
Death      - 	
3
12
7
2
—
46
5
7
3
5
259
122
63
11
467
1 Guaranteed:   (a) Superannuant died after expiration of guaranteed period;   (b) guaranteed period expired,
superannuant having died previously.
2 Disability; recovery; returned to teaching service.
3 From 1955 the figures are on actual count by plan in force, including those changed to temporary annuity
effective January 1st, 1952.
 K 12 BRITISH COLUMBIA
SCHEDULE No. 4.—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1st, 1946, to Decemer 31st, 1960,
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
1946	
Non-active...
1947	
1948
1949	
1950
1951.	
Non-active 	
1952  _
Non-active-
1953	
Non-active-
1954	
Non-active	
1955	
Non-active2-
1956 	
Non-active2
1957	
Non-active3-
Non-active2-
1958	
Non-active3..
Non-active2-
1959 	
Non-active3
Non-active2
I960-	
Non-active3-
Non-active2-
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
5,378
386
233
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
6,905
1,392
1,036
97
118
111
71
52
85
70
59
54
76
93
103
511
504
444
362
359
412
376
469
436
478
500
501
96
103
123
483
524
601
29
26
25
21
24
25
28
27
27
28
21
23
21
19
20
31
19
25
25
29
36
12
17
23
~26
40
21
39
49
5
4
11
5
5
6
9
10
10
14
9
12
14
12
9
10
4
8
13
10
9
221
T81
9
17
13
13
9
200
222
236
252
271
289
308
325
342
357
369
383
390
397
404
298
319
334
351
363
383
410
400
399
412
421
445
452
478
518
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 A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1961
310-1161-5877

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