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Twenty-fifth Annual Report of the Business Done in Pursuance of the MUNICIPAL SUPERANNUATION ACT for… British Columbia. Legislative Assembly 1965

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  PROVINCE OF BRITISH COLUMBIA
Twenty-fifth Annual Report
of the Business Done in Pursuance of the
MUNICIPAL
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 pursuance of the Municipal Superannuation Act during the fiscal year ended March 31,
1964.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., November 17,1964.
 Sir,—I have the honour to lay before you the Report of the business done in
pursuance of the Municipal Superannuation Act during the fiscal year ended March
31, 1964.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Municipal Superannuation.
November 16,1964.
 Municipal Superannuation Report, 1963/64
Report of the Business Done in Pursuance of the Municipal Superannuation Act during the Fiscal Year Ended March 31, 1964
Section 3 (1).—The following employers adopted the Act during the year
under the provisions of clause (b), (c), (e), (/), or (i) of this subsection, effective from the date shown:—
Employer Effective Date
Village of Aennofield April 1,1963
Esquimalt Municipal Sports Centre April 1,1963
Keremeos Irrigation District April 1,1963
Magistrates (B.C. Government Stipend) April 1,1963
Vancouver Island Regional Library !— June 1,1963
Village of Chetwynd . October 1,1963
School District No. 29 (Lillooet)  January 1,1964
School District No. 6 (Kootenay Lake)  January 1,1964
School District No. 49 (Ocean Falls)  January 1, 1964
As at March 31, 1964, there were 278 active employer accounts in the Fund.
Section 5.—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 statement of revenue
and expenditure and the balance-sheet appended.
Section 6.—Basic employee 5-per-cent contributions amounted to $4,653,-
918.33, and employee voluntary and special agreement contributions amounted
to $786,168.05. As at March 31, 1964, there were 20,344 active contributors.
Section 8.—(1) Employer contributions amounted to $4,505,324.20 in respect
of current service and $1,527,687.60 in respect of past service. An amount of
$2,461.13 was refunded to sundry employers to adjust contributions made in error.
(2) Extra employer contributions totalling $2,885.77, being one-half of 1 per
cent of salaries for Victoria firemen, were made under a special agreement with
this employer. In accordance with the provisions of individual special agreements
with 52 employers under the Act, a total of $337,687.28 was paid out in supplementing superannuation allowance payments. Of this amount, $173,772.66 was
reimbursed to the Fund by the 52 employers and $163,914.62 was paid from the
Reserve Account, derived from interest earnings of the Fund in excess of 4 per cent,
as authorized by section 10 (6) and Order in Council No. 1502, approved on
June 7, 1962.
Section 10.—(1) The Minister of Finance paid $75,000 into the Fund, which
payment was in lieu of interest on the certificates of loan under the former Act.
(2) The net rate of interest earnings of the Fund for the year was 5.21 per
cent, and after charging administration expenses, 5.12 per cent; therefore, no
payment was required by the Minister of Finance under this subsection.
(3) An amount of $884,131.65, being the excess of the interest earnings
over the required 4 per cent, was transferred to the Reserve Account, which totalled
$1,616,117.03 as at March 31,1964.
Section 13.—Superannuation allowances were granted to 187 contributors who
attained retirement age.    For analysis, see schedules of comparative
appended.
 M 6 BRITISH COLUMBIA
Section 16.—Superannuation allowances were granted to four contributors
under the total and permanent disability provisions.
Section 17.—Superannuation allowances were granted to the dependent in
the case of 25 contributors who died while still in service. Refunds totalling $57,-
140.89 were made in the case of 32 contributors who died while still in service.
Section 18.—Refunds totalling $974,700.18 were made in the case of 2,057
contributors who left the service of their employers, and $5,442.72 was refunded
to sundry employees to adjust contributions made in error.
Section 22.—Actuarial and administration expenses paid from the Fund
amounted to $70,933.93. The total administration expenses of the Superannuation
Branch are distributed among the various funds administered on the basis of contributors and pensioners. A comparison of the annual unit cost per contributor
and pensioner for the last six years is as follows:—
1958/59 $2.92 1961/62 $2.72
1959/60 3.18 1962/63 . 2.73
1960/61 I    2.77 1963/64 2.87
Section 27.—The securities held by the trustees on March 31, 1964, are set
out in Schedule No. 2 of this Report. During the year $15,212,000 par value
bonds were purchased, the average yield being 5.42 per cent; $561,750 par value
bonds were sold at an average yield of 4.88 per cent; and $2,592,350 par value
bonds were redeemed, resulting in a net increase of $12,057,900 par value bonds
held by the trustees between April 1, 1963, and March 31, 1964. The 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
n yield possible at the time of purchase.
 MUNICIPAL SUPERANNUATION REPORT, 1963/64
MUNICIPAL SUPERANNUATION FUND
Contributions as per requirements of the Municipal Superannuation Act—
Employees, section 6—
Basic 5-per-cent contributions j	
$4,653,918.33
Voluntary and special agreement contributions	
qA8Ai6?-QgiJ
$5,440,086.38
Employers, section 8—
In respect of current service (Schedule No. 1)	
$4,505,324.20
In respect of past service (Schedule No. 1)	
1,527,687.60
2,885.77
Special agreement supplementary pension payments (as
173,772.66
	
