PROVINCE OF BRITISH COLUMBIA Forty-sixth Annual Report of the Business Done in Pursuance of the Pension (Public Service) Act YEAR ENDED MARCH 31 1981 Victoria, 1982 Queen's Printer for British Columbia ' ISSN 0228-7390 To: The Honourable Henry P. Bell-Irving, D.S.O., O.B.E., E.D., Lieutenant-Governor of the Province cf British Columbia May it please Your Honour: The undersigned respectfully submits the Report of the business done in pursuance of the Pension (Public Service) Act during the fiscal year ended March 31, 1981. EVAN M. WOLFE Provincial Secretary and Minister of Government Services Office of the Provincial Secretary and Minister of Government Services Victoria, British Columbia December 1, 1981 The Honourable Evan M. Wolfe, Provincial Secretary and Minister of Government Services, Victoria, British Columbia Sir: I have the honour to lay before you the Report of the business done in pursuance of the Pension (Public Service) Act during the fiscal year ended March 31, 1981. Respectfully submitted, J. D. RE1D Superannuation Commissioner December 1, 1981 PENSION (PUBLIC SERVICE) ACT ANNUAL REPORT Report of the business done in pursuance of the Pension (Public Service) Act for the fiscal year ended March 31, 1981 Sections 1, 3, 4, 6, 7, 8, 10, 13, 15, 17, 19, 41—(employee and employer contributions)—Employee contributions amounted to $55,621,467 made up as follows: Compulsory and arrears contributions 54,348,447 Voluntary contributions 886,419 Repayment of refunds for reinstatement 91,818 Purchase of military or other service „.. 294,783 As at March 31, 1981 there were 47,857 active contributors. Employer contributions amounted $78,503,914 made up as follows: Minister of Finance— Compulsory and arrears matching 40,718,549 Reinstatement matching 91,818 Military or other service matching 281,517 2% formula requirements...^ 22,188,861 63,280,745 Other Employers— British Columbia Assessment Authority 1,051,843 British Columbia Buildings Corporation 1,465,623 British Columbia Development Corporation 64,779 British Columbia Ferry Corporation 2,515,576 British Columbia Housing Management Commission 262,115 British Columbia Institute of Technology 1,370,295 British Columbia Petroleum Corporation 31,775 British Columbia Steamship Company 9,230 British Columbia Systems Corporation 739,787 Emergency Health Services :..!.' 893,292 Employees' union and credit unions and associations... 123,694 Liquor Distribution Branch— $ Compulsory and arrears matching 2,256,017 Military service matching 11,835 2% formula requirements .. 1,580,005 3,847,857 Metro Transit Operating Company 2,724,692 Post Secondary Education Councils ^, 37,994 Regional colleges 12. j~ <v . • 10,301 Regional districts 1,609 University of Victoria 1,214 Urban Transit Authority 71,493 15,223,169 5 6 BRITISH COLUMBIA Employee and employer contributions were increased by 0.5% of salary effective October 1, 1980. Section 11—As at March 31, 1981 deposits with the Treasury at credit of the Public Service Superannuation Fund amounted to $982,343,070. The investments held by Treasury on account of the Fund are summarized on Schedule 1. A comparative summary of investment transactions and earnings is attached to this report. Section 12—Net income from investments earned by the Fund during the year amounting to $81,107,175 after adjustments in respect of losses on sales and premiums on purchases was received from the Minister of Finance. The distribution of this amount to the accounts of the Fund includes credits to employee and employer accounts calculated at 4% per annum for employees entering the Service subsequent to April 1, 1958 and 5% per annum for those entering the Service prior to that date on the balance on