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Twenty-ninth Annual Report of the Business Done in Pursuance of the CIVIL SERVICE SUPERANNUATION ACT… British Columbia. Legislative Assembly 1965

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Twenty-ninth Annual Report
of the Business Done in Pursuance of the
CIVIL SERVICE
SUPERANNUATION ACT
for the
YEAR ENDED MARCH 31
1964
  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 pui
I  suance of the Civil Service Superannuation Act during the fiscal year 1963/64.
 Sir,—I have the honour to lay before you the Report of the business done in
pursuance of the Civil Service Superannuation Act during the fiscal year 1963/64.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Superannuation Commissioner.
January 5, 1965.
 r
Superannuation Report, 1963/64
I     Report of the Business Done in Pursuance of the Civil Service
Superannuation Act during the Fiscal Year 1963/64
PART I.—CIVIL SERVICE SUPERANNUATION FUND
Sections 4, 7, 8, 9, 11, 16, 18, 19, 21, 52, 53, 54, 55, 57, and 58 (Employee
and Employer Contributions).—During the year an amount of $3,863,274 was
received from employees, consisting of the following:—
Compulsory and arrears contributions j—    $3,264,705
Voluntary contributions        596,071
Repayment of moneys withdrawn ____H  2,498
$3,863,274
During the year, employer contributions amounting to a net total of $3,003,469
were received from the following sources:—
Minister of Finance—
Compulsory and arrears matching    $3,077,635
Reinstatement matching ..'. Zui       2,498
Prior-service requirements Z^jt^TZZZ^.A.x. '~w 5,068
2-per-cent formula requirements          287,771
Service-bonusSpiquirements ——J?_~__: '.——'   r 151,911
Minimum-allowance requirements  ' '.^S^^i^TT'       6,819
$3,531,702
Less refund abatements       792,238
Dyking districts"          ___ .__  1,077
Employees'   Association,   Medical   Services,   and   Credit
Union   5,295
University of British Columbia and Victoria University  16,611
Liquor Control Board   241,022
$3,003,469
As at March 31, 1964, there were 12,130 active contributors to the Fund,
2,727 of whom have made special voluntary contributions.    There were 2,050
maJdng current voluntary contributions.   The remaining 677 have voluntary credits
but have discontinued voluntary contributions.
Section 13.—As at March 31, 1964, deposits with the Treasury at credit of the
Civil Service Superannuation Fund amounted to $81,554,517.
Section 14.—Interest in the amount of $3,693,474 was received from the
Minister of Finance, calculated on the credit balances in the Fund on April 1 and
October 1, 1963, and computed as follows:—
At the rate of 5 per cent per annum .  $3,534,648
At the rate of 4 per cent per annum        147,231
At the rate of 3 per cent per annum ___^_._, _•.  11,595
$3,693,474
 s 6 BRITISH COLUMBIA
Section 17.—A statement of all moneys received and paid out under the provisions of this Act and the assets and liabilities appertaining to the granting of superannuation allowances under its provisions is given in the statements of revenue and
expenditure and the balance-sheets appended.
Section 18.—(1) Superannuation allowances were granted to 102 retiring
employees under this subsection. For analysis see statements of comparative
statistics appended.
Section 20.—(3) Five deferred superannuation allowances were granted
under this subsection.
Section 21.—Of the 102 allowances granted under section 18 (1), 29 retiring
employees selected the 2-per-cent formula under this section.
Section 22.—(1) Superannuation allowances were granted to dependents of
20 employees who died while in service, one of which was granted on the 2-per-cent
formula.
Section 24.—Refunds totalling $67,160 were made to the widow or estate in
the case of 28 contributors who died while in service.
Section 25.—(1) Refunds totalling $818,458 were made to 957 contributors
who left the service of their employer.
(3) A total of $18,647 was transferred to the contributors' credit in Employees' Suspence Accounts in Part I and Part II in respect of 19 former employees who
were out of the service of the Government for more than three years.
Section 28.—Administration expenses covering both Part I and Part II,
amounting to $54,469, were paid from the Consolidated Revenue Fund.
Section 37.—An amount of $566 was paid over to the Minister of Finance
from the accounts of two former contributors to Part I and one former contributor
to Part n.
The accounts of 26 contributors who ceased to be eligible to contribute to
Part I were transferred from the Civil Service Superannuation Fund to the Retirement Fund.
