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Twenty-second Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly [1964]

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Twenty-second Annual Report
of the Business Done in Pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1 TO DECEMBER 31
1962
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1963
 J
 To Major-General the Honourable 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 January 1, 1962, to December
31,1962.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., October 26, 1963.
 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 1, 1962, to
December 31, 1962.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Teachers' Pensions.
October 25, 1963.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Report of the Business Done in Pursuance of the Teachers'
Pensions Act during the Period January 1, 1962,
to December 31, 1962
Sections 6 and 7.—Contributions received from teachers totalled $4,820,116.46,
consisting of basic 6-per-cent contributions of $4,559,204.18, extra and voluntary
contributions of $190,181.77, individual repayment of refunds for reinstatement of
$61,430.21, and individual 12-per-cent contributions for approved periods of leave
of absence of $9,300.30. As at December 31, 1962, there were 15,365 active contributors to the Fund.
Section 8 (1).—Employer basic contributions received pursuant to clause (a)
amounted to $3,592,263.60.
Section 8 (3).—Employer 6-per-cent contributions received from the British
Columbia Teachers' Federation and employers other than school districts for teachers on loan, etc., amounted to $31,450.79.
Section 8(5) and (6).—The net rate of interest earnings of the Fund after
charging administration expenses was 4.045 per cent. An amount of $32,152.75,
being the excess of the net interest earnings over the required 4 per cent, was transferred to the Investment Adjustment and Interest Reserve Account, which totalled
$321,094.33 as at December 31, 1962.
Section 11.—Superannuation allowances were granted to 82 teachers who attained retirement age. For analysis see statements of comparative statistics appended.
Section 14.—Superannuation allowances were granted to three teachers who
had become totally and permanently disabled.
Section 15.—Superannuation allowances were granted to the dependent in the
case of three teachers who died while still in service, and refunds totalling $22,941.89
were made in the case of 12 teachers who died while still in service.
Section 16.—Refunds totalling $571,156.05 were made to 845 teachers who
left the service of their employers.
Section 20. — Actuarial and administration expenses paid from the Fund
amounted to $56,568.58.
Section 25.—The securities held by the trustees on December 31, 1962, are set
out in Schedule No. 1 of this Report. During the year $18,902,000 par value bonds
were purchased, the average yield being 5.511 per cent; $6,973,500 par value bonds
were sold at an average yield of 5.133 per cent; and $2,931,100 par value bonds
were redeemed, resulting in a net increase of $8,997,400 par value bonds held by
the trustees between December 31, 1961, and December 31, 1962. As the average
coupon rate on the $6,973,500 par value bonds sold was only 3.832 per cent, the
sales resulted in book loss amounting to $520,995.92, which it was necessary to
charge against 1962 interest earnings, reducing the net interest earnings for the year
from 4.774 per cent to 4.045 per cent.   However, the proceeds were reinvested in
 G 6 BRITISH COLUMBIA
bonds with a coupon rate of 5.25 per cent to yield 5.33 per cent, which will more
than offset the book loss in future years. 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.
Section 37.—During the year two meetings of the Teachers' Pensions Board
were held, at which approximately 105 individual cases were dealt with and Board
policy was established for guidance in the administration of the Act in respect of
reinstatement of past teaching service, periods of absence, and applications to be
exempt from contributing to the Fund.
PORTABILITY-RECIPROCAL ARRANGEMENTS, BRITISH
COLUMBIA, ALBERTA, AND ONTARIO
In December, 1962, reciprocal arrangements were completed with the Provinces of Ontario and Alberta whereby teachers are able to transfer between the
Provinces of Alberta, Ontario, and British Columbia without loss of accrued pension
benefits, subject to the limitations described in the arrangements.
This is the first time in Canada that such arrangements have been made at the
Provincial level governing teachers' retirement benefits. A description of the reciprocal arrangements follows.
British Columbia as regards
(a) Alberta.—The Commissioner of Teachers' Pensions and the Teachers'
Pensions Board, appointed under the provisions of the British Columbia
Teachers' Pensions Act, declare that the employers of employees to whom
the Alberta Teachers' Retirement Fund Act applies are " approved employers " for the purposes of the British Columbia Teachers' Pensions Act,
under section 11 (3) (e).