the accounts at April 1, and October 1, 1976, credits to employee voluntary accounts at 6% per annum 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 follows: $ Employees' Compulsory Contributions Account 11,090,390 Employees' Voluntary Contributions Account 712,005 Employer Matching Contributions Account 11,090,390 Contributory Pensions Account 10,417,463 Special Agreement Account re certain former employees of B.C. Hydro and Power Authority 1,500 Special Agreement Accounts re certain employees of the Liquor Distribution Branch 946 Special Agreement Account re certain former employees of Medical Services Association 3,882 Reserve Account 47,454,724 Unclaimed Monies Account u Inflation Adjustment Pension Reserve 335,875 Section 14—All monies received and paid out under the provisions of this Act are 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 financial position. These financial statements are attached to this report. Pursuant to the 1980 amendments to the Act, these financial statements reflect the creation of an Inflation Adjustment Account for the purpose of financing the annual cost of living supplementary allowances as described below. Sections 15, 17, 18, 19, and 20—During the year 710 allowances were granted as follows: Normal retirement 620 Total and permanent disability 5 Deferred allowances 31 Dependents upon death in service 54 As at March 31, 1981 there were 993 former contributors with credits in the Fund who were eligible to apply for deferred superannuation allowances after attaining the minimum retirement age. The present value of the 710 allowances granted during the year in the amount of $54,271,981 was credited to the Contributory Pensions Account from the following sources: PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT 7 Employees' Compulsory Contributions accumulated $ with interest 11,306,201 Employees' Voluntary Contributions Account 539,935 Employer Matching Contributions Account 11,306,201 Liquor Distribution Branch Reserve Account 1,861,554 Minister of Finance, under sundry statutory provisions, etc. 22,182,834 Matching amount of refunds of regular contributions (commencing October 1, 1980) 6,061,156 College Pension Fund re 2 pensions granted 76,966 Municipal Superannuation Fund re 24 pensions granted 934,200 Teachers' Pensions Fund re 1 pension granted 2,437 Government of Canada Public Service Pension Fund re 1 pension granted 497 The present value of 1 superannuation allowace granted during the year under the Legislative Assembly Allowances and Pension Act, in the amount of $ 110,163 was also credited to the Contributory Pensions Account. Section 16—Transfers totalling $2,444,810 were received from 9 reciprocal pension funds in respect of 28 contributors upon grant of allowance and in respect of 90 contributors following transfer of service as follows: Upon grant of allowance— $ College Pension Fund 2 76,966 Municipal Superannuation Fund 24 934,200 Teachers' Pensions Fund : jc_i ? 1 2,437 Government of Canada, Public Service Pension Account „., 1 497 During service— Government of Canada Public Service Pension Account 50 903,837 B.C. Hydro and Power Authority Pension Fund 3 34,183 Canada Mortgage and Housing Corporation Pension Fund 1 5,108 Province of Alberta Public Service Pension Fund 24 308,061 Province of Manitoba Civil Service Superannuation Fund j^ 9 136,086 Province of Ontario Public Service Superannuation Fund u.... 3 43,435 By special arrangement, Crown Life Insurance Company reimbursed the Fund amounts totalling $167,485 representing that portion of the superannuation allowances received by former employees of the Liquor Distribution Branch that had been purchased from the Company prior to August 1, 1961. Transfers totalling $553,065 were made to 7 reciprocal pension funds in respect of 12 contributors upon grant of allowance and in respect of 14 contributors following transfer of service. 