6,209,670.23
Minister of Finance, section 10 (1)
75,000.00
4,114,106.88
$15,838,863.49
Expenditure
Superannuation allowances—
Paid from Basic Account
$2,217,299.67
Special agreement supplementary superannua
tion allowance payments—
Paid by former employers (as per contra) $173,772.66
Paid from Fund Reserve Account    163,914.62
337,687.28
$2,554,986.95
Refunds—
Resignations, etc., section 18    .    .                     $974,700.18
Death in service, section 17      57,140.89
Miscellaneous employee.                                                       .,4_97?r
1,039,744.92
Transfer to Government of Canada Superannuation Account re
employees of the Vancouver International Airport	
114,256.89
Actuarial and administration expenses, sections 22 and 30	
70,933.93
3,779,922.69
Net increase of ledEer assets
$12,058,940.80
 BRITISH COLUMBIA
MUNICIPAL SUPERANNUATION FUND
Balance-sheet as at March 31, 1964
receivab
zz^-****
utions,
etc, due from m_
nicipalities, hospi-
Schedule
No. 2) (par value
$89,6
2,100)
ms and discounts
Municipal Superannuation Fund Basic Acco
Employees' Retirement Annuity Account —
Victoria Agreement Bonus Account for Fire
G. S. SOUTAR,
COMPTROLLER-GENERAL'S CERTIFICATE
The accounts of the Municipal Superannuation Fund for the year ended March 31, 1964,
re been examined under my direction.
Subject to the actuarial sufficiency of the Fund and the adequacy of the prescribed tables,
s above balance-sheet is, in my opinion, properly drawn up so as to exhibit a true and correct
tement of the affairs of the Fund, according to the best of my information and the explana-
ns given to me and as shown by the books of the Fund.
C. J. FERBER, C.A.,
 MUNICIPAL SUPERANNUATION REPORT, 1963/64                      M 9
SCHEDULE No. 1
Contributions by Employer for Year Ended March 31, 1964
|P
csr
Employer Contributions
H
Ji
attest
Hi
B
9
Courtenay Volunteer Firemen	
v!ff_??s—
1          Nanaimo	
tjBSS
536.945,832.12
$2,036,045.17
$862,875.42
"'Ii
"ti-S
jii
ST*""                          —
Eraser Mills	
1 286'5291o
ill
f^T	
Maple Ridge	
K__ifr-__.._.n =	
o^vRy3110011""—
|?cWhmpndV__	
1
H
Salmon Arm	
Tadanac :	
West Vancouver.- ^ ^ ____ ^^ ^^ ^
 M 10 BRITISH COLUMBIA
SCHEDULE No. 1—Continued
Contributions by Employer for Year Ended March 31, 1964—Continued
w
Emp,oyerC
ntributions
Employer
s-ib
_S_
To^W
ss_
!§f
_♦__
*gS?(___:_-r W™
ill
3,||
$£_?._,    —
—imi.
S (_£__. October 1.1963)	
gSlo_s_andi.B—
—ss
S_5_*     	
1,679.47
135.96
?___ne™—
499.46
'if
480.00
P-
11
20604
Montrose	
°'j^-	
33.96
s____i_—1—
691.36
	