(b) Ontario.—The Commissioner of Teachers' Pensions and the Teachers'
Pensions Board, appointed under the provisions of the British Columbia
Teachers' Pensions Act, declare that the employers of employees to whom
the Ontario Teachers' Superannuation Act applies are " approved employers " for the purposes of the British Columbia Teachers' Pensions Act,
under section 11 (3) (e).
Under the present provisions of the British Columbia Teachers' Pensions Act,
these declarations have the following effects and limitations:—
(a)  Transfers from British Columbia to Alberta or Ontario:
(i) Are limited to employees transferring to the Alberta Fund or the
Ontario Fund after having made a contribution to the Teachers' Pensions
Fund subsequent to September 1, 1962. The deferred benefit would be
based on service after age 30, with refund of employee contributions made
before age 30. Under the Teachers' Pensions Act the maximum salary
for formula benefits is $10,000 per year.
(ii) The transfer to the Alberta Fund or the Ontario Fund must
take place within five months after the employee makes his last contribution to the British Columbia Fund.
(ih) The employee must remain in the Alberta Fund or the Ontario
Fund long enough to qualify for a pension or superannuation allowance
from the Alberta Fund or the Ontario Fund.
(iv) The employee is obliged to leave his credit in the British
Columbia Fund.   If he prefers to have a refund rather than a deferred
 TEACHERS' PENSIONS ACT—ANNUAL REPORT G 7
allowance, the refund will, of course, be paid to him, upon application,
but he would thereby forfeit all rights to a deferred allowance.
(v) The date upon which an allowance would be granted to the
employee will be age 60, or the date of retirement from the Alberta Fund
or the Ontario Fund, whichever is the later.
(vi) If the employee leaves his money in the British Columbia Fund
and dies before being granted a superannuation allowance, his case will
de dealt with as for a death in service, and length of service for the purposes of determining the death benefit will be his length of service under
the British Columbia Teachers' Pensions Act alone.
(Z.) Transfers from Alberta or Ontario to British Columbia.—No special provisions are made in such cases. Employees have to qualify for an allowance in the same manner as a new employee, regardless of benefits accrued
in a previous Province. Qualifications for normal retirement benefit are:—
(i) Must commence teaching in British Columbia not later than the
first teaching-day of the school-year in which the employee attains age 56
(school-year commences July 1st and ends June 30th):
(ii) Ten years of contributory service in British Columbia; and
(iii) Attainment of age 60 (minimum).
Qualifications for widow's benefit or disability pension: Ten years of contributory service in British Columbia (no age-limit).
The following is the official description of the Alberta Reciprocal Agreement
and the Ontario Reciprocal Agreement:—
RECIPROCAL AGREEMENT WITH THE
TEACHERS' SUPERANNUATION COMMISSION OF BRITISH COLUMBIA
UNDER SECTION 20 (1)   (/)  OF
THE TEACHERS' RETIREMENT FUND ACT, R.S.A. 1955 OF ALBERTA
A. The Board of Administrators, Teachers' Retirement Fund, of Alberta will provide a pension
to a teacher who has service in British Columbia and who retires from teaching service in
Alberta if:
1. He has at least ten years of pensionable service in Alberta under the Teachers' Retirement
Fund Act of Alberta.
2. He has credit and maintains same in The Teachers' Superannuation Fund of British
Columbia for his period of teaching service after age 30 in that province.
3. He began making contributions under the Teachers' Retirement Fund Act within a period
of 15 months after leaving British Columbia.
4. He is not in receipt of a pension from British Columbia while teaching in Alberta.
5. His pensionable service in Alberta and British Columbia, if both periods had been served
in Alberta, would have entitled him to a normal pension under the Teachers' Retirement
Fund Act.
6. His credit for military and other teaching service is claimed in the province where he
taught immediately preceding such service.
7. His eligibility for benefits other than a normal pension are countable in each province.
8. The Teachers' Superannuation Fund of British Columbia will provide its share of the pension based on his service in both Alberta and British Columbia in accordance with The
Teachers' Pensions Act of British Columbia and any regulations made thereunder.
