PROVINCE OF BRITISH COLUMBIA Twenty-third Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1 TO DECEMBER 31 1963 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, 1963, to December 31, 1963. WESLEY D. BLACK, Provincial Secretary. 1 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, 1963, tc December 31, 1963. I have the honour to be, Sir, Your obedient servant, December 9,1964. TEACHEiSS^ PENSIONS ACT ANNUAL REPORT Report of the Business Done in Pursuance of the Teachers' Pensions Act during the Period January 1, 1963, to December 31, 1963 Sections 6 and 7.—Contributions received from teachers totalled $5,262,358.51, consisting of basic 6-per-cent contributions of $4,987,001.16, extra and voluntary contributions of $229,408.51, individual repayment of refunds for reinstatement of $35,617.40, and individual 12-per-cent contributions for approved periods of leave ! of absence of $10,331,44.& j As at December 31,1963, there were 14,473 teachers making current contributions, of which 93 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 1,617 Teachers with deferred vested pension rights 131 1,748 Teachers out of service more than two years 1,256 Section 8 (1).—Employer basic contributions received from the Minister of Finance based on 13,528 teachers contributing in December, 1962, amounted to $3,804,896.80. 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 $39,347.40. As at December 31, 1963, there were 93 teachers in this category. Section 8 (5) and (6).—The net rate of interest earnings of the Fund after charging administration expenses was 5.007 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 $3,216,684.23, the excess of the net interest earnings amounting to $809,593.28 was transferred to the Investment Adjustment and Interest Reserve Account, which totalled $1,130,687.61 as at December 31, 1963. Section 11.—Superannuation allowances were granted to 100 teachers who attained retirement age. For analysis see statements of comparative statistics appended. Section 14.—Superannuation allowances were granted to seven teachers who had become totally and permanently disabled. Section 15.—Superannuation allowances were granted to the dependent in the case of nine teachers who died while still in service, and refunds totalling $47,081.42 were made in the case of 20 teachers who died while still in service. Section 16.—Refunds totalling $681,608.03 were made to 908 teachers who left the service of their employers. 1 COLUMBIA Section 20. Actuarial and administration expenses paid from the Fundi amounted to $54,745.12. Section 25.—The securities held by the trustees on December 31, 1963, are set 1 out in Schedule No. 1 of this Report. During the year $13,736,000 par value bonds 1 were purchased, the average yield being 5.37 per cent; $514,700 par value bonds 1 were sold at an average yield of 4.98 per cent; and $2,714,100 par value bonds were 1 redeemed, resulting in a net increase of $10,507,200 par value bonds held by the I trustees between December 31, 1962, and December 31, 1963. Prices paid for j securities bought or sold are determined by market conditions at the time of transfer. ] Every eifort 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 two meetings of the Teachers' Pensions Board I were held, at which cases involving approximately 160 individuals were dealt with j 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. TEACHERS' PENSIONS ACT—ANNUAL REPORT P 7 TEACHERS' PENSIONS FUND Statement of Revenue and Expenditure for the Year Ended December 31, 1963 Revenue Contributions as per requirements of the Teachers' Pensions Act— Employee contributions— Basic 6-per-cent contributions.. $4,987,001.16 Extra and voluntary contributions 229,408.51 Repayment of refunds for reinstatement 35,617.40 Contributions for approved periods of leave of absence 10,331.44 $5,262,358.51 Employer contributions— Basic contributions $3,804,896.80 6-per-cent contributions paid by employers other than school districts for teachers on loan, etc 39,347.40 3,844,244.20 Interest— Net on investments $4,079,755.16 On bank deposits 1,267.47 4,081,022.63 $13,187,625.34 Expenditure Superannuation allowance payments $2,088,061.16 Refunds of employee contributions— Resignation, etc __ $681,608.03 Death in service 47,081.42 728,689.45 Transfers to Civil Service Superannuation Fund of present value of two allowances granted 29,100.25 Actuarial and administration expenses 54,745.12 2,900,595.98 Net increase of ledger assets $10,287,029.36 "1 p 8 BRITISH COLUMBIA TEACHERS' PENSIONS FUND Balance-sheet as at December 31, 1963 Assets Cash in bank . $135,989.07 j Accounts receivable— Due from employees, etc $429,497.39 Due from employers 5,358.52 434,855.91 Investments at cost or par—net after amortization of premiums and discounts (see Schedule No. 1) (par value, $89,317,950) 86,904,727.14 Accrued interest on investments 912,767.11 $88,388,339.23 Liabilities Teachers' Pensions Fund Basic Account j $61,129,480.24 Employees' Retirement Annuity Account 26,070,981.26 Investment Adjustment and Interest Reserve Account . 