Imprest Payments and Receipts.—An amount of $118,019 was paid out in
supplementing allowances granted prior to April 1, 1953, pursuant to Schedule B
and allowances granted prior to April 1, 1958, pursuant to section 58a (effective
April 1, 1962). The Minister of Finance reimbursed the Fund for this amount
out of the Consolidated Revenue Fund.
By special arrangement with the Crown Life Insurance Company, payments
totalling $17,357 to retired employees of the Liquor Control Board were made out
of the Fund, which was reimbursed by the insurance company. These payments
were in respect of the portion of their total benefits purchased from the insurance
company prior to August 1, 1961.
PART II.—RETIREMENT FUND
Sections 4, 21, 43, 53, 54, and 58 (Employee and Employer Contributions).—
During the year an amount of $1,089,979 was received from employees, consisting
of the following:—
Compulsory and arrears contributions      $995,423
Voluntary contributions _____ _         93,056
Repayment of moneys withdrawn L 1,500
$1,089,979
 r
CIVIL SERVICE SUPERANNUATION REPORT, 1963/64
During the year, employer contributions amounting to a net total of $727,133
re received from the following sources:—
Minister of Finance—
Compulsory and arrears matching   $868,527
Reinstatement matching         1,500
2-per-cent formula requirements
Service-bonus requirements	
Minimum-allowance, requirements I
Less refund abatement
17,697
1,283
$893,256
.    281,475
B.C. Toll Highways and Bridges Authority  $128,704
Less refund abatements _-_:______-. 13,928
Employees' Medical Services I
$727,133
it March 31, 1964, there were 4,219 active contributors to the Fund, 384
I of whom have made special voluntary contributions. There were 322 making
it voluntary contributions. The remaining 62 have voluntary credits but have
[ discontinued voluntary contributions.
Section 44.—Interest in the amount of $638,113 was received from the
[ Minister of Finance, calculated on the credit balances in the Fund on April 1 and
s follows:—
nnum $573,474
nnum       63,908
October 1, 1963, and computed a
At the rate of 5 per ce
At the rate of 4 per cs
At the rate of 3 per ce
731
$638,113
Section 45.—The accounts of 314 contributors who became eligible to contri-
. bute to Part I were transferred from the Retirement Fund to the Civil Service
Superannuation Fund.
Section 47.—(1) and (2)  Of the 18 allowances granted under (1) and (2),
e retiring employee selected the 2-per-cent formula under section 21.   For analysis see statements of comparative statistics appended.
(3) No superannuation allowance was granted pursuant to this subsection.
Section 49.—(1) Refunds totalling $278,038 were made to 435 contributors
who left the service of the Government, and refunds totalling $51,184 were made
o the widow or estate in the case of 28 contributors who died while in service.
Schedule C and Section 58A.—An amount of $20,973 was paid out in supplementing allowances granted prior to April 1, 1953, pursuant to Schedule C and
allowances granted prior to April 1, 1958, pursuant to section 58a (effective April
1, 1962).
 1
S 8 BRITISH COLUMBIA
PART III.—DEATH BENEFITS FUND
As at March 31, 1964, there were 1,267 superannuants participating.
During the year 68 claims were paid, amounting to $37,800, financed a
follows:—
Contributions by superannuants  $13,714 36.28
Contributions by Government 1    24,086 63.72
$37,800        100.00
For details of individual payments see statement appended.