B. The Board of Administrators, Teachers' Retirement Fund, of Alberta will provide a pension
to a teacher who has pensionable service of at least one year in Alberta, and who retires
from teaching immediately following his service in British Columbia if:
1. He has not withdrawn pension contributions from Alberta after September 1, 1962.
2. He is not in receipt of a pension from Alberta while teaching in British Columbia.
3. He has not established credit in British Columbia for his Alberta pensionable service.
4. He has credit in British Columbia for his period of eligible service in British Columbia.
 G 8 BRITISH COLUMBIA
5. His credit for pensionable service in Alberta and British Columbia, if both periods had
been served in Alberta, would have entitled him to a pension under the Teachers' Retirement Fund Act.
6. He began making contributions under the Teachers' Pension Act of British Columbia
within a period of 15 months after ceasing to teach in Alberta.
7. His credit for military and other teaching service is claimed in the province where he
taught immediately preceding such service.
8. His eligibility for benefits other than a normal pension are acceptable in each province.
9. The Teachers' Superannuation Fund of British Columbia will provide its share of the
pension based on his service in both Alberta and British Columbia in accordance with
The Teachers' Pensions Act and any regulations made thereunder.
RECIPROCAL ARRANGEMENT WITH THE TEACHERS' PENSIONS FUND
OF BRITISH COLUMBIA UNDER SECTION 59 OF THE TEACHERS'
SUPERANNUATION ACT, R.S.O.  1960, CHAPTER 392
A. The Teachers' Superannuation Commission of Ontario will provide a pension to a teacher
who has had service in British Columbia, and who retires from teaching immediately following his service in Ontario, if evidence is furnished that:
(1) He has credit in The Teachers' Superannuation Fund of Ontario for at least fifteen years
of service;
(2) He has credit in The Teachers' Pensions Fund of British Columbia for his period of
service as a teacher in British Columbia, but is not in receipt of a pension from The
Teachers' Pensions Fund of British Columbia at the time of teaching in Ontario;
(3) His credit in The Teachers' Superannuation Fund of Ontario and in The Teachers'
Pensions Fund of British Columbia, if both periods had been served in Ontario, would
have entitled him to a superannuation allowance under the Ontario Act;
(4) He has not established credit in The Teachers' Superannuation Fund of Ontario for his
service in British Columbia under section 9 (1) of the Regulations;
(5) The Teachers' Pensions Fund of British Columbia will provide its share of a pension
based on his service in both Ontario and British Columbia, in accordance with The
Teachers' Pensions Act of British Columbia and the Regulations made thereunder.
B. The Teachers' Superannuation Commission of Ontario will provide a pension to a teacher
who has had service in Ontario, and who retires from teaching immediately following his
service in British Columbia, if evidence is furnished that:
(1) He has credit in The Teachers' Superannuation Fund of Ontario for his period of service
in Ontario, but was not in receipt of an allowance from The Teachers' Superannuation
Fund of Ontario while teaching in British Columbia;
(2) He has credit in The Teachers' Pensions Fund of British Columbia for his period of
eligible service in British Columbia;
(3) His credit in The Teachers' Superannuation Fund of Ontario and in The Teachers'
Pensions Fund of British Columbia, if both periods had been served in Ontario, would
have entitled him to a superannuation allowance under the Ontario Act;
(4) He has not established credit in The Teachers' Superannuation Fund of Ontario for any
period of prior service in British Columbia under section 9 (1) of the Regulations;
(5) The Teachers' Pensions Fund of British Columbia will provide its share of a pension
based on his service in both Ontario and British Columbia, in accordance with the
Teachers' Pensions Act of British Columbia and the Regulations made thereunder;
(6) He makes application for a disability allowance within two years from the date upon
which he was last employed in British Columbia;
(7) In the case of an application for a dependent's allowance, the teacher has died within
two years after ceasing to be employed in British Columbia on account of ill-health, or
within one year after ceasing to be employed in British Columbia for any reason other
than ill-health during which year he manifested to the satisfaction of the Commission a
bona fide intention of becoming employed as soon as possible.
C. Credit in The Teachers' Superannuation Fund of Ontario may be obtained for war service,
foreign similar service, and extra-provincial service (other than in British Columbia), if the
teacher does not receive credit in The Teachers' Pensions Fund of British Columbia for the
same period of service.
