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Twenty-ninth Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act for the Year… British Columbia. Legislative Assembly 1971

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 PROVINCE OF BRITISH COLUMBIA
Twenty-ninth Annual Report
of the Business Done in Pursuance of the
Teachers' Pensions Act
for the Year Ended
DECEMBER 31
1969
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1971
  To Colonel the Honourable John R. Nicholson, P.C., O.B.E., Q.C., LL.D.
Lieutenant-Governor of the Province oj 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 fiscal year ended December 31,
1969.
WESLEY D. BLACK
Provincial Secretary
Provincial Secretary's Office,
Victoria, British Columbia, December 24, 1970.
 The Honourable Wesley D. Black,
Provincial Secretary, Victoria, British Columbia.
Sir—I have the honour to lay before you the Report of the business done in
pursuance of the Teachers' Pensions Act during the fiscal year ended December 31,
1969.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST
Commissioner oj Teachers' Pensions
December 24, 1970.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Report of the Business Done in Pursuance of the Teachers'
Pensions Act During the Period January 1, 1969
to December 31, 1969
Sections 6 and 7—Contributions received from teachers totalled $9,372,339,
consisting of basic contributions of $9,186,130, extra and voluntary contributions
of $98,532, individual repayment of refunds for reinstatement of $65,822, and
individual contributions for approved periods of leave of absence of $21,855.
As at December 31, 1969 there were 22,454 teachers making current contributions, of whom 127 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  2,766
Teachers with deferred vested pension rights      264
3,030
Teachers out of service more than two years  2,235
Section 8 (1)—Employer basic contributions received from the Minister of
Finance based on 20,527 teachers contributing in December, 1968 amounted to
$5,773,442.
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 $66,752. As at December 31, 1969 there were 127 teachers in
this category.
Section 8 (5) and (6)—The net rate of interest earned during 1969 after
charging administration expenses was 5.87 per cent.
After distributing interest for 1969 to the Basic Account at the guaranteed
rate of 4 per cent, amounting to $4,935,392, and to the Retirement Annuity Account
at the net earned rate of 5.87 per cent, amounting to $1,569,095, the balance of
interest earned during 1969, amounting to $2,307,163, was transferred to the
Interest Reserve Account.
As of December 31, 1969 the balance in the Interest Reserve Account was
transferred into the Basic Account. A statement of the Interest Reserve Account
is shown below:
Balance at credit, January 1, 1969  Nil
Interest earned during 1969 over minimum statutory requirements   $2,307,163
Charges during year under section 8 (6)—
Portion of monthly medical premiums in
respect of eligible pensioners, amounting to $2.25 in the case of a single
member or $4 in the case of a member with dependents       $44,067
Transferred to the Basic Account toward
providing the benefits under the Act, as
determined by the Fund actuary  2,263,096
Balance at credit, December 31, 1969
2,307,163
Nil
 N 6 BRITISH COLUMBIA
Section 8 (7)-—Reimbursement to employers of Canada Pension Plan employer contributions paid by them, in respect of employees to whom the Teachers'
Pensions Act applies, amounted to $1,719,147.
Section 11—Superannuation allowances were granted 244 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 16 teachers who died while still in service, and refunds totalling $76,402
were made in the case of 23 teachers who died while still in service.
Section 16—Refunds totalling $1,586,713 were made to 1,627 teachers who
left the service of their employers.
Section 12 of the Teachers' Pensions (Amendment) Act, 1968—Refunds consisting of extra compulsory contributions made during the period January 1, 1961
to June 30, 1968 were made in respect of active teachers who applied under this
section before the 1st day of July, 1969.
Number of
Year Refunds Amount
1968       196 $128,280
1969   1,609 703,318
Totals  1,805 $831,598
Section 20—Actuarial and administration expenses paid from the Fund
amounted to $109,017.
Section 25—The securities held by the trustees on December 31, 1969 are
set out in Schedule 1 of this Report. During the year $17,210,000 par value bonds
were purchased, the average yield being 7.797 per cent, and $3,706,100 par value
bonds were redeemed, resulting in a net increase of $13,503,900 par value bonds
held by the trustees between December 31, 1968 and December 31, 1969. Every
effort 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 the Teachers' Pensions Board held two meetings
during which it dealt with some 180 cases. This involved the reinstatement of
previous teaching service; approving applications from teachers to pay employee-
employer contributions for periods of absence; and approving applications for disability allowances. All of the aforementioned matters were considered pursuant to
Board policies which are reviewed and revised from time to time as deemed advisable.
Notre Dame University was accepted by the Teachers' Pensions Board as an
"approved employer," in accordance with the requirement of section 11 (3) (c).
