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
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Twenty-fourth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly [1966]
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Title | Twenty-fourth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1 TO DECEMBER 31 1964 |
Alternate Title | TEACHERS' PENSIONS ACT - ANNUAL REPORT |
Creator |
British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1966] |
Genre |
Legislative proceedings |
Type |
Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1966_V01_13_I1_I13 |
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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 | 2018-02-21 |
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 | 10.14288/1.0364022 |
AggregatedSourceRepository | CONTENTdm |
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