1,130,687.61 Sundry accounts payable j 57,190.12 $88,388,339.23 Approved. W. H. Forrest, Superannuation Commissioner. Pensions Fund for the year ended December 31, 1963, have . Subject to the actuarial sufficiency of the Fund and the le above balance-sheet is, in my opinion, properly drawn up ;atement of the affairs of the Fund, according to the best of . given to me and as shown by the books of the Fund. TEACHERS' PENSIONS ACT—ANNUAL REPORT P 9 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 31,1963 Government of Canada guaranty—Canadian National Railway Company $50,000.00 $49,010.74 Province of British Columbia '. 56,000.00 55,535.42 Province of British Columbia guaranty— British Columbia Power Commission 7,688,500.00 7,606,528.72 British Columbia Electric Company Limited 937,750.00 846,407.37 British Columbia Hydro and Power Authority 21,197,000.00 20,620,266.30 British Columbia Toll Highways and Bridges Authority ' 1,056,000.00 1,054,863.55 Pacific Great Eastern Railway Company .__ 4,906,000.00 4,791,003.98 Greater Vancouver Water District 1 2,028,000.00 2,006,128.90 1,614,000.00 1,608,941.40 British Columbia School Districts Capital Financing Authority 2,220,000.00 2,186,700.00 British Columbia school districts serials 40,501,200.00 39,063,676.28 British Columbia municipal serials 2,548,500.00 2,455,274.82 British Columbia hospital improvement district serials 480,000.00 479,040.00 Province of Alberta guaranty—Alberta Municipal Financing Corporation '. 14,000.00 13,634.92 Province of Manitoba 553,000.00 553,000.00 Province of Ontario 30,000.00 30,185.79 Province of Ontario guaranty—Ontario Municipal Improvement Corporation 3,196,000.00 3,243,747.95 $89,317,950.00 $86,904,727.14 BRITISH COLUMBIA "1 | ll III 1 3 | I ! 1 . 1 llli fgSsisS??! S _ § 1 1 S jllfl »"»••»«» 1 Isfs ••««•«■ • j 5 = • \ p. s 1 || lil-lilllil I 1 ! I S S £ 8 O w 55 I 1 HUH t j 8 8 1 8 1* 1 IS ll !_• illlllllll I I I 3 s 1 I iisiilll iiiiii 1 S3 _m is nil llllli U 2 il IIIIIIHII | | | li Hi 23lsis!lgal!g|3SllsI|il!sll5ll U "-""•"sss-s--::- s s""s" I salll | § TEACHERS' PENSIONS ACT—ANNUAL REPORT SCHEDULE No. 3—TEACHERS' PENSIONS FUND Gr anted d .ring Year Expired d uringYear End of, Fiscal Year l l dl If 1 i I it l 1 at II j J It 1 ,35 J \ 2 =£U_ 265 *28 17 131 WNonnalret_ren_eiit- 1 | 1 1 s 3 H l I 1 2Z 1 | __ 1 ii I __> 1 l | 1 318 SS££__!____: 4 | 1 1 5 z 1 1 l 1 ll 358 syemciL I ll | 27 I 8 1 __ l 1 It 381 §fflWI H | J1 | j 1 __ | | 1 V, 424 Tsss-^ i° | „2 4_! 1 8 p=j | | 1 | I No^alretirernent. __ | \ 1 1 8 | I 1 I | r,;",,!,;,„;L'mnu"1 1 j i 1 38 j Sr* | J| 1 | 566 = reUr^ __ | | 77 3; II ] ■ 1 l| ^: f6 | 8 W , 1U » n , 6 4 ; 18 2S5 151 1 93 631 BRITISH COLUMBIA SCHEDULE No. 4.—TEACHERS' PENSIONS FUND Allowance, tW <£2__5_-« gSI s ?gsH. Hi! Male Female Male Female Male Female Male Female Male Female 1«47 I ■ | | J § ■ l I 319 10?«°n"aCtiV° 334 1o5?tl"aCtiVe 351 )0Non-actlve 363 I"1-— 383 ™£IZZ 400 »£!£== j 19l°zZZZz «2 i9SSS= I i9ES__E | ioS.°n"aCtiTe3 — NonSSlZZ zz
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Twenty-third Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period… British Columbia. Legislative Assembly 1965
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Title | Twenty-third Annual Report of the Business Done in Pursuance of the TEACHERS' PENSIONS ACT for the Period JANUARY 1 TO DECEMBER 31 1963 |
Alternate Title | TEACHERS' PENSIONS ACT-ANNUAL REPORT |
Creator |
British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | 1965 |
Genre |
Legislative proceedings |
Type |
Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1965_V02_09_P1_P12 |
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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 | 2018-08-16 |
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 | 10.14288/1.0371050 |
AggregatedSourceRepository | CONTENTdm |
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