Open Collections

BC Sessional Papers

Twenty-fourth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly 1966

Item Metadata

Download

Media
bcsessional-1.0364022.pdf
Metadata
JSON: bcsessional-1.0364022.json
JSON-LD: bcsessional-1.0364022-ld.json
RDF/XML (Pretty): bcsessional-1.0364022-rdf.xml
RDF/JSON: bcsessional-1.0364022-rdf.json
Turtle: bcsessional-1.0364022-turtle.txt
N-Triples: bcsessional-1.0364022-rdf-ntriples.txt
Original Record: bcsessional-1.0364022-source.json
Full Text
bcsessional-1.0364022-fulltext.txt
Citation
bcsessional-1.0364022.ris

Full Text

 PROVINCE OF BRITISH COLUMBIA
Twenty-fourth Annual Report
of the Business Done in Pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1 TO DECEMBER 31
1964
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1966
  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, 1964, to December
31, 1964.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., October 27,1965.
 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, 1964, to
December 31, 1964.
j I have the honour to be,
Sir,
Your obedient servant,
'■' '     . '
W. H. FORREST,
Commissioner of Teachers' Pensions.
October 26, 1965.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Report of the Business Done in Pursuance of the Teachers'
Pensions Act during the Period January 1, 1964,
to December 31, 1964
Sections 6 and 7.—Contributions received from teachers totalled $5,745,579.50,
consisting of basic 6-per-cent contributions of $5,435,880.07, extra and voluntary
contributions of $263,821.70, individual repayment of refunds for reinstatement of
$36,007.91, and individual 12-per-cent contributions for approved periods of leave
of absence of $9,869.82.
As at December 31, 1964, there were 15,216 teachers making current contributions, of whom 100 were employed by other than school districts. In addition
there were open accounts in the following categories:—
Teachers out of service less than two years  1,670
Teachers with deferred vested pension rights      135
1,805
Teachers out of service more than two years  1,415
Section 8 (1).—Employer basic contributions received from the Minister of
Finance based on 14,380 teachers contributing in December, 1963, amounted to
$4,044,531.10.
Section 8 (3).—Employer contributions received from the British Columbia
Teachers' Federation and employers other than school districts for teachers on loan,
etc., amounted to $38,482.66. As at December 31, 1964, there were 100 teachers
in this category.
Section 8(5) and (6).—The net rate of interest earnings of the Fund after
charging administration expenses was 4.938 per cent. After crediting the Basic
Account and the Employees Retirement Annuity Account with the required interest
at the rate of 4 per cent, amounting to $3,601,251.26, the excess of the net interest
earnings, amounting to $844,628.45, was transferred to the Investment Adjustment and Interest Reserve Account, which totalled $1,975,316.06 as at December
31, 1964.
Section 11.—Superannuation allowances were granted to 93 teachers who
attained retirement age. For analysis see statements of comparative statistics
appended.
Section 14.—Superannuation allowances were granted to six teachers who had
become totally and permanently disabled.
Section 15.—Superannuation allowances were granted to the dependent in the
case of seven teachers who died while still in service, and refunds totalling $76,654.59
were made in the case of 17 teachers who died while still in service.
Section 16.—Refunds totalling $814,227.51 were made to 1,041 teachers who
left the service of their employers.
 I 6 BRITISH COLUMBIA
Section 20.—Actuarial and administration expenses paid from the Fund
amounted to $62,706.97.
Section 25.—The securities held by the trustees on December 31, 1964, are set
out in Schedule No. 1 of this Report. During the year $14,914,000 par value bonds
were purchased, the average yield being 5.403 per cent; $1,569,000 par value bonds
were sold at an average yield of 5.087 per cent; and $2,238,900 par value bonds