8 BRITISH COLUMBIA Upon grant of allowance— $ College Pension Fund 1 357,653 Municipal Superannuation Fund 4 52,876 Workers' Compensation Board Superannuation Fund 1 39,012 During service— Government of Canada Public Service Superannuation Account 3 25,777 B.C. Hydro and Power Authority Pension Fund 1 6,005 Municipal Superannuation Fund 8 57,391 Province of Alberta Public Service Pension Fund 1 10,630 Teachers' Pensions Fund 1 3,721 Sections 18 (7), 22 and 23—Refunds totalling $12,248,437 were granted in respect of 4,285 former contributors as follows: $ Resignations 4,075 10,869,292 Death in service.. 77 385,314 Excess and voluntary contributions on grant of allowance 133 993,831 Of the refunds granted upon resignation, no former contributors were eligible to receive a superannuation allowance immediately and 71 were entitled to leave their credits in the Fund in order to receive a deferred superannuation allowance after attaining the minimum retirement age. Refunds totalling $4,503,644 were paid to the Province of British Columbia in respect of the matching amount of refunds of regular contributions. Section 27—Administration expenses amounting to $558,313 were paid from Consolidated Revenue Fund. Section 30—An actuarial valuation was carried out as at March 31, 1980. The valuation indicates an increase in the unfunded liability in respect of basic pension benefits from about $197,563,000 as of March 31, 1977 to about $631,172,000 as of March 31, 1980. In the opinion of the actuary, projected statutory employer contributions are sufficient to amortize fully the above unfunded liability in approximately 30 years from March 31, 1980, assuming all actuarial assumptions are realised. Section 42—Cost of living supplements totalling $11,451,709 were charged to Contributory Pensions Account. After the January 1, 1981 adjustment, quarterly increases were replaced by annual increases, the first of which will be paid January 1, 1982. The annual increases are tied to the consumer price index and are payable to the extent that the capitalized value is available in the Inflation Adjustment Account. For this purpose are allocated to the Inflation Adjustment Account employee and employer contributions each at the rate of 1.25% of salary and interest earnings attributable to funds held for the payment of superannuation allowances in excess of the rate assumed by the actuary. Comparative, statistical and detail schedules of contributions, refunds and allowances 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 $93,800 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 1981 session of the Legislature. The amendment made the investment powers of the Minister of Finance in respect of the Public Service Superannuation Fund the same as those in respect of a trust fund under section 36 (2) of the Financial Administration Act. When proclaimed, this section will have the effect of broadening investment powers to permit investment in additional types of securities such as are issued by the Municipal Finance Authority of British Columbia, commercial paper of Canadian corporations, corporate bonds and preferred shares, and first mortgages, subject to specified conditions as to the security of the investment and the status of the issuer. J. D. REID Superannuation Commissioner 10 BRITISH COLUMBIA Exhibit A PUBLIC SERVICE SUPERANNUATION FUND STATEMENT OF FINANCIAL POSITION AS AT MARCH 31. 