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Forty-fifth Annual Report of the Business Done in Pursuance of the Pension (Public Service) Act formerly… British Columbia. Legislative Assembly 1983

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 PROVINCE OF BRITISH COLUMBIA
Forty-fifth Annual Report
of the Business Done in Pursuance of the
Pension
(Public Service)
Act
formerly
Public Service
Superannuation Act
YEAR ENDED MARCH 31
1980
ISSN 0228-7390
  ;May rr please Your Honour:
\Office of the Provincial Secretary t
'Minister of Government Services
Victoria, British Columbia
January 30, 1981
EVAN M. WOLFE
Provincial Secretary and
Minister of Government Servict
 The Honourable Evan M. Wolfe,
Provincial Secretary and
Minister of Government Services,
Victoria, British Columbia
Respectfully sut
 PENSION (PUBLIC SERVICE) ACT
ANNUAL REPORT
4,547,242
1,268,971
74,775
412,869
As at March 31, 1980 there were 46,177 active contributors.
Employer contributions amounted to $71,025,484 made up as follows:
Minister of Finance -
Compulsory and arrears matching      35,354,916
Reinstatement matching  !jgHH*L-?g!:..  74,775
Military or other service matching   jSRj  354,289
2% formula requirements         '_5,.                  24,076,796
59,860,776
Other employers -
Alcoholism and Drug Addiction societies -  3,397
British Columbia Assessment Authority   909,593
British Columbia Buildings Corporation   1,306,998
British Columbia Development Corporation  „  54,266
British Columbia Ferry Corporation   2,159,849
British Columbia Housing Management Commission    229,436
British Columbia Institute of Technology  1,200,106
British Columbia Petroleum Corporation   L_„_ 28,481
British Columbia Steamship Company  ..^:„..-.....-..^...™.l.'..,..v.. 8,686
British Columbia Systems Corporation  J  553,024
Emergency Health Services  l.!l"L,.'.  593,078
Employees' union and credit unions and associations   99,818
Liquor Distribution Branch -
$
Compulsory and arrears matching    1,961,053
Military service matching      38,862
2% formula requirements   1,933,520 3,933,435
Post Secondary Education Councils   JHBT-  24,756
Regional colleges                      .           ..    :..?:{.. 8,977
Regional districts .
 6 BRITISH COLUMBIA
Section 11 - As at March 31,1980 deposits with the Treasury at credit of the PublM
Service Superannuation Fund amounted to $823,384,647. The investments held by
Treasury on account of the Fund are summarized on Schedule 1.
Section 12 - Net income from investments earned by the Fund during the year 1
amounting to $63,931,846 after adjustments in respect of losses on sales and premiums on I
purchases was received from the Minister of Finance. The distribution of this amount to the 1
accounts of the Fund includes credits to employee and employer accounts calculated at 4% I
per annum for employees entering the Service subsequent to April 1 1958 and 5% per I
annum for those entering the Service prior to that date on the balance on the accounts at I
April 1 and October 1, 1976, and credits to employee voluntary accounts at 6% per annum I
on the balances at April 1, and October 1 1976, and credits to Contributory Pensions
Account calculated at 5% per annum, on the balances at April 1, and October 1, 1976 as I
follows:
$
Employees' Compulsory Contributions Account       9,554,410
Employees' Voluntary Contributions Account         704,646
Employer Matching Contributions Account      9,554,410
Contributory Pensions Account  .d®z§jt..>     9,404,462
Special Agreement Account re certain former employees of
B.C. Hydro and Power Authority ...
Special Agreement Accounts re certain employees of the
Liquor Distribution Branch  .
Special Agreement Account re certain former employees
of Medical Services Association 	
Reserve Account     '*lw 	
Unclaimed Monies Account   	
Section 14 - All monies received and paid out under the provisions of this Act are 1
shown in the statement of changes in fund balance and the assets and liabilities appertaining*
to the granting of superannuation allowances are shown in the statement of financiaM
position. These financial statements are attached to this report.
Sections 15, 17, 18, 19, and 20 - During the year 687 allowances were granted as
follows:
Normal retirement . .HJBSBffET?,    607
Total and permanent disability ^?^^^?~~^~-~.,       7
Deferred allowanceS^^^WMB^^^^WSiMPPWI**' ■**'*5?^J5...     34
Dependants upon death in service     39
As at March 31, 1980 there w
$
Employees' Compulsory Contributions Account   ::.;sM»r>.  10,622,726
Employees' Voluntary Contributions Account         901,592
Employer Matching Contributions Account  /■»_,....■ 10,622,726
Liquor Distribution Branch Reserve Account  .;...js«K!«....    2,203,890
Minister of Finance, under sundry statuory provisions, etc  24,096,513
College Pension Fund re one pension granted  ...,^^H„ 5,850
Municipal Superannuation Fund re 41 pensions granted      2,241,771
Teachers' Pensions Fund re nine pensions granted           815,157
 PENSION (PUBLIC SERVICE) ACT - ANNUAL REPORT
The present value of 7 superannuation allow
Members of the Legislative Assembly Superannua
also credited to the Contributory Pensions Account.
