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Twenty-first Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly 1963

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Twenty-first Annual Report
of the Business Done in Pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1 TO DECEMBER 31
1961
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1963
  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 January 1, 1961, to
December 31, 1961.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., October 3,1962.
 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, 1961, to
December 31, 1961.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Teachers' Pensions.
October 2,1962.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Report of the Business Done in Pursuance of the Teachers'
Pensions Act during the Period January 1, 1961,
to December 31, 1961
Sections 6 and 7.—Contributions received from teachers totalled $4,539,264.01,
consisting of basic 6-per-cent contributions of $4,252,780.50, extra and voluntary
contributions of $176,350.56, individual repayment of refunds for reinstatement of
$102,309.59, and individual 12-per-cent contributions for approved periods of leave
of absence of $7,823.36. As at December 31, 1961, there were 14,664 active
contributors to the Fund.
Section 8 (1).—Employer basic contributions received pursuant to clause (a)
amounted to $3,407,194.
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 $28,492.14.
Section 8(5) and (6).—The net rate of interest earnings of the Fund after
charging administration expenses was 4.46 per cent. An amount of $288,941.58,
being the excess of the net interest earnings over the required 4 per cent, was transferred to the Investment Adjustment and Interest Reserve Account.
Section 11.—Superannuation allowances were granted to seventy-seven teachers
who attained retirement age. For analysis see statements of comparative statistics
appended.
Section 14.—Superannuation allowances were granted to eight teachers who
had become totally and permanently disabled.
Section 15.—Superannuation allowances were granted to the dependent in the
case of six teachers who died while still in service, and refunds totalling $37,294.05
were made in the case of fifteen teachers who died while still in service.
Section 16.-—Refunds totalling $476,016.70 were made to 752 teachers who
left the service of their employers.
Section 20. — Administration expenses paid from the Fund amounted to
$51,464.91.
Section 25.—-The securities held by the trustees on December 31, 1961, are set
out in Schedule No. 1 of this Report. During the year $11,109,750 par value bonds
were purchased, the average yield being 5.442 per cent; $1,851,400 par value bonds
were sold at an average yield of 4.741 per cent; and $414,000 par value bonds were
redeemed, resulting in a net increase of $8,844,350 par value bonds held by the
trustees between December 31, 1960, and December 31, 1961. 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.
 O 6 BRITISH COLUMBIA
Section 37.—During the year three meetings of the Teachers' Pensions Board
were held, at which approximately ninety-five 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.
LEGISLATION
The 1961 Session of the Legislature repealed the former Teachers' Pensions Act
and approved a new Teachers' Pensions Act with effect from January 1, 1961.
Among the more important changes under the new Act are the following:—
1. The allowance benefit formula was changed from the combination of service
pension based on years of service only with a retirement annuity purchased from
employee contributions to a service pension based on years of service, highest average
salary during ten years of service, and the age of retirement together with a retirement annuity purchased from the employees' contributory credit as at December
31, 1960.
2. The service pension portion of every subsisting teacher's allowance granted
under the former Act was recalculated on the new allowance benefit formula, and
the resulting increase in monthly allowance was payable retroactive to July 1, 1960,
or the effective date of the granting of the allowance, if later.
3. The minimum service requirement for eligibility for an allowance was
reduced from twenty years to ten years, except that twenty years' service is still
required in respect of a teacher who ceases teaching after attaining age 55 but before
attaining age 60 and elects to receive a deferred allowance on attaining age 60
or later.
4. Provision was also made for a deferred allowance on attaining age 60 or
later without a minimum service requirement for a teacher who, within five months
of making his last contribution to the Fund, enters the service of an approved employer and becomes qualified to receive a pension as a result of that service.
5. Basic employee contributions are at the rate of 6 per cent of salary, all of
which is refundable in the event of withdrawal in place of the former 5-per-cent
ordinary contribution and non-refundable special 1-per-cent contributions. Also,
the provision for estreatment of the first ten months' contributions has been deleted.
6. Provision was made that in the case of termination of service and application
for refund, payment shall not be made until after October 31st in the calendar year
in which the last contribution is made, nor is it payable if the employee re-enters the
teaching service before the refund is paid.
W. H. FORREST,
Commissioner of Teachers' Pensions.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT O 7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31, 1961
Revenue
Contributions as per requirements of the Teachers' Pensions Act—
Employee contributions—
Basic 6-per-cent contributions _ $4,252,780.50
Extra and voluntary contributions        176,350.56
Repayment of refunds for reinstatement        102,309.59
12-per-cent   contributions   for
approved periods of leave of
absence   7,823.36
 $4,539,264.01
Employer contributions—
Basic contributions $3,407,194.00
6-per-cent contributions paid by
employers other than school
districts for teachers on loan,
etc         28,492.14
    3,435,686.14
Interest on investments and bank interest    2,869,881.99
 $10,844,832.14
Expenditure
Superannuation allowance payments (including increases retroactive to July 1, 1960) $1,866,428.34
Refund of employee contributions—
Resignation, etc     $476,016.70
Death in service         37,294.05
Miscellaneous   409.18
       513,719.93
Administration expenses         51,464.91
      2,431,613.18
Net increase of ledger assets    $8,413,218.96
 O 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31, 1961
Assets
Cash in bank  $66,900.11
Accounts receivable—
Due from employees, etc  $403,889.53
Due from employers         2,627.78
406,517.31
Investments at cost or par—net after amortization of premiums and
discounts (see Schedule No. 1) (par value, $69,813,350)     68,084,453.48
Accrued interest on investments  714,882.76
$69,272,753.66
Liabilities
Teachers' Pensions Fund Basic Account  $43,294,516.45
Employees' Retirement Annuity Account     25,642,119.78
Investment Adjustment and Interest Reserve Account  288,941.58
Sundry accounts payable  47,175.85
$69,272,753.66
Approved.