W. H. FORREST
Commission oj Teachers' Pensions
 TEACHERS' PENSIONS ACT—ANNUAL REPORT N 7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31, 1969
Revenue
Contributions per requirements of the Teachers' Pensions A ct—
Employees—
Basic contributions   $9,186,130
Voluntary contributions   98,532
Repayment of refunds for reinstatement 65,822
Contributions for approved periods of
leave of absence  21,855
  $9,372,339
Employers—
Basic contributions   $5,773,442
Contributions paid by employers other
than school districts for teachers on
loan, etc.  66,752
     5,840,194
Interest on investments     8,920,668
  $24,133,201
Expenditure
Superannuation allowances  $5,918,745
Refund of contributions—
Resignations   $1,586,713
Death in service  76,402
Extra contributions pursuant to section 12
of Teachers' Pensions  (Amendment)
Act, 1968        703,318
Miscellaneous  :  700
     2,367,133
Transfer to Civil Service Superannuation Fund of present
value of six allowances granted        111 ,289
Portion of medical premiums in respect of eligible recipients of a superannuation allowance    44,067
Reimbursement to employers of Canada Pension Plan
employer contributions paid by them in respect of
employees to whom the Teachers' Pensions Act applies    1,719,147
Actuarial and administration expenses          109,017
10,269,398
Net increase of ledger assets  $13,863,803
 N 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31, 1969
Assets
Cash in bank  $35,639
Accounts receivable—
Employee contributions   $959,949
Employer contributions         8,235
  968,184
Investments at the lower of cost or par value, after amortization of
discounts (see Schedule 1) (par value $161,798,050)      158,604,704
Accrued interest on investments         1,966,400
$161,574,927
Liabilities
Sundry accounts payable   $147,769
Employees' Retirement Annuity Account  27,054,460
Teachers' Pensions Fund Basic Account  134,372,698
$161,574,927
Approved.
W. H. Forrest G. S. Soutar
Commissioner of Teachers' Pensions Accountant
The balance-sheet of the Teachers' Pensions Fund as at December 31, 1969
and the related statement of revenue and expenditure for the year then ended have
been examined under my direction.
The Teachers' Pensions Act provides for an actuarial valuation of the Fund
every three years. The last such valuation was made in an actuarial report dated
March 12, 1969. Neither the books of the Fund nor the above balance-sheet reflect
computations of the kind made by an actuary in preparing his report.
Subject to the above, these financial statements present fairly the financial position of the Fund as at December 31, 1969 and the results of its operations for the
year then ended, according to the best of my information and the explanations given
to me and as shown by the books of the Fund.
J. W. Minty, CA.
Acting Comptroller-General,
Province oj British Columbia
Victoria, British Columbia, December 23, 1970.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
N 9
SCHEDULE 1—TRUSTEES OF THE TEACHERS' PENSIONS FUND AND
THE MINISTER OF FINANCE FOR THE PROVINCE OF BRITISH
COLUMBIA.
Securities Held as at December 31, 1969
Par Value Book Value
Government of Canada guaranty — Canadian National Railway Company  $50,000           $49,853
Province of British Columbia guaranty—■
British Columbia Hydro and Power Authority ___ 92,859,000      91,306,098
British Columbia Electric Company  1,450,750        1,364,279
British Columbia Power Commission  6,256,000        6,204,559
Pacific Great Eastern Railway   4,906,000        4,819,909
Greater Vancouver Water District  1,528,000        1,524,634
Greater Vancouver Sewerage and Drainage District 980,000           979,772
Vancouver and District Joint Sewerage and Drainage Board  1,000                1,000
British Columbia school districts serials  25,674,800      24,709,528
British Columbia School Districts Capital Financing Authority serials 	
British Columbia School Districts Capital Financing Authority  17,287,000      17,010,322
British Columbia municipal serials  1,950,500        1,873,796
Nechako Improvement District serial  786,000           778,533
British Columbia hospital  improvement districts
serials  1,096,000         1,083,188
British Columbia irrigation districts serials  306,000           302,590
Saltair Water Works District  22,000             21,626
Greater Vancouver Water District serial  500,000           483,000
Greater Vancouver Sewerage and Drainage District serial  513,000           507,947
Province of Alberta  guaranty—Alberta  Municipal
Financing Corporation  14,000              13,764
5,618,000   5,570,306
$161,798,050 $158,604,704
 N  10
BRITISH COLUMBIA
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 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE 3—TEACHERS' PENSIONS FUND
N  11
Comparative Statistics, January 1, 1960 to December 31, 1969, Allowances Granted and in Force, Subdivided by Type and Plan of Allowance
Granted During Year
Expired During Year
In Force at End of Year
Fiscal Year
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Normal retirement
Disability 	
Death  	
10
2
7
2
45
1
4
1
8
2
5
120
59
80
103
19
59
13
2
464
3
Totals.	