were redeemed, resulting in a net increase of $11,116,100 par value bonds held by
the trustees between December 31, 1963, and December 31, 1964. 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 three meetings of the Teachers' Pensions Board
were held, at which cases involving approximately 212 individuals 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 BETWEEN
BRITISH COLUMBIA AND SASKATCHEWAN
On June 9, 1964, a reciprocal arrangement was completed with the Province
of Saskatchewan whereby teachers are able to transfer between the Provinces of
Saskatchewan and British Columbia without loss of accrued pension benefits, subject
to the limitations described in the arrangement.
This is the third reciprocal arrangement made at the Provincial level governing
teachers' retirement benefits, similar reciprocal arrangements having been completed
with the Provinces of Alberta and Ontario in December, 1962 {see 1962 Report).
A description of the reciprocal arrangement with the Province of Saskatchewan
follows:—
The Commissioner of Teachers' Pensions and the Teachers' Pensions Board, appointed under the provisions of the Teachers' Pensions Act, declare that, the employers of
employees to whom the Saskatchewan Teachers' Superannuation Act applies are "approved employers" for the purposes of the B.C. Teachers' Pensions Act, under section
11(3) (e).
Under the present provisions of the B.C. Teachers' Pensions Act, this declaration has
the following effects and limitations.
A. Transfers from British Columbia to Saskatchewan
If a teacher who has had service in British Columbia becomes engaged as a teacher in
Saskatchewan, he will be granted a superannuation allowance from the British Columbia
Teachers' Pensions Fund, if
i)  he contributes to the Teachers' Superannuation Fund of Saskatchewan within five
months after making his last contribution to the British Columbia Teachers'
Pensions Fund; and
ii) if he becomes qualified to receive an allowance from the Saskatchewan Teachers'
Superannuation Fund; and
iii) if he makes application (to the Commissioner of Teachers' Pensions of British
Columbia) following his retirement from service.
The amount of his superannuation allowance will be based on the amount of his
service in British Columbia after attaining age thirty, and will be calculated in accordance
with the provisions of the British Columbia Teachers' Pensions Act.
B. Transfers from Saskatchewan to British Columbia
If a teacher who has had service in Saskatchewan becomes engaged as a teacher in
British Columbia, within the meaning of the British Columbia Teachers' Pensions Act, he
will be granted a superannuation allowance from the British Columbia Teachers' Pensions
Fund, if
 TEACHERS' PENSIONS ACT—ANNUAL REPORT I 7
i) having attained the age of sixty years, and having completed at least ten years of
pensionable service in British Columbia, he retires or is retired from service; or
ii) having completed at least ten years of pensionable service in British Columbia,
he is totally and permanently disabled from performing his duties as a teacher
within the meaning of section 14, and is retired from service; or
iii) having made a contribution to the Teachers' Pensions Fund of British Columbia,
and having attained the age of fifty-five years, and having completed at least
twenty years of pensionable service in British Columbia, he retires, or is retired
from service; or
iv) within five months after making his last contribution to the Teachers' Pensions
Fund of British Columbia, he enters the service of an " approved employer " and
becomes qualified to receive a pension or superannuation allowance as a result
of that service.
By Order of the Lieutenant-Governor in Council of Saskatchewan, the following regulation under the Teachers' Superannuation Act was approved:—
A. A teacher (or his dependents) shall be eligible for an allowance from Saskatchewan
when he has previously taught in British Columbia and retires following a period of