 CIVIL SERVICE SUPERANNUATION REPORT, 1963/64
PART I.—CIVIL SERVICE SUPERANNUATION FUND
 $3,863,274
;3,795,707
792,238
     3,003,469
n Members of the Legislative Assembly Superannuation
  / -ym^.«ir«  -.ArtjiMiv.      1,164
n former Liquor Control Board pension plan   18,118
its (as per contra)—
s $118,019
:r Liquor Control Board employees  17,357
       135,376
ed from Minister of Finance 3,.93,474
  $11,235,230
Re Schedule B and sectioi
allowances	
Re former Liquor Control B
h Treasury, April 1, 1963 _
Sh Treasury, March 31, 1964
 10 BRITISH COLUMBIA
PART I.—CIVIL SERVICE SUPERANNUATION FUND—Continued
Ca
Civil Service Superannuation Fund as at March 31,1964
id securities held by the Province of British Columbia as shown on page
E 21 of the Public Accounts, March 31, 1964—
$1,000
1,112,500
23,603,500
15,475,000
5,016,100
10,116,228
22,349,500
32,000
4,210,000
11,000
2,000
21,000
170,000
110,000
British Columbia Hydro and Power Authority	
British Columbia Toll Highways and Bridges Authority
Greater Vancouver Sewerage and Drainage District	
Pacific Great Eastern Railway Company
Province of Manitoba guaranty—Manitoba Hydro-electric
Province of Quebec guaranty—Quebec Hydro-electric Com-
rvice Superannuation Fund distribution—
ntributory Pensions Account, being amount available for
$82,229,828
payment of
$81,554,517
Co
Ba
Employees' compulsory contribution.:
$29,130,267
4,420,841
$33,551,108
29,130,267
Sp
the Liquor
En
ployees' Suspense Account, being unclaimed moneys at credi
t of former
$81,554,517
 CIVIL SERVICE SUPERANNUATION REPORT, 1963/64 S
PART I.—CIVIL SERVICE SUPERANNUATION FUND—Continued
Nam*
Depart™,
Amount
■
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 BRITISH COLUMBIA
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 CIVIL SERVICE SUPERANNUATION REPORT,  1963/64                    S 13
PART I.—CIVIL SERVICE SUPERANNUATION FUND—Continued
Comparative Statistics, April 1,1947, to March 31,1964,
Subdivided According to Sex of Contributor
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s 14                                                    BRITISH COLUMBIA
PART I.—CIVIL SERVICE SUPERANNUATION FUND—Continued      j
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 CIVIL SERVICE SUPERANNUATION REPORT,  1963/64 S 15
PART I.—CIVIL SERVICE SUPERANNUATION FUND—Continued
Allowances Granted, April 1, 1963, to March 31,1964
 16 BRITISH COLUMBIA
PART I.—CIVIL SERVICE SUPERANNUATION FUND—Continued
Allowances Granted, April 1, 1963, to March 31, 1964—Continued
 CIVIL SERVICE SUPERANNUATION REPORT, 1963/64
PART IL—RETIREMENT FUND
Paid from Fund	
id deposits with Treasury, April
Deposits with Treasury, Marc
 i COLUMBIA
PART II.—RETIREMENT FUND—Continued
Retirement Fund as at March 31,1964
1
E 22 of the Public Accounts, March 31
sh Columbi
1964—
as shown on page
bi
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'Authority _
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credit
of certa
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and I
f the Toll
 CIVIL SERVICE SUPERANNUATION REPORT, 1963/64                  S 19
PART II.—RETIREMENT FUND—Continued
1     Schedule No. 2.—Unclaimed Moneys in Retirement Fund at Credit of
Former Employees' Accounts as at March 31,1964
Name
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Amount
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 BRITISH COLUMBIA
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 2IVIL SERVICE SUPERANNUATION REPORT, 1963/64
PART IL—RETIREMENT FUND—Continued
 1                   1
S 22                                                    BRITISH COLUMBIA
PART II.—RETIREMENT FUND—Continued
Comparative Statistics, April 1, 1954, to March 31, 1964—Allowances  1
Granted and in Force, Subdivided by Plan of Allowance
Granted during Year
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In Force at End of Year       J
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 CIVIL SERVICE SUPERANNUATION REPORT, 1963/64
PART II.—RETIREMENT FUND—Continued
Allowances Granted, April 1,1963, to March 31,1964
Name
Department
Date
Particulars
An7 son William Mac hereon
Hi hwa s
NR
m
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Highways	
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Recreation and Conservation	
NR'
NR
 1 ~                       1
s 24                                                    BRITISH COLUMBIA
PART III.—DEATH BENEFITS FUND
Death Benefit Payments Made during the Fiscal Year
Ended March 31, 1964
Name of Deceased
Date of Death
Amount
Mnr-h?o ,Q«3
Zm 1 SS
l
1
Car-sew, Charles Noel Thomas-	
;',„:. ","„:_.	
.;,.." '.';,•" Mr'" -   — __
tZ-™'w_ i ~~
Farquharson, Catherine F. A	
••!
1
i£^
Ma-Hpte
*m"' nZlfrtVtnry	
September 15, 1963
Reinhard, WiUiam Edward -_
^'S^wwIJhlSwSt^	
Nnv™?' ?i'?!>«	
HiISttaMriT' ~	
Moodirs^aSeyFrfe Middled	
Total of 68 death benefit payments made

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