1981 1981 1980 ASSET $ $ Deposits in Treasury (Schedule 1) (Note 2) 982,343,070 823,384,647 FUND BALANCE Basic Account 969,738,440 823,384,647 Inflation Adjustment Account 12,604,630 Exhibit B 982,343,070 823,384,647 The five accompanying notes are an integral part of these financial statements. Approved by: J. D. REID, EC.I.A. Superannuation Commissioner C. WEBSTER, C.A. Comptroiler, Superannuation Commission PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT 11 Exhibit B PUBLIC SERVICE SUPERANNUATION FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED MARCH 31. 1981 1981 1980 Fund Balance Increased By: $ $ Contributions: Employees: Regular 54,348,447 44,547,242 Voluntary 886,419 1,268.971 Reinstatement 91,818 74,775 Military service 294,783 412.869 55,621,467 15,46,303,857 Employer: Province of British Columbia 63,280,745 59,860,776 Other employers 15,223,169 11,164,708 78,503,914 71,025,484 Transfers from other funds 2,612,295 5,121.804 Less transfers to other funds 553,065 1,211,818 2,059,230 3,909,986 Transfers from Members of the Legislative Assembly Superannuation Account _.._ 110,163 711,656 Net income from investments received from Minister of Finance 81,107,175 63,931,846 217,401,949 185,882,829 Fund Balance Decreased By: Superannuation allowance payments: Contributory «... 30,239,736 25,582,534 Cost of living supplements 11,451,709 8,615.903 41,691,445 34,198,437 Refunds: Employees _ 12,248,437 8.727,191 Province of British Columbia 4,503,644 7,490,209 16.752,081 16,217.400 58,443,526 50,415,837 Net Increase in Fund Balance 158,958,423 135.466,992 Fund Balance at Beginning of Year 823,384,647 687.917,655 Fund Balance at End of Year 982,343,070 823,384,647 12 BRITISH COLUMBIA PUBLIC SERVICE SUPERANNUATION FUND NOTES TO FINANCIAL STATEMENTS MARCH 31, 1981 1. Actuarial Valuation According to the Pension (Public Service) Act, an actuarial valuation of the assets and liabilities of the Fund is required to be made by an Actuary at least once in each consecutive period of not more than five years. The most recent valuation was carried out as at March 31, 1980. The valuation indicates an increase in the unfunded liability in respect of basic pension benefits from about $197,563,000 as of March 31. 1977 to about $631,172,000 as of March 31, 1980. The 1977 amount of $197,563,000 would have been stated as $234,295,000 on the current basis since the actuary has changed his assumptions to include cost-of-living increases in the basic pensions as a result of the legislative changes which occurred in 1980. These increases were not included in the liability in previous valuations. In the opinion of the Actuary, projected statutory employer contributions are sufficient to amortize fully the above unfunded liability in approximately 30 years from March, 1980, assuming all actuarial assumptions are realised. 2. Deposits in Treasury All contributions to the Fund are deposited in the Provincial Treasury and administered by the Minister of Finance, who has invested available moneys in the various securities listed in Schedule 1. These investments are carried at the lower of cost and par value, with "cost" defined as acquisition costs adjusted as follows: (i) Premiums are written off in the year of acquisition. (ii) Discounts on single maturity bonds are recognized as income upon redemption, (iii) Discounts on serial bonds are recognized as income when the final redemption occurs. Investments held at the end of the year are as follows: 1981 1980 S $ Par Value 955,207.381 739,848,760 Book Value 952,384,223 738,872,075 Market Value 778,070.190 562,560,962 The difference between the book value and market value of the investments has not been provided for as at March 31,1981, since it is generally expected that Fund investments will be held to maturity. The net income from these investments is accounted for on a cash basis. Accordingly, accrued interest receivable at the end of the year has not been recorded in these financial statements. 