12
7
2
46
5
10
-
5
259
122
74
467
1961—
Normal retirement
Disability 	
Death 	
11
13
6
3
2
5
50
.1
5
1
3
8
1
5
:::: i z
126
58
77
108
24
62
15
7
509
4
Totals-	
11
19
10
51
9
9
....    |      5
261
132
84
513
1962—
Normal retirement
13
7
3
3
' i
59
8
3
1
3
2
131
55
72
112
26
62
15
10
566
Death	
4
Totals	
13
10
6
59
16
4
3
2
258
138
87
570
1963—
Normal retirement
Disability —
Death 	
8
14
5
1
2
7
77
2
5
3
3
4
2
3
1
-
18
134
52
69
122
29
60
16
17
625
6
Totals	
8
19
10
79
11
6
4
18
255
151
93
631
1964—
Normal retirement
Disability _.	
Death 	
9
4
8
4
1
2
75
3
8
6
1
5
1
5
2
8
135
46
89
125
32
56
16
692
9
Totals.-	
13
12
3    '
78
15
6
7
8
270
157
72
701
1965—
Normal retirement
10
3
9
3
4
2
93
1
8
2
6
5
2
1
11
1
137
44
86
129
33
—
60
17
	
774
Death 	
9
Totals	
13
12
6
94
16
7
1
12
267
162
77
783
1966—
Normal retirement
Disability 	
Death  	
7
3
35
6
5
144
3
6
1
3
3
5
1
12
138
43    '
89
161
36
60
16
906
12
Totals	
10
41
5
1 147
7
6
6
12
270
197
'     76
918
1967—
Normal retirement
Disability	
2
30
3
2
1
7
138
~2
12
4
1
■
5
2
1
1
16
128
39
88
186
37
61
17
6
1,028
14
Totals
2
33
10
140
17
7
2
16
255
223
84
1,042
1968—
Normal retirement
Disability 	
3
54
4
10
1
5
124
n
9
2
2
8
3
2
1
13
122
37
86
232
38
69
18
10
1,139
20
Totals	
3
58
16
130
13
11
3
13
245
270
97
1,159
1-969—
Normal retirement-
Disability	
13
107
5
16
2
12
108
4
11
3
4
6
1
2
3
18
1
124
34
82
333
42
83
20
19
1,229
23
Totals	
13
112
30
112
18
7
5
19
240
375
122
1,252
 N  12 BRITISH COLUMBIA
SCHEDULE 4—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1, 1958 to December 31, 1969,
Subdivided According to Sex of Contributor
1 Nonactive open accounts of teachers who have been out of service less than two years.
2 Nonactive open accounts of teachers who have been out of service over two years.
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1971
Number of
Contributors
Allowances
Fiscal Year
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
1058
4,629
330
234
4,982
409
169
5,291
473
233
5,638
479
325
5,998
490
422
6,446
493
222
6,706
610
293
7,123
607
323
7,673
604
355
8,329
704
404
9,163
802
317
10,009
886
524
6,338
1,305
879
6,640
1,321
810
6,890
1,407
1,036
7,206
1,341
1,321
7,613
1,264
1,594
8,027
1,255
1,034
8,510
1,195
1,122
9,020
1,239
1,422
9,789
1,514
1,341
10,665
1,882
1,410
11,486
2,101
1,811
12,445
2,144
1,711
96
103
123
131
166
199
258
261
271
316
520
1,756
483
524
601
636
691
729
800
930
851
898
1,217
1,503
21
19
18
30
25
39
29
33
64
73
80
93
21
39
49
61
63
77
___
77
92
139
Ti_
127
174
14
12
11
9
12
16
20
16
15
8
14
21
14
13
9
14
13
23
16
20
16
34
26
28
390
397
404
425
438
461
470
487
536
601
667
739
452
Nonactive1-.	
Nonactive 2	
1959.. 	
478
Nonactive1	
1960     .
518
Nonactive 2	
1961	
565
1962.. -	
Nonactive1	
615
1963  -
669
1964 	
730
1965	
Nonactive1-	
802
1966...
Nonactive1——	
Nonactive 2 	
1967	
Nonactive1  —
925
1,003
1968	
Nonactive1 _
Nonactive2	
1969—	
Nonactive1	
Nonactive2	
1,104
1,250
480-1270-9877

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