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 so as w n a o w Q o H ON I* < 5 < < H </3 M >" H < PS a Hi s o 0 g.-a CO, < •2 S c, » £ X C M ^ •Sw.2.5 S3 CS _, ^ V4 0) §2.g.> •rt <° -i/idOMOHiooomrS(SmHoOi>'t <mNHinq\o oi-HOON,sD-'3;a\mi-t JO(S ^ocoaooCosOr-'rfaCoo-^'a'C - o\ o cm »n c- a\ T-i i !■.■■■■ ......... o\H^o\trr'Ortr-H[N|Tf^a\N o co r- as en oo ^ so OS s w 2 . ye1*1 IJ>-' Z0StT \D^m«ii/it</lTt'rfitinvoro' oot-^in^HONOO^CTvin^trJcsoooooor-iOv (NfstNiHmOMooiflintioiohoo h o\ o\oio*co'fS^cnHHmN^^ocoo\ be-,-, ,-li-(*-*,-l,-Hi-l,-Hrti-((NCSOJ (NtNr^rnCTNOor4u-icn»-(r^v£)cco^fm-^t- omt^roQOOr^"omi-'Cjs^f{Na\v^a\C> (NloOOi-Hinoso^OsorJ^ooavO olooOiO'-;(Nl>Ocor^c-4mONoOi-<r-"n NOOOOOrtCOrit^QOHO' 00\Hi>(N Oi-^rncT^sO»n^- <n NOrJ'^'+^CTir- rn ■* oo un t- co ^^■rfosencS'&QccSu-i sososot-~oo<->c-i-ri-sooocnsoQsoi^orA Qs O 00;rN'-H(N»-H1Oror-;0'-;Ov^tlNOCO :iXi^r^'^JnioVr~|ii(J\iH\o^i>n iOo\OHo\o>oconM»com>t r- rJ^ \d m"« t~-'d ro \d 'f rn oCm en rHfnvo(NMO\r-T]-omoo^D^'-iTi" encncn-<tvitr}ior~~Osc<\cnVir-Qsc<l -=t rH DO\oso--H(NyDt^'r-.(smi^-mmm ^Ojirj'tosMmm^-imu^ocot—■ oJ 4o\cn^t:\dr,So\cx3rn»-'^Din^coin •^MnOMJiVOoltOHMNin f r^-^rHioi^ooorHr-vcr-;r~ino \DCTiriC;Qoi/irsmoMnini'i ,_",_? «_T ^ «4 *h rn" rf rf H^OMnomo\ir)iocc-Hr-nncoo\yf cae^^QsQsQse^t^^r)U^ri\r)^TiQTitr^<^r^T^inenc^eDOsenooosen^^sD ffiH\fmOM^'tt«)CO'-i'Tyoo>(MOO^MHNmM»ls-\0^0't H^oinTTWHosw \D cn ""J, © «NQ oo cn if qo\« i-i \o I— os ft^rfl'^'* •-* Tf tT ^•^r,vT»nvd\or^t^ oo » a d d o h h o h h h h <s «-h *-T m ^ ^ s o l-l o * >» a | ffl <u OJ o sfSS m S 8 m"u a <* rt S m s a a, *. ~ o mh t! Bo O II' S a & — o o c»» .2 -£ a 2 * ? P. B 9 BZZ .Tin«hooi?ldH(Scnififivdr^ ■f'ff'tt'J'tt'Jtirinifiiriinininin OsOSOsGrsQsO\OsQsQsOsO\OsO\OsOsOsOs 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 3 C T3 B 0 <u CG is .5-a ° 5 rt : £■3 o 1 3 : o "CO c w ■ X3 u u c rt t. rt O 31 o n >s 1- >) 3 u c XI c CS i rt 0 TJ 51 Sts o a t-s rt 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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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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Title | Twenty-first Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1 TO DECEMBER 31 1961 |
Alternate Title | TEACHERS' PENSIONS ACT - ANNUAL REPORT |
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British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1963] |
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Legislative proceedings |
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FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1963_V02_07_O1_O12 |
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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 | 2018-01-29 |
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 | 10.14288/1.0363969 |
AggregatedSourceRepository | CONTENTdm |
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