3. Urban Passenger Transportation Employees As of April 1,1980, urban transportation services were transferred from British Columbia Hydro and Power Authority to Metro Transit Operating Company. The pension rights of approximately 3,000 employees, including appropriate pension funds, are to be transferred from the British Columbia Hydro and Power Authority Pension Fund to the Public Service Superannuation Fund. This transfer had not been finalized and thus no recognition of the transfer of fund assets has been made in the accompanying statement of financial position as at March 31, 1981. 4. Legislative Changes The provisions of the Pension (Public Service) Act related to payment and financing of supplementary allowances were amended at the 1980 session of the Legislature. The significant provisions were- (1) An increase of 0.5% of salary in employee and employer contributions. (2) Annual, rather than quarterly, cost of living supplementary allowances, payable to the extent that moneys equal to the capitalized value are available in the Inflation Adjustment Account created for the purpose. (3) Allocation of employee and employer contributions each amounting to 1.25% of salary to the Inflation Adjustment Account. PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT 13 PUBLIC SERVICE SUPERANNUATION FUND NOTES TO FINANCIAL STATEMENTS MARCH 31,1981 —Continued 5. Additional Information The Fund balance is divided into an Inflation Adjustment Account, to which employee and employer contributions each at the rate of 1.25% of salary are credited, and a Basic Account, to which all other contributions are credited. The Fund balance for the year ended March 31, 1980 has been restated accordingly. These financial statements show only the position of the Fund as at March 31, 1981 and the changes in Fund balance for the year then ended and do not purport to show the adequacy of the Fund to meet the obligations of the superannuation plan. 14 BRITISH COLUMBIA PUBLIC SERVICE SUPERANNUATION FUND SCHEDULE 1 Deposits in Treasury as at March 31, 1981 Cash and securities held by the Province of British Columbia— Par Book Market Value Value Value Funds held in General Fund cash and short-term S $ investment accounts 29,958,847 29,958,847 29,958,847 Investments > Short term investments— Term deposits with chartered banks 60,232,105 60,232,105 60,232,105 Canada Treasury Bills 1,825,805 1,825,805 1,825,805 Demand Notes with Crown Corporations B.C. Development Corporation 56,000,000 56,000,000 56,000,000 B.C. Hydro and Power Authority 14,100,000 14,100,000 14,100,000 B.C. Place 42,725,000 42,725,000 42,725,000 B.C. Steamship Company (1975) Ltd. 3,000,000 3,000,000 3,000,000 B.C. Urban Transit Authority 20,000,000 20,000,000 20,000,000 Bonds and debentures— Government of Canada 36,906,000 31,312,662 28,979,686 Government of Canada guaranty— Export Development Corporation 25,000,000 25,000,000 25,000,000 Province of British Columbia 102,386,999 102,350,995 89,090,007 Province of Ontario 1,025,000 846,390 738,000 Province of Quebec 1,501,000 1,482,745 1,330,611 Province of Saskatchewan 9,786,000 9,588,535 7,144,454 Province of British Columbia guaranty— B.C. Hydro and Power Authority 376,549,250 370,619,106 254,294,806 B.C. Railway Company 89,380,000 89,082,939 69,548,190 B.C. Educational Institutions Capital Financing Authority 1,025,000 1,025,000 864,844 B.C. Regional Hospital Districts Capital Financing Authority 10,000,000 8,046,750 6,381,250 B.C. School Districts Capital Financing Authority 19,246,900 17,555.166 13,216,547 B.C. improvement districts 11,620,800 11,157,767 8,293,305 B.C. municipalities 2,781,722 2,670,264 2,143,356 B.C. school districts 425,800 290,175 382,761 Municipal Finance Authority of British Columbia 12,705,000 12,637,663 11,746,363 Province of Manitoba guaranty— Manitoba Hydro-electric Commission. 