service in Saskatchewan if the following conditions are met:
1) A teacher has served a total of ten years in Saskatchewan including at least three
years subsequent to lune 30, 1960; or
The teacher becomes disabled " in service" in Saskatchewan subsequent to
April 1, 1963, following service in British Columbia; or
The teacher dies "in service" in Saskatchewan subsequent to April 1, 1963,
following service in British Columbia.
2) The teacher's service credited in Saskatchewan and in British Columbia meets the
requirements of the Act which would entitle him to an allowance had all the service
been rendered in Saskatchewan1.
3) The teacher has contributions in the Teachers' Superannuation Fund for all service
rendered in Saskatchewan.
4) The Teachers' Superannuation Commission of British Columbia will pay its share
of the teacher's total pension based on the service in both Saskatchewan and British
Columbia in accordance with the legislation in effect in British Columbia.
5) The allowance provided under this agreement to a teacher who subsequently returns
to teaching in Saskatchewan or British Columbia shall be reduced in accordance
with section 56 of the Act.
6) The teacher does not receive a pension from British Columbia for any period of
service for which an allowance is payable from Saskatchewan.
B. A teacher (or his dependents) shall be eligible for an allowance from Saskatchewan
when he has taught in Saskatchewan and subsequently teaches in British Columbia and
retires following his service in British Columbia if the following conditions are met:
1) The teacher has contributions in the Saskatchewan Teachers' Superannuation Fund
for service rendered in Saskatchewan.
2) The teacher's service credited in Saskatchewan and in British Columbia meets the
requirements of the Act which would entitle him to an allowance if all his service
had been rendered in Saskatchewan.
3) The teacher shall be allowed credit for service in Saskatchewan prior to April 1,
1963, only if he has contributions in the Saskatchewan Teachers' Superannuation
Fund for at least three years of teaching service after June 30, 1960.
4) The Teachers' Superannuation Commission of British Columbia will pay its share
of the teacher's total allowance based on the service in British Columbia and in
Saskatchewan in accordance with the legislation in effect in British Columbia.
5) The teacher is not in receipt of a salary for teaching in British Columbia.
6) The teacher does not receive an allowance from Saskatchewan for any period of
service for which a pension is payable from British Columbia.
W. H. FORREST,
Commissioner of Teachers' Pensions.
 18 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31, 1964
Revenue
Contributions as per requirements of the Teachers' Pensions Act—
Employee contributions—
Basic 6-per-cent contributions -. $5,435,880.07
Extra and voluntary contributions        263,821.70
Repayment of refunds for reinstatement          36,007.91
Contributions for approved periods of leave of absence  9,869.82
 $5,745,579.50
Employer contributions—
Basic contributions $4,044,531.10
6-per-cent contributions paid by
employers other than school
districts for teachers on loan,
etc         38,482.66
   4,083,013.76
Interest—
Net on investments $4,506,027.08
On bank deposits  2,559.60
 :    4,508,586.68
 $14,337,179.94
Expenditure
Superannuation allowance payments $2,285,111.96
Refunds of employee contributions—
Resignation, etc     $814,227.51
Death in service         76,654.59
       890,882.10
Transfers to Civil Service Superannuation Fund of
present value of two allowances granted         50,194.87
Actuarial and administration expenses         62,706.97
      3,288,895.90
Net increase of ledger assets ... $11,048,284.04
 TEACHERS' PENSIONS ACT—ANNUAL REPORT I 9
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31, 1964
Assets
Cash in bank ....  $39,044.70
Accounts receivable—
Due from employees, etc „ $570,623.47