HI
>||
o_"r™r_'rT7r ■	
	
!£*»_
-ESS*—
™™_
142.50
 _____
Valemount (effective January 1,1964)	
900.00
 MUNICIPAL SUPERANNUATION REPORT, 1963/64 M 11
SCHEDULE No. 1—Continued
Contributions by Employer for Year Ended March 31, 1964—Continued
Hospital Employees' Union, Local [
Magistrates (B.C. Government Stipend)  (
effecti
e April
Se_.sbo.o-SaBridB_ToirAu_Sriti-^	
B^a
™^__?_J_;irn_hr,herS	
<___.
yj___.zzj^tt^*"**1 Rlver—
t hill.
»ac_ General—Chilliwack .
CUn*
Fraser Canyon—Hope ■-, ' .,	
 M 12 BRITISH COLUMBIA
SCHEDULE No. 1—Continued
Contributions by Employer for Year Ended March 31, 1964—Continued
w
Employer Contributions
Employer
A
JSL
Queen Charlotte Islands General—Queen Charlotte City..__
Squamish General-Squ_mish'Ter       	
III
Ji
■
Sub-totals of 88 active hospital accounts	
$29,824.9H.53
$1,077,775.98
$462,807.2.
  SCHEDULE No. 2
it March 31,1964
Dvince of British Columbia _
Dvince of British Columbia gu
British Columbia Power Cc
British Columbia Electric (
British Columbia Hydro an
ish Columbia Toll Highways a
nd Bri
ges
lfic Great Eastern Railway Con:
pany _
couver and Districts loint Sev
erage
and
District
Drair
age
37,688,350.00
British Columbia ho
pital
improvement dis-
British Columbia fire
prot
sction and water-
rince of Ontario guarai
Ontario Municipal In
University of Torontt
prov
ment Corporation
1/713
24,293
853
566
1,681
3,344
830
350
469
6
103
3,092
209
2,501
36,375
900
384
393
518
345
842
000
1,713
839
023
759
 MUNICIPAL SUPERANNUATION REPORT, 1963/64 M 15
slJJ.RlJ.SsJ.ssIsislls
*   1
5    w   ^
II
SHI:!!!!!
 M 16                                              BRITISH COLUMBIA
SCHEDULE No. 4
Municipal Superannuation Fund
Comparative Statistics, April 1,1949, to March 31,1964, Subdivided
According to Sex of Contributor
FiscalYear
IfJi
IS
Superannuation AUowances
y__8
»__
_ȣ
Mai.
Femal
Ma.e
Female
Mai
Femal
Male
Female
Male
Female
_.
2
U
1
53,
iT6
|
T8
14
To
!!.
1
i9li=
s!
 MUNICIPAL SUPERANNUATION REPORT, 1963/64 M 17
SCHEDULE No. 5
Municipal Superannuation Fund
Comparative Statistics, April 1,1955, to March 31,1964—Allowances Granted
and in Force, Subdivided by Type and Plan of Allowance
Granted during Year
Exp
_ed during Year
In Force ..End of Year
Fiscal Year
1
1
-1
al
1
1
_s
I
|
1
1
1
li
1955/56-
J
z
J
1
I
_
1
|
|
|
1.
"No^rettrement	
1
z
J
64
I
1
_
»
J|
356
398
806
Totals .	
13
6
6
69
26
37
15
14
449
371
453
822
I9Nom_J retirement           .
l
_2
I
z
s
32
2i
_i4
l
314
3_.
851
19No___ retirement
|
_!
1
z
9J
1
19
1
|
3!_
3.4
894
jppr'■'! ^ ]-
4
[
|
1
g
g
|
|
l
2__
353
954
19Nor_Il retirement	
i6
2!
?
119
?
1
20
__*
19.
2_.
351
1,059
39
19No___"rrtirpmpn.
-.
1
z
144
4;
_M
24
I2
l
272
34.
46
—
j
w
131
1
l
"
IE
|
l
32
19No__i_ret_eme
—
"I
1
l
1
j
|
___
^
*_!
3..
36
18
23 |   30
29
25
il
a
  MUNICIPAL SUPERANNUATION REPORT, 1963/64
SCHEDULE No. 6—Continued
Municipal Superannuation Fund—Continued
Contributors
Pennon-
Employer
Classl
dassn
class hi
CtassIV
£3___.
_.„,_...
1
—
J
E
^S
Villages (62)
|
E
i
E
|
Harrison Hot Springs—	
_____:	
M^ale	
2
__"/_;;;	
|
P™b,e?_. .:	
	
