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Twenty-sixth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly [1968]

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Twenty-sixth Annual Report
of the Business Done in Pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1 TO DECEMBER 31
1966
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1967
  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, 1966, to December
31, 1966.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., November 30, 1967.
 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, 1966, to
December 31, 1966.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Teachers' Pensions.
November 29, 1967.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Report of the Business Done in Pursuance of the Teachers'
Pensions Act during the Period January 1, 1966,
to December 31, 1966
Sections 6 and 7.—Contributions received from teachers totalled $6,093,196,
consisting of basic contributions of $5,655,552, extra and voluntary contributions
of $405,477, individual repayment of refunds for reinstatement of $17,110, and
individual contributions for approved periods of leave of absence of $15,058.
As at December 31, 1966, there were 17,462 teachers making current contributions, of whom 74 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  1,978
Teachers with deferred vested pension rights      140
2,118
Teachers out of service more than two years  1,696
Section 8 (1).—Employer basic contributions received from the Minister of
Finance based on 16,077 teachers contributing in December, 1965, amounted to
$4,521,831.
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 $34,194. As at December 31, 1966, there were 74 teachers
in this category.
Section 8 (5) and (6).—The net rate of interest earned during 1966 after
charging administration expenses was 5.1767 per cent. After distributing interest
for 1966 to the Basic Account at the guaranteed rate of 4 per cent, amounting to
$3,437,742, and to the Retirement Annuity Account at the net earned rate of
5.1767 per cent, amounting to $1,386,646, the excess net interest earned during
1966, amounting to $1,089,182, was transferred to the Interest Reserve Account.
A statement of the Interest Reserve Account is shown below:—
Balance at credit, January 1, 1966  $2,185,765
Excess interest earned during 1966....     1,089,182
$3,274,947
Charges during year under section 8 (6):—
Portion of monthly medical premiums in
respect   of   eligible   pensioners   from
September, 1966, amounting to $2.25
in the case of a single member or $4 in
the case of a member with dependents     $10,363
Reimbursement  to  employers  of Canada
Pension Plan employer contributions
paid by them in respect of employees
to whom the Teachers' Pensions Act
applies  1,353,096
     1,363,459
Balance at credit, December 31, 1966  $1,911,488
5
2
 K 6 BRITISH COLUMBIA
Section 11.—Superannuation allowances were granted to 191 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 six teachers who died while still in service, and refunds totalling $66,634
were made in the case of 20 teachers who died while still in service.
Section 16.—Refunds totalling $1,091,879 were made to 1,102 teachers who
left the service of their employers.
Section 20.—Actuarial and administration expenses paid from the Fund
amounted to $79,040.
Section 25.—The securities held by the trustees on December 31, 1966, are
set out in Schedule No. 1 of this Report. During the year $14,253,000 par value
bonds were purchased, the average yield being 6.12 per cent, and $3,122,600 par
value bonds were redeemed, resulting in a net increase of $11,130,400 par value
bonds held by the trustees between December 31, 1965, and December 31, 1966.
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 the Teachers' Pensions Board held two meetings,
during which 114 cases were dealt with, in accord with adopted Board policy,
involving applications for disability pensions, reinstatements, and permission to
make contributions during or following a justifiable leave of absence so as to avoid
loss of service credit for pension purposes.
W. H. FORREST,
Commissioner of Teachers' Pensions.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT K7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31, 1966
Revenue
Contributions as per requirements of the Teachers' Pensions Act—
Employee contributions—
Basic  contributions  $5,655,551.71
Extra and voluntary contributions         405,476.82
Repayment   of  refunds   for
reinstatement  17,110.00
Contributions  for  approved
periods of leave of absence 15,057.9*9
 $6,093,196.52
Employer contributions—
Basic contributions  $4,521,830.80
Contributions paid by employers other than school
districts for teachers on
loan, etc         34,193.63
 4,556,024.43
Interest—
Net on investments  $5,989,660.19
On bank deposits  2,948.48
 5,992,608.67
  $16,641,829.62
Expenditure
Superannuation allowance payments  $3,193,632.48
Refund of contributions—
Resignation, etc ._._ $1,091,879.37
Death in service  66,634.25
Miscellaneous—contributions in
error, etc  3,055.65
     1,161,569.27
Transfer to Civil Service Superannuation Fund of
present value of two allowances granted  59,250.59
Payments from Interest Reserve Account—
Portion of medical premiums in
respect of eligible recipients of
a superannuation allowance $10,363.00
Reimbursement to employers of
Canada Pension Plan employer contributions paid by
them in respect of employees
to whom Teachers' Pensions
Act applies     1,353,095.40
 1,363,458.40
Actuarial and administration expenses  79,039.52
       5,856,950.26
Net increase of ledger assets    $10,784,879.36
 K8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31, 1966
Assets
Cash in bank  $57,844.69
Accounts receivable—
Employee contributions, etc  $611,757.46
Employer contributions         5,826.22
  617,583.68