Due from employers         4,528.43
  575,151.90
Investments at cost or par—net after amortization of premiums and
discounts (see Schedule No. 1) (par value, $100,424,050)     97,,773,777'.47
Accrued interest on investments       1,063,248.33
$99,451,222.40
Liabilities
Teachers' Pensions Fund Basic Account  $71,095,255.47
Employees' Retirement Annuity Account     26,308,861.62
Investment Adjustment and Interest Reserve Account     1,975,316.06
Sundry accounts payable  71,789.25
$99,451,222.40
Approved.
W. H. Forrest, G. S. Soutar,
Superannuation Commissioner. Accountant.
The accounts of the Teachers' Pensions Fund for the year ended December 31, 1964, 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 12,1965.
 I 10
BRITISH COLUMBIA
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, 1964
Government of Canada guaranty—Canadian
National Railway Company	
Province of British Columbia	
Province of British Columbia guaranty—
British Columbia Power Commission	
British Columbia Electric Company Limited 	
British Columbia Hydro and Power Authority 	
Pacific Great Eastern Railway Company	
Greater Vancouver Water District	
Greater Vancouver Sewerage and Drainage
District 	
British Columbia School Districts Capital
Financing Authority	
British Columbia school districts serials	
British Columbia municipal serials	
British   Columbia   hospital   improvement
districts serials	
Naramata Irrigation District serial	
Saltair Waterworks District serial	
Par Value
$50,000.00
56,000.00
7,175,500.00
1,450,750.00
Book Value
$49,151.18
55,701.96
7,104,497.07
1,338,703.33
35,244,000.00 34,392,986.73
4,906,000.00 4,795,821.42
1,528,000.00 1,523,379.74
1,009,000.00 1,009,610.48
2,109,000.00 2,077,365.00
38,456,800.00 37,078,956.64
2,482,000.00 2,390,950.38
Greater Vancouver Water District serial	
Greater Vancouver Sewerage and Drainage
District serial	
Province of Alberta guaranty—Alberta Municipal Financing Corporation	
Province of Manitoba	
Province of Ontario	
Province of Ontario guaranty—Ontario Municipal Improvement Corporation	
834,000.00
193,000.00
49,000.00
500,000.00
588,000.00
14,000.00
553,000.00
30,000.00
821,712.00
192,614.00
48,167.00
483,000.00
582,208.20
13,656.50
553,000.00
30,120.27
3,196,000.00      3,232,175.57
$100,424,050.00 $97,773,777.47
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
I 11
•tf
vo
OS
Q rt
H co
5 <*
^ M
GO ^
K W
O w
a q
* 2
Os
6   a
3
p
ffi
u
_0
En,
<
Z.2M °
2KB-,,
S'gSrti^
w M 3.
§2=;*
11
a
z
E
W
E
W
■a_-
S
•* a S3 °— .
Eu 3cS2
tnoscoostnrHtooQtr-oo
w.asMt^rH^-m'tovm
r. ts co t^ tn -rf tn oo r^ os
«. ^   -_,,_,-_,    -^   ^   (-.j
COC-OOcAcOOsCAtnOsO
tociTtsoTt-*ttnmtn&
.ococor-rt©rtt-r^
!Mnmtno\M»oooo
S~tnaoc?osCACOOtn
C-G>TttX>SOcASOCA
\v*     MrHHcSPin^'
mooo\*fncomhTf
CO co vo comMmnCMlv
t- r-o\ tn c+ co Tt os tn co
OsrlSOCAC-eOOOTtrHrt
CAieoeotrisooscot—oscA
** ^ ^ ^ <s
1 T:t,^.v!0.,r"ivo..t',^'f!^.
! rHinOsto*ntotn*n*n
\ soeotncocAt-sosotn
\Tt*nt-&totnosrH*n
2      3
eo Tt
■*-* tHo oo O Ov VS >n O
h  o\ O CMO t-i  N  CO 0\ Tt
m ^ tn M3\ oo o o n oo
si
fl
Ui    u
*:°!
Sis
..a 8
sjj
nil.
w-_ _*.  r:
M'to\NinH>*uirt>oNr-w.mNOO\Hc
0>'*Ott0''VOhnOOv0r.HNf0M»L.   .
iHinvD^osvo in^o^corn^qo^vo^vqt^ftHOO^rj,
* Tt rf ifl * h 00* O O* O H H O H rt H rt
■533
)\ot-OTtr^fN(sooT}-
1-irflw.tN^HmifivDt^
TtTtTtTtTttntntntntn
OsOsOsOsOsOsOsOsOsOi
'■§1
.2 2"
.»»
cfl __ J3
« u y
B « S
Jo"
S 2 2
_._§
538
•s&S
•2 S|
1-JI
wzz
H   «    •»
 I 12                                                     BRITISH COLUMBIA                 -.Vi
SCHEDULE No. 3.—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1, 1955, to December 31, 1964—Allow
ances Granted and in Force, Subdivided by Type and Plan of Allowance
Granted during Year
Expired during Year
In Force at End of Year
•o
•a
•o
Fiscal Year
o
3
o
■a
a
Vi
u
u
i
3.2
u
3
o
u
u
g
rt
IC
•8=3
31
2x
3
•a
c
33
■a
u
1
IC
a>:c
it
rt
0
o a
"-» rt
.5
pt
S
O
.S-o
o c
n-» rt
*1
rt
3
0
.3-a
o 3
>-> rt
Eo
S c
1955—
Normal retirement_
4
1
39
11
5
126
114
58
286
2
3
3
1
69
25
15
Death	
Totals	
1956—
3
—
2
	