W. H. FORREST,
Commissioner of Teachers' Pensions.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT G 9
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31, 1962
Revenue
Contributions as per requirements of the Teachers' Pensions Act—
Employee contributions—
Basic 6-per-cent contributions __ $4,559,204.18
Extra and voluntary contributions        190,181.77
Repayment of refunds for reinstatement          61,430.21
Contributions for approved periods of leave of absence  9,300.30
 $4,820,116.46
Employer contributions—
Basic contributions $3,592,263.60
6-per-cent contributions paid by
employers other than school
districts for teachers on loan,
etc         31,450.79
    3,623,714.39
Interest—
Net on investments $2,946,351.89
On bank deposits  1,485.12
    2,947,837.01
 $11,391,667.86
Expenditure
Superannuation allowance payments $1,899,974.36
Refund of employee contributions—
Resignation, etc.      $571,156.05
Death in service         22,941.89
       594,097.94
Transfers to Civil Service Superannuation Fund of
present value of two allowances granted         22,485.04
Administration expenses         56,568.58
      2,573,125.92
Net increase of ledger assets    $8,818,541.94
 G 10 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31, 1962
Assets
Cash in bank        $321,643.56
Accounts receivable—
Due from employees, etc  $404,519.81
Due from employers         2,499.58
  407,019.39
Investments at cost or par—net after amortization of premiums and
discounts (see Schedule No. 1) (par value, $78,810,750)  76,548,224.88
Accrued interest on investments  821,208.91
$78,098,096.74
Liabilities
Teachers' Pensions Fund Basic Account  $51,782,964.42
Employees' Retirement Annuity Account  25,940,061.00
Investment Adjustment and Interest Reserve Account  321,094.33
Sundry accounts payable  53,976.99
$78,098,096.74
Approved.
W. H. Forrest, G. S. Soutar,
Superannuation Commissioner. Accountant.
The accounts of the Teachers' Pensions Fund for the year ended December 31, 1962, have
been examined under my direction. Subject to the actuarial sufficiency of the Fund and the
adequacy of the prescribed tables, 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 24,1963.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
G 11
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 31, 1962
Par Value
$110,000.00
Province of British Columbia  96,000.00
Government of Canada guaranty—Canadian National Railway Company	
Province of British Columbia guaranty—
British Columbia Power Commission  7,688,500.00
British Columbia Hydro and Power Authority   9,903,000.00
British Columbia Electric Company Limited 937,750.00
British Columbia Toll Highways and Bridges
Authority   1,056,000.00
Pacific Great Eastern Railway Company  4,906,000.00
Greater Vancouver Water District  2,028,000.00
Book Value
$108,867.73
95,355.11
7,600,409.26
9,552,179.75
842,368.01
1,054,779.36
4,786,186.54
2,005,878.06
Greater Vancouver Sewerage and Drainage
District	
1,616,000.00      1,611,197.30
British Columbia school district serials     43,540,000.00    41,999,990.31
British Columbia municipal serials       2,406,500.00      2,311,143.47
British Columbia hospital improvement district serials	
480,000.00 479,040.00
250,000.00 248,645.00
14,000.00 13,613.34
553,000.00 553,000.00
30,000.00 30,251.31
Province of Ontario guaranty—Ontario Municipal Improvement Corporation       3,196,000.00 3,255,320.33
British Columbia irrigation and waterworks
district serials	
Province of Alberta guaranty—Alberta Municipal
Financing Corporation 	
Province of Manitoba	
Province of Ontario	
$78,810,750.00 $76,548,224.88
 G 12
BRITISH COLUMBIA
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 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 3—TEACHERS' PENSIONS FUND
G 13
Comparative Statistics, January 1, 1953, to December 31, 1962—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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1953—
Normal retirement..
2
4
3
1
2
27
10
1
3
6
1
11
225
68
66
156
28
61
17
1
103
Death 	
	
Totals   ....
6
3
3
27
14
6
1
11
359
184
79
103
1954—
Normal retirement-
3
2
3
2
1
1
32
13
5
3
1
4
—
215
65
69
155
28
59
17
2
131
Death	
Totals..	
8
2
2
32
18
3
3
4
349
183
78
131
1955—1
Normal retirement-
2
3
4
1
39
2
11
3
5
3
1
126
69
72
114
25
58
15
2
286
Death .    	
