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 $120,927,651.84 K10 BRITISH COLUMBIA Q 2 m a u on vo On PS W pa W U w Q o H on O on Z m Oh __T Pi TH w - s * ■^ a W g <^ a? £ 1 H •< H on w > < < S o u cNvooenoocNTtcst-- VO CO ■t n CN (N % m ov m 1^ in 1-1 n x 00 00 cs S; VO *t cn -d- ^ c-^m •<-* **$,*-• 0 r- m Tfr O rH CN VO 03 00 © in en" oC O cn" 00 on \6 0> OO in VO en is < rHHr.c.m'ri>ooo\ 0\ VO Ov CO 00 r- Ov cc 00 C CN * »■ *■' 1-1 -* CN CN CN cn O h n h en n in o\ m \t O* \p t|-O t; r. vo N mc,.'vTV.vDyD>r-M m 0 en O O On U p- i m tn O CO vo 00 O *~, CN CS ■^t o <! 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J 3 0 3_ 0) CM M N CO N M M CO W CO 01 CO MOT 00 r. c)vr.>ow*OM^or.MOOvT O VO r- M ^ r- \f vOc 00 vo V£ in in c*" vO in CN 00 vo *TfO't,<f,»TtONOONcnb^ rHinvoovvomvOOenTrovor-Ovoe «n i-H f -* in *• O rH ^ ■^ ^ VO --' On 00 VO VC t- O -^ r- cn p> OO "* 1- 00 C— rf rH \o ■^■^r'*<-nvor-oooo^'—--ii-( r- ^h rH c^ HN^ 'hhV rH rH VC HHMNH In a u ;* "S 0 V3 £ V t- C^ ff »r r- o> C-l C*- -* m M Tft^^^iomifiTi m VO VO VO VO VC -7v O Ov OV ON Ov G\ On ON Ov Ov ON Ov On ON tr O C3 a o 16 S__ "BO -J-jB Kg" " J=JS "OO ■§ 5=S 'r. w S ^ .0 "la 3 °° > s % o c c woo ai u Q ^ as ra •S OC ■S P.O. a °° q <u oi G .> .> acc X o o 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 3 o "So ■5 o -J 1 3 0 ■d 0 a>;3 oc u u >> ox 0,3 IE 0 R 5. •o ID U 13 i 3 0 T3 c o c & P ij OJ a •a a) 2 a c. u c_ 3 O ■o u .hT- & ox as S 5 46 1 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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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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Title | Twenty-sixth Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1 TO DECEMBER 31 1966 |
Alternate Title | TEACHERS' PENSIONS ACT - ANNUAL REPORT |
Creator |
British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | [1968] |
Genre |
Legislative proceedings |
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Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1968_V02_04_K1_K12 |
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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 | 2018-04-11 |
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 | 10.14288/1.0365674 |
AggregatedSourceRepository | CONTENTdm |
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