72
2
2
5    |     4
1
41
14
8
1
—
267
139
75
288
Normal retirement
3
4
1
35
10
3
2
3
119
115
57
318
3
6
2
66
23
15
Death   _  ...
Totals..  ..  .
1
—
—
	
	
73
2
2
7
4    |      1
35
16    |      5
2
3
258
138    |      74
320
1957—
Normal retirement.
4
2
1
46
7
4
3
6
116
113
55
358
Disability.—.	
4
	
	
	
5
	
65
23
15
	
Death:	
Totals	
5
—
1
—
._.
78
2
3
13
2
1
47
12
4
3
6
259
136
72    |    361
1958—   .
Normal retirement-
5
4
1
27
6
8
4
115
109
56
381
2
5
2
1
62
21
14
Death;-	
3
—
—;
	
1
1
80
2
2
Totals     	
10    |      4
1
27
12
10    |      1    |      5
257
130
72
383
1959—
Normal retirement-
4
3
1
49
5
8
6
114
104
57
424
3
1
59
21
13
Death    	
Totals 	
1
—
—
_:
2
—
79
2
2 _j
5
3
1
49
10
8
1
6
252
125
72
426
1960—
45
4
8
5
120
103
59
Normal retirement.
10
7
2
464
2
59
19
13
2
 '
1
1
—
80
2
3
Totals..	
1961—
12    |      7
2    |    46
5
10
.._
5,
259    |    122
74
467
Normal retirement-
11
13
3
50
5
8
...
5
126
108
62
509
6
2
1
1
58
24
15
_~
5
1
3
	
_..
77
7
4
Totals
1962—
11
19    |    10    |    51
9    |      9    |    ....    |-     5.
261
132    |      84    |    513
..Normal retirement-
13
7
3
3
59
8
3
3
1
3
2
131
55
112
26
62
15
566
3
	
5
	
	
72
10
4
T"talf!
13
10
6
59
16
4
3
2
258    |    138
87    |    570
1963—
.
Normal retirement.
8
14
1
77
5   i
4   •
3   '
18
134
122
60
625
5
2
7
~2
3   i
3
2
1
—;
52
29
16
Death
    '
69
17
6
Tntnln
8
19
10
79
11
6
4
18
255
151
93
631
1964—
Normal retirement-
9
8
1
75
8   i
5
5
8
135.
125
56
692
4
2
6
1
2
46   '
32
16 :
! ripnth
4   '
i
1
—
89
9
Totals.   .
13
12
3
78
15   i
6
7
8
270
157.
72
701
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 4.—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1, 1948, to December 31, 1964,
Subdivided According to Sex of Contributor
I 13
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
1048
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
5,291
473
233
5,638
479
325
5,998
490
422
6,446
493
222
6,706   i
610
293
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
6,890
1,407
1,036
7,206
1,341
1,321
7,613
1,264
1,594
8,027
1,255
1,034
8,510
1,195
1.122
111
Ti
~52
~85
70
59
~54
76
~93
103
1)6
103
123
131
166
199
258
444
362
359
412
376
469
436
478
500
501
483
524
601
636
691
729
800
25
21
24
~25
28
Ti
~27
T-
Tl
Ii
21
T9
18
T>
25
39
29
19
25
~25
~29
"ii
~12
17
~23
26
~40
Ti
~39
~49
61
63
"77
77
11
5
~i
6
9
10
10
~14
~9
Ti
T4
Ti
Ti
9
12
~w
20
4
~8
Ti
To
~~9
"221
Ts*
~~9
Ti
Ti
Tt
Ti
~9
T4
13
16
236
252
271
289
308
325
342
357
369
383
390
397
404
425
438
461
470   '
334
Non-active	
1049
351
Non-active	
1950
363
Non-active
1951
383
Non-active	
105?
410
1953
400
Non-active	
1054
399
1955	
412
Non-active3	
1956	
421
Non-active3	
1957  ...
445
Non-active2
1058
452
1959 	
478
1060
518
Non-actives	
1961
565
1962          	
615
Non-active3	
196*
669
1_-1_
730
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1966
280-1165-9654
     

Cite

Citation Scheme:

        

Citations by CSL (citeproc-js)

Usage Statistics

Share

Embed

Customize your widget with the following options, then copy and paste the code below into the HTML of your page to embed this item in your website.
                        
                            <div id="ubcOpenCollectionsWidgetDisplay">
                            <script id="ubcOpenCollectionsWidget"
                            src="{[{embed.src}]}"
                            data-item="{[{embed.item}]}"
                            data-collection="{[{embed.collection}]}"
                            data-metadata="{[{embed.showMetadata}]}"
                            data-width="{[{embed.width}]}"
                            async >
                            </script>
                            </div>
                        
                    
IIIF logo Our image viewer uses the IIIF 2.0 standard. To load this item in other compatible viewers, use this url:
https://iiif.library.ubc.ca/presentation/cdm.bcsessional.1-0364022/manifest

Comment

Related Items