Q_-g-B_-_ —
i
?p.™°. Aim     -
10
l__Sf™ :—| :—
4
____,_.	
	
10
 BRITISH COLUMBIA
SCHEDULE No. 6—Continued
cipal Superannuation Fund—Continued
it March 31,1964—
Queensborough Bridge Toll Authority  7     1           |      7
Armstrong and Spallumchccn—Armstrong | * |  8  | 8
 MUNICIPAL SUPERANNUATION REPORT, 1963/64
SCHEDULE No. 6—Continued
Municipal Superannuation Fund—Continued
OowRoai
DVtS.riaen"a
-Golden__
j_£___*_!__&£_f<£.
e^=T
$g
__££__?_
_£g___^-n
qpf
-i	
Lady Minto
'1"U—
	
and District G
eneral
-Eady:
m
_-___-____
ver___
 j
___%-__*_
"&_..
5=5.
 1                   1
M 22                                               BRITISH COLUMBIA
SOHEDULE No. 6—Continued
Municipal Superannuation Fund—Continued
Number of Contributors and Pensioners by Employer, as at March 31,1964—
Continued
Br^yer
Contributors
Pension-
ill
Class I   | Oassll
ci__.ni
cussrv
Suri^m_l_^Tr_-__^_!	
4*
E
_Z
l
l
H
V_SverG_!e*^
v5t?S__tS_^__=
•     Su£^m,°£ 88 acU"' h°Spital
1 476"
6,325
553
8 3547.
Sc___ _**--._.
}\
-1
J
=
l
1
Sf^lo^Li:	
|
=
Cov/ichan (No. 65)	
Fraser CwonJMo.M)	
||||p»	
l .!".. s,?rs $?• "H—
Qualicum (No] 69)
Quesnel (No. 28)	
1
 MUNICIPAL SUPERANNUATION REPORT, 1963/64
SCHEDULE No. 6—Continued
Municipal Superannuation Fund—Continued
Number of Contributors and Pensioners by Employer,
Continued
as at MarcA ii, _9<54—
Contributors
Pension-
o£8__-
Class!   | Classn
CtassIII
aassIV
_£___£.
Soume__O^^N^)--_L___
i
I
I
E
I
28
?_??Si?%53>	
52
Williams T <__ (Mr. 77)
S°_^M„_1,"   aCtiT°   !Ch001
1,808
5668*
76
226
2 6768.
T<_i_„_'-278 active empioyer
■
2,208e<
n
6,669
2,87
 

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