296,000 275,650 201,280 Manitoba Telephone Systems 70.000 63,700 42,000 Province of New Brunswick guaranty— New Brunswick Electric Power Commission 1,595.000 1,595,000 1,142,419 Province of Newfoundland guaranty— Newfoundland and Labrador Hydroelectric Corporation 700,000 694,750 493,500 Newfoundland Municipalities Capital Financing 5,000,000 4,975,000 3,637,500 Province of Nova Scotia guaranty— Nova Scotia Power Corporation 2,347,000 2,224,404 1,562,005 Province of Ontario guaranty— Ontario Hydro-electric Power Commission 43,776,000 42,760,609 30,263,146 Province of Quebec guaranty— Quebec Hydro-electric Commission.... 3,201,000 3,199,277 2,433,428 PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT | PUBLIC SERVICE SUPERANNUATION FUND SCHEDULE I—Continued Deposits in Treasury as at March 31, 1981 Cash and securities held by the Province of British Columbia— Par Book Markel Value Value Value Shares— $ $ $ Bank of B.C. (59,564) 1,424,131 2,635.707 British Columbia Telephone Company (1,215,844) — 13,575,779 18,541,621 Canadian Pacific Limited (1,200) 19.800 58.350 Imperial Oil Limited (300) 12,712 9,938 International Nickel Company of Canada Ltd (450) — 14,344 12,206 955,207,381 952,384,223 778,070,190 985,166,228 982,343,000 808,029,037 16 BRITISH COLUMBIA — t-T —>o o ro 9. 81.1 214,2 9,6 9S2.3 \£> tr, r- ** r- 3 | 8.8 63,93 73,19 823.38 1 r- S3 — £ n °i»o *o to a ^ "1 <*>&■ ov "^ 1 ~~ & ■ 9 oo S r2 6.69 3.933.5 9.119.6 2,276,5 1 1 fl ON j> 1 z Oo u I w 0\ 3 m no 1 Z z o *V\ ^ ^ "*!.: 5 1 Is 1 o i 1 "§ S $ § 1 < z 1 to r- *o (3 B < CN *£) M3 rg z Z < g Q 2 r-v | 6.94 24,206 68,511 394,987 'I s < ~C c a H s PJ w 1 -5*" 1 $ K wS ct- 1 JC ■s CO UJ — ^ _. </ir-r ' © £ f- a 2 .<j — ,* — pJ 0 1 00 2 1 gj TD 1 6.42 $ .334,860 .600,271 ,834,157 ,399.764 t/l *0 ■*!■•© o UJ > 2 §_ 1 !-- CM O- CQ £ O t£ i— § D g P E8 - WIN g 1 \ d I 0< 6 13.6 30.2 244.4 1 o r-o — S »8 o> (/ir- — u-i | *o | «^ *o CIO* ' ■* ■si J. \ 8 _* ro <L> c3 ""* c w O ■g e; £ s 8 -g " r< 2 TD EHgfa 3 u °*"o "S UJ £ B « o s w T> p a c o. V S « 1 2-a' « g | 1 f 8 id u verall A ofFu et Intere et Increa Bond Share flation A md Balai SS O 2 2 = £ 1 PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT O °o z s: ft. ~> E~J -§ < i5 H H Z z Id < S ftl r^ p. ■«: ■J j; t/1 .^2 ftl u 1 ,> a > fti S: !/> ^H u ^J" , i Q a j ■[5 0. \« OM, J (*"> o\ r M Os o £■ § 1 vn^'ls.'^ > sO (N r-*o os - «-\ —i "O B- =s r i m -a* ■< OO* —* Is w < ™ £ o\ — ■ooimooi-. r- a ;os»T=or-oor"-inr— 5 ■a ... so m rsi ■* oo so r- O oo *0 so — CN OS I "in- on — oo c oo r- o sO - 0O f> ) r— o r <£ a 3 U JJ-O jrj ■*mcir- -3-r-io\r- rt-oa OiOOO^ft- Os — oo o o so r- ^* oo osrniNinf OsDfOT E.2tu>- r*-, _ -f r- 3s r> — in o ■* o *o Ot B Z.S « o •<* •* V so so r- n „ . lu ^T3 x> Si — r-r-o v "* t— c ro^j — — — r' ~t oc ZO r-mooo o S ^ — r- w?cNr2RS .3 < O oc Eg *"* ** m r* !j 00 cs Z — — — _ f* f1 r*i r* "" rs R ro •* o O oc Q t3 55 W <nsc « 3 so C —. •j- r rsj >© will — c- vc \D V 1 ' ' Qts a sC s— 6 05 O 1 | 1 ° r* "« M 1 | ■* E ■5 Tf V a <^„^^ | g Ov oc | ^ o 00 oc s cf c "><£ £s (Nm <n w- o- r (N C _ f; CS ^* T °i . "a. f^JPS?!