2
Totals	
5
4
1
41
14
8
1
__
267
139
75
288
1956—
Normal retirement~
3
3
1
4
1
35
10
6
3
2
2
3
119
66
73
115
23
57
15
2
318
Death 	
2
Totals	
1
4
1
35
16
5
2
3
258
138
74
320
1957—
Normal retirement-
4
4
5
2
1
46
1
7
5
4
3
6
116
65
78
113
23
55
15
2
358
Death..   ._	
3
Totals	
13
2
1
47
12
4
3
6
259
136
72
361
1958—
Normal retirement
5
2
3
4
1
27
6
5
1
8
2
1
4
1
115
62
80
109
21
56
14
2
381
Death -
2
Totals     	
10
4
1
27
12
10
1
5
257
130
72
383
1959—
Normal retirement-
4
1
3
1
49
5
3
2
8
1
6
114
59
79
104
21
57
13
2
424
Death	
2
Totals	
5
3
1
49
10
8
1
6
252
125
72
426
1960—
Normal retirement-
Disability. 	
Death	
10
~2
7
2
45
1
4
1
8
2
:::
5
120
59
80
103
19
59
13
2
464
~3
Totals	
12
7
2
46
5
10
....
5
259
122
74
467
1961—
Normal retirement-
11
13
6
3
2
5
50
1
5
1
3
8
1
5
126
58
77
108
24
62
15
7
509
Death    	
4
Totals	
"
19
10
51
9
9
....
5
261
132
84
513
1962—
Normal retirement-
Disability 	
Death       	
13
7
3
3
3
59
8
3
5
3
1
3
2
131
55
72
112
26
......    |
62
15
10
566
4
Totals   	
13
10
6
59
16
4
3
2
258
138
87
570
i From 1955 the figures are on actual count by plan in force, including those changed to temporary annuity
effective January 1, 1952.
 G 14
BRITISH COLUMBIA
SCHEDULE No. 4.—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1, 1946, to December 31, 1962,
Subdivided According to Sex of Contributor
Fiscal Year
Number of
Contributors
Male
Female
Number of
Refunds
Granted
Male
Female     Male
Allowances
Number of
Allowances
Granted
Female    Male
Number of
Deaths and
Expirations
Female    Male
Number of
Allowances
in Force at
End of Year
Female
1946_
Non-active-
1947	
Non-active-
1948	
Non-active-
1949	
Non-active.
1950	
Non-active.-
1951	
Non-active _
1952	
Non-active..
1953	
Non-active-
1954	
Non-active-.
1955	
Non-active3-
1956 ,	
Non-active3	
1957	
Non-active2-
Non-active3_
1958	
Non-active2-
Non-active3-
1959	
Non-active2_
Non-active3_
1960 -	
Non-active2-
Non-active3-
1961	
Non-active2__
Non-activeS_
1962-
Non-active2—-~
Non-active3	
,742
227
,100
169
,135
170
,385
129
724
105
,976
148
,159
174
.384
93
.668
146
055
148
.397
147
,305
330
201
629
330
234
982
409
169
378
386
233
738
379
325
998
490
422
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
7,225
1,322
1,321
7,613
1,264
1,594
97
118
111
71
52
~85
~70
59
54
lis
93
103
96
103
123
131
166
511
504
444
F62
359
412
376
469
436
478
SOO
501
483
524
601
636
691
29
"26
25
21
24
"25
28
~27
~27
2l
• 21
23
"21
19
18
30
25
20
Ul
~19
25
Ts
29
"36
12
17
23
~26
40
"21
"39
49
61
^3
5
~4
"ii
5
5
__
9
10
io
14
~9
12
14
11
9
12
9
10
4
13
~ib
~9
T21
Ts*
"9
~\n
Ti
~14
Ti
~9
T.
13
200
222
236
252
271
289
308
325
342
357
369
383
390
397
404
425
438
298
319
T34
351
363
383
410
400
399
412
421
445
452
478
518
565
615
1 Expirations include allowances rescinded: 1953,13; 1954,1.
2 Non-active open accounts of teachers out of service less than two years.
3 Non-active open accounts of teachers out of service more than two years.
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1963
310-1063-1561
  

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