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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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 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
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 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 3—TEACHERS' PENSIONS FUND
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