*- Of ■* IT UJ 00 IT U"1 OOOs*±©OC «n r-o* *C i?a r*i r— m r— o Of" Su_g fsi — qoovo rO*vOM*r-*M Z'o'E ■* "* £ ■i io sc oc o> o — oo oo — — SO — sC *c ■* "o«n*0\c O" a O1 o- o -£s£ " J "*** "S 2i o '. — > o ijjfl] :<£-£uj S BRITISH COLUMBIA PUBLIC SERVICE SUPERANNUATION FUND Comparative Statistics, April 1, 1951 to March 31, 1981 Subdivided According to Sex of Contributor Fiscal Year Number ol Contributors Number of Refunds Granted Number of Allowances Granted Number of Deaths and Expirations Number of Allowances in force at End of Year ■ Male Female Male Female Male Female Male Female Male Female 1951/52 6.407 7,737 234 10.586 228 13.708 352 17.144 712 17,834 861 19.095 927 21.879 1.227 24,031 1.503 23.518 1.558 26.640 1.600 25.807 1.686 26.670 1.577 28.538 1.661 3.152 3.357 316 4.110 216 6.181 347 7.581 812 7.778 943 8.841 958 11.348 1.262 13.495 1.463 14,281 1,412 15.964 1.495 17.213 1.557 19.507 1.456 19.319 1,979 1.053 774 763 779 676 943 859 1.339 1.380 1.522 1.529 2,032 1.758 1,736 2.134 2.315 86 101 86 168 228 286 294 303 307 364 387 487 471 484 11 3 23 46 109 114 140 118 136 144 177 199 223 225 31 34 49 72 74 82 71 85 21 69 74 81 26 89 4 5 8 1 7 13 8 17 26 22 40 26 52 62 1.028 1.339 1.571 1,958 2.611 2.815 3.058 3.256 3.542 3,837 4.150 4.556 5.010 5.405 107 1956/57 Non-active 1961/62 137 179 Non-active 1966/67 Non-active 1971/72 1 1 1 1 1 1 1 1 1 1 283 075 428 483 401 121 549 223 174 722 304 Non-active 1972/73 Non-active 1973/74 Non-active 1974/75 709 841 Non-active 1975/76 Non-active 1976/77 Non-active 1977/78 Non-active 1978/79 1.174 1.311 Non-active 1979/80 Non-active 1980/81 1.646 1.809 Non-active wit remains at credit. PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT PUBLIC SERVICE SUPERANNUATION FUND Normal Allowances Granted April 1, 1980 to March 31, 1981 SUBDIVIDED BY YEARS OF SERVICE AND VALUE OF ALLOWANCE Average Average Number of Salarv Annual Average Average Average Years of Service Allowances During Alowance Value of Employee Government Granted Last Five Years on Single Life Plan Allowance Share Share S S S $ s Under 10 years 17 17.452 1.746 20.966 7.052 13.913 157 118 18.037 17,686 3.284 4.977 34.204 50.716 9.776 13.016 24.428 15-19 ; 37.699 20-24 110 19.379 7.322 74.972 17.779 57.196 25-29 72 21.340 10.206 103.439 23.412 80,022 30-34 73 21.943 12.511 127.249 25.203 102.046 35 and over 73 23.284 14.694 152.947 26.936 126.011 Average of Normal Allowances Granted During Year: 62 Age Total Value of Normal Allowances Granted During Year: 620 12.115.506 4.750.765 48.706.140 10.863.154 37,842,986 BRITISH COLUMBIA PUBLIC SERVICE SUPERANNUATION FUND Normal Allowances Granted April 1, 1980 to March 31, 1981 GRANTED TO FORMER CONTRIBUTORS WHOSE MAXIMUM RETIREMENT AGE WAS 65 Age jfRe irement Total Years of Service Under 55 55 56 57 58 59 60 61 62 63 64 65 Per Cent 1 3 3 2 4 6 3 El 4 7 2 4 3 2 2 2 1 3 6 1 7 3 3 6 2 21 15 14 11 18 15 10 5 9 5 6 4 1 6 8 10 3 4 4 1 3 7 6 3 3 2 10 5 7 3 4 5 8 81 73 39 24 24 20 16 149 118 103 65 70 72 3 25 15-19 20 20-24 25-29 30-34 35 and over 17 11 12 12 Total 21 21 9 17 26 96 39 36 23 36 269 593 3 3 2 3 4 16 7 6 4 6 46 100 GRANTED TO FORMER CONTRIBUTORS WHOSE MAXIMUM RETIREMENT AGE WAS 60 Age of Retirement Total Years of Service Under 50 50 51 52 53 54 55 56 57 58 59 60 Per Cent 1 1 I i 1 1 1 1 7 6 5 1 1 8 7 7 3 1 10-14 15-19 20-24 25-29 30-34 26 26 11 4 Total 1 3 1 2 20 27 Percent 4 II - 4 7 74 100 Allowances Other Than Normal Granted April I, 1980 to March 31, 1981 Number of Allowances Granted 90 Death 54 Disabilit 5 Deferred 31 PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT 21 PENSION (PUBLIC SERVICE) ACT DEATH BENEFITS FUND Summary of Claims Paid During Year Ended March 31, 1981 Number Amount of Claims of Claims Total $ $ 94 500.00 47,000.00 6 600.00 3,600.00 5 700.00 3,500.00 8 800.00 6,400.00 7 900.00 6,300.00 27 1,000.00 27,000.00 147 93,800.00 Summary of Sources of Funds for Year Ended March 31, 1981 $ Contributions by superannuants 56,172.00 Contributions by Government 37,628.00 93,800.00 4,864 superannuants were contributing as at March 31, 1981. 