Section 16 - Transfers totalling $4,965,173 were received from 13 reciprocal pension
funds in respect of 50 contributions upon grant of allowance and in respect of 137
contributors following transfer of service as follows:
Upon grant of allowance - $
College Pension Fund ....
Municipal Superannuation Fund   .
Teachers' Pensions Fund .......
B.C. Hydro and Power Authority Pension Fund       6
Central Mortgage and Housing Corporation
Pension Fund        2
Municipal Superannuation Fund    -»-?■—»      1
Province of Alberta Public Service Pension Fund       15
Province of Alberta Public Service Management
Pension Fund    SBmZ^pZZ:^      1
Province of Manitoba Civil Service Superannuation Fund :g|M|g!~9iM
o Public Service Superannua-
Province of Saskatchewan Public Service Pension
Plan  _  ;-,;"-• J.s" V"      4 93'252
By special arrangement, Crown Life Insurance Company reimbursed the Fund
rtalling $156,631 representing that portion of the superannuation allowances
ved by former employees of the Liquor Distribution Branch that had been purchased
from the Company prior to August 1, 1961.
Transfers totalling $1,211,818 were made to 7 reciprocal pension funds in respect of 21
itributors upon grant of aliowance and in respect of 23 contributors following transfer of
Upon grant of allowance - $
College Pension Fund ...
Municipal Superannuation Fund   .
Teachers' Pensions Fund  . ,.	
it of Canada Public Service Super-
)vince   of  Alberta   Public   Service   Managen
Pension Fund   .
Teachers' Pensions Fund  .
 BRITISH COLUMBIA
^^^^■i___..  94 667,366
Of the refunds granted upon resignation, no former contributors were eligible to
■eceive a superannuation allowance immediately and 41 were entitled to leave their credits
n the Fund in order to receive a deferred superannuation allowance after attaining the j
Refunds totalling $7,490,209 were paid to the Province of British Columbia in respect
of the matching amount of refunds of regular contributions.
As at March 31,1980 there were 28 contributors who had left the service more than ten ]
years prior to that date and who, while not entitled to leave their credits in the Fund in order 1
to receive a deferred superannuation allowance, had not applied for a refund of their ]
contributions amounting to $12,969.19.
Section 27- Administration expenses amounting to $434,835 were paid from Consoli-B
dated Revenue Fund.
Section 30 - An actuarial valuation was carried out as at March 31, 1977.
The valuation indicates a decrease in the unfunded liability in respect of basic pension
benefits from about $158,000,000 as of March 31,1975 to about $153,641,000 as of March
31, 1977.
In the opinion of the actuary, projected statutory employer contributions are sufficient
to amortize fully the above unfunded liability in approximately 20 years from March 31, I
1977, assuming all actuarial assumptions are realised.
There is an additional unfunded liability of $36,732,000 in respect of supplementary I
allowance payments under Section 42 based on increases in the consumer price index, j
described below.
A valuation as at March 31, 1980 is in preparation.
Section 42 - Cost of living supplements totalling $8,615,903 were charged to Contributory Pensions Account. Financing of cost of living supplements by additional employee  I
and employer contributions, each at the rate of V2V0 of salary, commenced November 1,   j
1976. There is provision for a further similar increased in contributions when the net
accumulated payments again exceed 1 % of the average annual total ofjC^H|itory salaries.
Significant amendments to the provisions for the payment and financing of cost of living
supplements, as described below, were enacted during the 1980 session of the Legislative   j
Assembly.
Comparative, statistical and detail schedules of contrib^^ffi?refunds and allowances I
granted and in force at the year end are attached to this report.
Sections 43,44, 45 and 46 - Death Benefits Fund claims payments totalling $86,000
and sources of funds therefor are summarized in a schedule attached to this report.
 PENSION (PUBLIC SERVICE) ACT - ANNUAL REPORT 9
LEGISLATION
The Pension (Public Service) Act was amended at the 1980 session of the Legislative
\ssembly. Among the more important changes are the following:
H(l) Dividing the Fund into basic and inflation adjustment accounts.
J (2) Discontinuing automatic quarterly indexing of the lifetime portion of pensions after
January 1,1981 and substituting annual indexing of the lifetime portion each January 1
(a) the percentage increase in the consumer price index over the 12 months ending on
the immediately preceding September 30, or
(b) in total an amount that has a capitalized value equal to the amount in the inflation
adjustment account on the preceding September 30.