Investments at cost or par—net after amortization of premiums
and discounts (see Schedule No. 1) (par value, $123,718,350)    120,927,651.84
Accrued interest on investments         1,281,110.29
$122,884,190.50
Liabilities
Teachers' Pensions Fund Basic Account  $93,161,233.31
Employees' Retirement Annuity Account  27,510,245.77
Interest Reserve Account  1,911,48 8.27
Sundry accounts payable  301,223.15
$122,884,190.50
Approved.
W. H. Forrest, G. S. Soutar,
Superannuation Commissioner. Accountant.
The accounts of the Teachers' Pensions Fund for the year ended December 31, 1966, 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. I. FERBER, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C., November 28, 1967.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT K9
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, 1966
Government of Canada guaranty — Canadian Par Value             Book Value
National Railway Company  $50,000.00           $49,432.06
Province of British Columbia guaranty—
British Columbia Hydro and Power Authority   56,299,000.00      55,235,688.60
British Columbia Electric Company Limited   1,450,750.00        1,348,933.65
British Columbia Power Commission ______ 7,175,500.00        7,113,210.33
Pacific Great Eastern Railway  4,906,000.00        4,805,456.30
Greater Vancouver Water District  1,528,000.00        1,523,881.42
Greater Vancouver Sewerage and Drainage District  9*80,000.00           979,730.55
Vancouver and District Joint Sewerage
and Drainage Board  22,000.00            22,000.00
British Columbia school districts serials 33,619,600.00      32,390,376.21
British Columbia School Districts Capital
Financing Authority serials   6,713,000.00        6,655,739.00
British Columbia School Districts Capital
Financing Authority  2,810,000.00        2,760,978.02
British Columbia municipal serials  2,306,500.00        2,219,387.04
British Columbia hospital improvement
district serials  803,000.00           791,704.00
Naramata Irrigation District serial  193,000.00           192,614.00
Saltair Waterworks District serial  39,000.00             38,337.00
Greater Vancouver Water District serial 500,000.00           483,000.00
Greater Vancouver Sewerage and Drainage District serial  560,000.00           554,484.00
Province of Alberta guaranty—Alberta Municipal Financing Corporation   14,000.00             13,699.66
Province of Manitoba  553,000.00           553,000.00
Province of Ontario guaranty—Ontario Municipal Improvement Corporation   3,196,000.00        3,196,000.00
$123,718,350.00 $120,927,651.84
 K10
BRITISH COLUMBIA
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H   CM  CO
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 3.—TEACHERS' PENSIONS FUND
Kll
Comparative Statistics, January 1, 1957, to December 31, 1966—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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7
5
4
3
6
116
65
78
113
23
55
15
2
1957—
Normal retirement
Disability 	
Death 	
4
4
5
2
1
358
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
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   j    45
=    1    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
11
13           3
6          2
....    1      5
50
1
5
1
3
8         .-          5
126
58
77
108
24
62
15
7
509
4
Totals 	
11     |    19    |    10    |    51
9    |      9   1    ....    |      5
261
132    |      84    |    513
1962—
Normal retirement
Disability 	
Death        	
13
7
3
3
3
59
1
8           3
3    ]       1
5    1    ....
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
1963—
Normal retirement..
Disability	
Death         	
8
14
5
1
2
7
77
"i
5
3
3
4
2
3    1    18
1
134
52
69
122
29
60
16
17
625
6
Totals  _
8    [    19
10    |    79
11    |      6
4    |    18
255    |    151    |      93    |    631
1964—
Normal retirement
9
4
8
4
1
2
75
3
8
6
1
5
1
1
5    |      8
2
135          125
46           32
89    1    	
56
16
692
9
Totals	
13
12    |      3
78
15
6
7    |      8
270    |    157    |      72    |    701
1965—
Normal retirement
10
3
9
3
4
2
93
1
8
2
6
5
2
1
11
1
137
44
86
129
33
60        774
17    |
'1        9
Totals..	
13    |    12    |      6    |    94
16    |      7    |      1    |    12
267    |    162    |      77    |    783
1966—
Normal retirement
7        35
6
3    j    ....
5
144
3
f           1           'I
6    1      3    |      5         12
! 1 1 1 ill _
138
43
89
161
36
60
16
1   906
Death	
12
Totals	
10    f   41
1'
5
1 147
7
6
6    I    12
'1
270
197
1     76
918
 K 12 BRITISH COLUMBIA
SCHEDULE No. 4.—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1, 1952, to December 31, 1966,
Subdivided According to Sex of Contributor
1 Expirations include allowances rescinded:   1953, 13;   1954, 1.
2 Non-active open accounts of teachers who have been out of service less than two years.
3 Non-active open accounts of teachers who have been out of service over 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
1952	
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
610
293
7,123
607
323
7,673
604
355
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
9,020
1,239
1,422
9,789
1,514
1,341
70
59
54
76
93
103
96
103
123
131
166
199
258
261
271    i
376
469
436
478
500
501
483
524
601
636
691
729
800
930
851
28
27
27
28
21
23
21
19
18
30
25
39
29
33
64
36
12
17
23
26
40
21
39
49
61
63
77
77
92
139
9
10
10
14
9
12
14
12
11
9
12
16
"20
16
15
9
221
181
9
17
13
14
13
9
14
13
23
16
20
16
308
325
342
357
369
383
390
397
404
425
438
461
470
487
536
410
1953 	
400
Non-active	
1954	
399
1955	
412
1956 	
421
Non-active3 	
1957	
445
Non-active3 	
1958	
452
1959_	
478
1960	
518
1961	
565
Non-active3	
1962 .__	
615
1963--.    .
669
1964	
Non-active2	
Non-active3	
1965	
730
802
1966 	
925
Non-active2	
	
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1967
250-1267-9888

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