W. H. Forrest, G. S. Soutar,
Superannuation Commissioner. Accountant.
The accounts of the Teachers' Pensions Fund for the year ended December 31, 1961, 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 1,1962.
 TEACHERS* PENSIONS ACT—ANNUAL REPORT
O 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 31, 1961
Par Value Book Value
Government of Canada guaranty—Canadian National
Railway Company   $110,000.00 $108,696.94
Province of British Columbia  96,000.00 95,171.07
Province of British Columbia guaranty—
British Columbia Power Commission  7,688,500.00 7,594,289.80
British Columbia Electric Company Limited  658,750.00 582,930.15
British Columbia Toll Highways and Bridges Authority  2,581,000.00 2,579,695.17
Pacific Great Eastern Railway Company  4,906,000.00 4,781,369.10
Greater Vancouver Water District  2,028,000.00 2,005,627.22
Vancouver   and   District   Joint   Sewerage   and
Drainage Board   1,024,000.00 1,025,406.38
British Columbia school district serials  36,903,600.00 35,478,139.13
British Columbia municipal serials  2,473,000.00 2,375,486.22
British Columbia hospital  improvement district
serials   480,000.00 479,040.00
British Columbia irrigation and waterworks district serials   253,000.00 251,594.00
Province of Alberta guaranty—
Alberta Government Telephone Commission  108,000.00 105,852.87
Alberta Municipal Financing Corporation  564,000.00 547,982.11
Province of Manitoba  2,612,000.00 2,617,216.76
Province of Ontario  30,000.00 30,316.83
Province of Ontario guaranty—
Ontario Hydro Electric Power Commission  29,500.00 29,839.84
Ontario Municipal Improvement Corporation  3,666,000.00 3,731,646.51
University of Toronto  2,725,000.00 2,792,894.94
Province of Quebec  127,000.00 128,421.83
Province of Quebec guaranty—Quebec Hydro  750,000.00 742,836.61
$69,813,350.00 $68,084,453.48
 O 10
BRITISH COLUMBIA
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 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 3.—TEACHERS' PENSIONS FUND
O 11
Comparative Statistics, January 1, 1952, to December 31, 1961—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
V
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H<5
1952—
Normal retirement
2
6
5
1
1
1
48
8.
4
,5
1
233
69
65
159
28
60
16
1.
'87
Death _____
Totals	
13
1
2
48
12
•5
....
1
367
187
77
87.
1953—
Normal retirement
Disability- -	
Death	
2
4
3
1
2
27
10
■   1
3
6
1
11
225
68
66
156
28
'61
17
1
103
Totals . j	
6
3
3
27
:14
6
1
11
359
184
.79.
103
1954—
Normal retirement
Disability   _
Death L	
3
2
3
2
1
1
32
13
5
3
2
1,
4
215
65
69
155
28
59
17
2
: 131
Totals '
8
2
2
32
18
3
3'
4
349
183
78
.131
1955—1
Normal retirement
Disability ._ -
Death_
2
3
4
1
39
2
11
3
5
3
li
126
69
72
114
25
58
15
2
286
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	
7
4
1
35
16
5
2
3
258
138
74
320
1957— .
Normal retirement
4
4
5
2
::. l
46
1
7
5
4
3;
6
116
65
78
113
23
55
15
2
358
Death ~          	
3
Totals	
13
2
i
47
12
4
3|
6
259
136
72
361
1958—
Normal retirement
Disability.—  	
Death 	
5
2
3
4
l
27
6
5
1
8
2
1
4
1
115
62
80
109
21
56
14
2
381
2
Totals .__ -
10
4
i
27
12
10
1
5
257
130
72
383
1959—
Normal retirement
Disability—  	
Death	
4
1
3
l
49
5   •
3
2
8
1
6
114
59
79
104
21
57
13
2
424
2
Totals	
5
3
l
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
so
103
19
59
13
2
464
3
Totals	
12
7
2
46
5
10
5
259
122
74
467
1961—
Normal retirement
Disability	
Death ,",. .,
11
13
6
3
2
5
50
1
5
1
3
8
1
5
126
58
77
108
24
62
15
7
509
4
Totals   	
11
19
10
51
9
9
5
261
132
84
513
i From 1955 the figures are on actual count by plan in force, including those changed to temporary annuity
effective January 1, 1952.
 O 12 BRITISH COLUMBIA
SCHEDULE No. 4.—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1, 1946, to December 31, 1961,
Subdivided According to Sex of Contributor
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.
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
5,378
386
233
5,738
379
325
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
97
118
111
71
52
85
70
59
54
76
93
103
96
103
123
131
511
504
444
362
359
412
376
469
436
478
500
501
483
524
601
636
29
26
25
21
24
25
28
27
27
28
21
23
21
19
18
30
20
31
19
25
25
29
36
12
17
23
26
40
21
39
49
61
5
4
11
5
5
6
9
10
10
14
9
12
14
12
11
9
9
io
4
8
13
10
9
22i
181
9
17
13
14
13
9
"li
200
222
236
252
271
289
308
325
342
357
369
383
390
397
404
425
298
1947  _____
319
1948	
334
1949  	
351
1950    	
363
1951  	
383
1952	
410
1953  	
400
1954	
399
1955-.- _	
412
1956 —	
421
1957 	
445
Non-active2-	
1958 	
452
1959	
478
1960	
Non-active2— 	
518
1961 	
565
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1963
310-1262-4349

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