22 BRITISH COLUMBIA PUBLIC SERVICE SUPERANNUATION FUND Approved and Reciprocal Employers as at March 31, 1981 Approved Employers Section 18 (4) (a) provides for the granting of a deferred allowance to a contributor who within three years after making his last contribution to the Fund enters the service of one of the following employers and becomes entitled to an allowance— Effective Date B.C. Central Credit Union December 4, 1974 B.C. Railway Company June 10, 1963 City of Calgary July 13, 1972 Government of Canada June 24, 1955 Legislative Assembly of the Province of British Columbia June 10, 1963 Pacific Press Limited July 14, 1960 University of British Columbia August 20, 1962 University of Victoria December 21, 1970 Pacific Coach Lines (formerly Vancouver Island Coach Lines) April 1, 1979 Simon Fraser University September 18, 1980 Special Agreement with Approved Employers Section 38 (4) provides for the transfer of funds in respect of an employee who following termination of service transfers to or from one of the following approved employers and makes application for such transfer of funds in accordance with the terms of the agreement— B.C. Hydro and Power Authority September 14, 1970 Central Mortgage and Housing Corporation March 6, 1975 Government of Canada June 24, 1955- Province of Alberta October 19, 1976 Province of Alberta—Management Positions May 5, 1977 Province of Manitoba February 17, 1975 Province of New Brunswick December 11, 1974 Province of Newfoundland September 23, 1980 Province of Ontario August 4, 1971 Province of Prince Edward Island March 1, 1979 Province of Saskatchewan May 2, 1977 Reciprocal Employers Section 16 provides for the method of determining pensionable service and highest average salary together with pro-rata sharing of the present value of the allowance and transfer of funds in respect of an employee who within three years of termination of his service transfers to or from the service of the following reciprocal employers— An employer under the Pension (College) Act April 1, 1973 An employer under the Pension (Municipal) Act April 1, 1973 An employer under the Pension (Teachers) Act April 1, 1973 Workers' Compensation Board June 5, 1974 PENSION (PUBLIC SERVICE) ACT—ANNUAL REPORT PUBLIC SERVICE SUPERANNUATION FUND Approved Long-term Disability Salary Continuance Plans as at March 31, 1981 Employer or Plan Effective Date B.C. Assessment Authority 'di.^..(,..',,>.i..........:.:....:..:. October 14, 1976 B.C. Institute of Technology July 25, 1977 Emergency Health Services Commission January 6, 1978 Metro Transit Operating Company June 10. 1980 Public Service Long-term Disability Plan April 26. 1978 Workers' Compensation Board (Boards of Review) October 10, 1980 Queen's Printer for British Columbia © Victoria. 1982
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Forty-Sixth Annual Report of the Business Done in Pursuance of the Pension (Public Service) Act YEAR… British Columbia. Legislative Assembly 1982
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Title | Forty-Sixth Annual Report of the Business Done in Pursuance of the Pension (Public Service) Act YEAR ENDED MARCH 31, 1981 |
Alternate Title | PENSION (PUBLIC SERVICE) ACT - ANNUAL REPORT |
Creator |
British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | 1982 |
Genre |
Legislative proceedings |
Type |
Text |
FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1982_V02_04_001_023 |
Collection |
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 | 2018-08-18 |
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 | 10.14288/1.0372777 |
AggregatedSourceRepository | CONTENTdm |
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