S (3) Increasing employee and employer contributions by 0.5% of salary to 7.0% of salary
less 1.5% of salary up to the year's maximum pensionable earnings under the Canada
Pension Plan, effective October 1, 1980.
f (4) Allocation of employee and employer contributions each amounting to 1 lA% of salary
to the inflation adjustment account.
\ (5) Providing that the matching amount of refunds of compulsory contributions shall no
longer be abated to the Minister of Finance, but retained in the Pension Reserve
Account as a first source of amounts required in excess of the amounts at the credit of
contributory accounts to meet the present value of allowances granted.
(6) Providing that for purposes of determining eligibility for a pension allowance every
month in which the employee has pensionable service shall be counted as one month's
 BRITISH COLUMBIA
PUBLIC SERVICE SUPERANNUATION FUND
FUND BALANCE
Contributory accounts -
    258,873,947
Employed matching contriou
258873 947
221 848 314
M- unclaimed monies	
12,969
19,375
Fyhihit R
J.D. REID, F.C.I.A
Superannuation Com
C. WEBSTER, C.A
 3) ACT - ANNUAL REPORT
PUBLIC SERVICE SUPERANNUATION FUND
id balance Increased by:
[ Contributions -
Employees:
Province of British Colu
| Net increase in Fund balance	
glance at beginning of year _.
>alance at end of year	
u
668
42,426
674
54,543
738
64,516
199
2,578
024
1.777
210
323
379
154,733
534 21,421
\
USE?
27,953,683
6,031,800
11,139,084
30,092,767
572
,276,598
687
 BRITISH COLUMBIA
PUBLIC SERVICE SUPERANNUATION FUND
1. Actuarial Valuation
According to the Pension (Public Service) Act, an acta
ecent valuation was carried out as at March 31, 1977.
31, 1975 to about $153,641,000 as of March
ictuary, projected statutory employer contributi
i approximately 20 years from March, 1977, a
ty of $36,732,000 in
2. Deposits In Treasury
All contributions to the Fund are dej
Finance, who has invested available monc
3. Cost-of-Llving Supplementary.
Cost-of-Living Supplements, based on increases in the consumer price index, commenced July 1, 1974. j
During October, 1976,theaccumulatedpaymentsexceeded 1% of the average annual total of contributory salaries. |
Financing of these supplements by additional employee and employer contributions, each at the rate of <A% of j
tntiy as aescriDea in Note 4.
4. Subsequent Event
2) Annual, rather than quarterly, cost-of-living supplementary allowances, payable to the extent that
5. Additional information
These financial statements show only the position of the Fund as at March 31,1980 and the changes in Fund ;
 PENSION (PUBLIC SERVICE) ACT - ANNUAL REPORT
PUBLIC SERVICE SUPERANNUATION FUND
SCHEDULE 1
Deposits in Treasury as at March 31, 1980
British Columbia Educat
British Columbia Hydro
British Columbia Railway Companj
Company    (1975)
shares (1979- 1,215,844) .
ific Limited, 1,200 common s
2,325,000
40,376,000
,647 687,917,655
 14
1
BRITISH COLUMBIA
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 PENSION (PUBLIC SERVICE) ACT - ANNUAL REPORT
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16                                                              BRITISH COLUMBIA
PUBLIC SERVICE SUPERANNUATION FUND
Comparative Statistics, April 1,1951 to March 31,1980, Subdivided According to Sex of contributor   ■
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 PENSION (PUBLIC SERVICE) ACT - ANNUAL REPORT
PUBLIC SERVICE SUPERANNUATION FUND
Normal Allowances Granted April 1,1979toMarch31,1980
GRANTED TO FORMER CONTRIBUTORS WHOSE MAXIMUM RETIREMENT AGE W
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 BRITISH COLUMBIA
$ $
500.00 49.00C
600.00 1.80C
700.00 2,800
800.00 3,200.00 \
900.00 7,200.0(
1,000.00 22,000.00 j
Contributions by superannuants  :        54,839.00
Contributions by Government .. .. . !        31,161.00
86,000.00 :
 PENSION (PUBLIC SERVICE) ACT - ANNUAL REPORT
PUBLIC SERVICE SUPERANNUATION FUND
Approved and Reciprocal Employers as at March 31,1980
Section 18 (4) provides for the granting of a defern
C. Central Credi
C. Railway Com
ty of Calgary _1
 BRITISH COLUMBIA
PUBLIC SERVICE SUPERANNUATION FUND
d Long-term Disability Salary Continuance Plans as at March 3.
x Long Term Disability Plan

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