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Twenty-eighth Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act for the Year… British Columbia. Legislative Assembly 1970

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Twenty-eighth Annual Report
of the Business Done in Pursuance of the
Teachers' Pensions Act
for the Year Ended
DECEMBER 31
1968
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1970
  To Colonel the Honourable John R. Nicholson, P.C., O.B.E., Q.C., LL.D.,
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 fiscal year ended December 31,
1968.
WESLEY D. BLACK,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, British Columbia, December 30, 1969.
 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,
1968.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST,
Commissioner of Teachers' Pensions.
December 30, 1969.
 TEACHERS' PENSIONS ACT
ANNUAL  REPORT
Report of the Rusiness Done in Pursuance of the Teachers'
Pensions Act during the Period January 1, 1968,
to December 31, 1968
Sections 6 and 7.—Contributions received from teachers totalled $8,301,880,
consisting of basic contributions of $7,726,366, extra and voluntary contributions
of $516,253, individual repayment of refunds for reinstatement of $23,262, and
individual contributions for approved periods of leave of absence of $35,999.
As at December 31, 1968, there were 20,649 teachers making current contributions, of whom 122 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  2,687
Teachers with deferred vested pension rights       216
2,903
Teachers out of service more than two years  2,128
Section 8 (1).—Employer basic contributions received from the Minister of
Finance based on 18,876 teachers contributing in December, 1967, amounted to
$5,309,080.
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 $61,126. As at December 31, 1968, there were 122 teachers in
this category.
Section 8(5) and (6).—The net rate of interest earned during 1968 after
charging administration expenses was 5.59 per cent.
After distributing interest for 1968, to the Basic Account at the guaranteed
rate of 4 per cent, amounting to $4,335,051, and to the Retirement Annuity Account at the net earned rate of 5.59 per cent, amounting to $1,518,274, the balance of interest earned during 1968, amounting to $1,821,363, was transferred to
the Interest Reserve Account.
As of December 31, 1968, 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, 1968   $1,727,904
Interest earned during 1968 over minimum statutory requirements      1,821,363
$3,549,267
Charges during year under section 8 (b)—
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      $38,336
Transferred to the Basic Account toward
providing the benefits under the Act,
as determined by the Fund actuary.... 3,510,931
     3,549,267
Balance at credit, December 31, 1968        Nil
2 5
 O 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 $1,675,357.
Section 11.—Superannuation allowances were granted 190 teachers who attained retirement age. For analysis see statements of comparative statistics appended.
Section 14.—Superannuation allowances were granted to six teachers who had
become totally and permanently disabled.
Section 15.—Superannuation allowances were granted to the dependent in the
case of 11 teachers who died while still in service, and refunds totalling $61,576
were made in the case of 25 teachers who died while still in service.
Section 16.—Refunds totalling $1,414,669 were made to 1,516 teachers who
left the service of their employers.
Section 12 of the Teachers' Pensions (Amendment) Act, 1968.—During the
period August to December, 1968, refunds totalling $128,280 were made in respect
of 196 active teachers who applied under this section. The refunds consisted of
extra compulsory contributions made during the period January 1, 1961, to June
30, 1968.
Section 20. — Actuarial and administration expenses paid from the Fund
amounted to $128,473.
Section 25.—The securities held by the trustees on December 31, 1968, are
set out in Schedule No. 1 of this Report. During the year $20,882,000 par value
bonds were purchased, the average yield being 7.13 per cent, and $7,934,100 par
value bonds were redeemed, resulting in a net increase of $12,947,900 par value
bonds held by the trustees between December 31, 1967, and December 31, 1968.
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 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 147 cases were dealt with in accord with Board policy, in respect to:
Reinstatement of previous teaching service; the granting of disability allowances;
the recognition of a period of military service, pursuant to section 10 (d), and the
approval, or rejection, of applications to pay employee-employer contributions for
periods of absence in order that such absence would be countable for pension purposes. Approval was also granted to the inclusion of the British Columbia Hydro
and Power Authority as an approved employer under section 11 (3) (c) of the
Teachers' Pensions Act.
W. H. FORREST,
Commissioner of Teachers' Pensions.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT O 7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
December 31, 1968
Revenue
Contributions per requirements of the Teachers' Pensions Act—
Employee contributions—
Basic contributions  $7,726,366
Extra and voluntary contributions        516,253
Repayment of refunds for reinstatement 23,262
Contributions for approved periods of
leave of absence  35,999
  $8,301,880
Employer contributions—
Basic contributions  $5,309,080
Contributions paid by employers other
than school districts for teachers on
loan, etc.         61,126
     5,370,206
Interest—
Net on investments  $7,801,189
On bank deposits  1,681
7,802,870
  $21,474,956
Expenditure
Superannuation allowance payments   $4,842,058
Refund of contributions—
Resignation, etc.  $1,414,669
Death in service  61,576
Extra contributions pursuant to section 12
of Teachers' Pensions (Amendment)
Act, 1968        128,280
Miscellaneous — contributions  in  error,
etc.   797
     1,605,322
Transfer to Civil Service Superannuation Fund of present
value of seven allowances granted        204,122
Portion of medical premiums in respect of eligible recipients of a superannuation allowance  38,336
Reimbursement to employers of Canada Pension Plan
employer contributions paid by them in respect of employees to whom the Teachers' Pensions Act applies....    1,675,357
Actuarial and administration expenses        128,473
8,493,668
Net increase of ledger assets  $12,981,288
 O 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31, 1968
Assets
Cash in bank  $70,205
Accounts receivable—
Employee contributions, etc.   $871,947
Employer contributions         7,104
  879,051
Investments at cost or par—net after amortization of discounts (see
Schedule No. 1) (par value, $148,294,150)  145,102,674
Accrued interest on investments  1,808,318
$147,860,248
Liabilities
Teachers' Pensions Fund Basic Account  $119,588,950
Employees' Retirement Annuity Account       27,974,405
Sundry accounts payable  296,893
$147,860,248
Approved.
W. H. Forrest, G. S. Soutar,
Superannuation Commissioner. Accountant.
The accounts of the Teachers' Pensions Fund for the year ended December 31, 1968, 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, the balance-sheet as at December 31, 1968, is, in my opinion, properly
drawn up so as to exhibit a true and correct statement of the affairs of the Fund, according to
the best of my information and the explanations given me and as shown by the books of the
Fund.
C. J. FERBER, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, British Columbia, December 30, 1969.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
O 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, 1968
Government of Canada guaranty — Canadian National Railway Company	
Province of British Columbia guaranty—
British Columbia Hydro and Power Authority	
British Columbia Electric Company	
British Columbia Power Commission	
Pacific Great Eastern Railway	
Greater Vancouver Water District	
Greater Vancouver Sewerage and Drainage District
Vancouver and District Joint Sewerage and Drainage Board	
British Columbia school districts serials	
British Columbia School Districts Capital Financing Authority serials	
British Columbia School Districts Capital Financing Authority	
British Columbia municipal serials	
Nechako Improvement District serial	
British Columbia hospital improvement districts
serials 	
British Columbia irrigation districts serials	
Saltair Water Works District	
Greater Vancouver Water District serial	
Greater Vancouver Sewerage and Drainage District serial	
Province of Alberta guaranty — Alberta Municipal
Financing Corporation	
Par Value
$50,000
75,649,000
1,450,750
6,256,000
5,336,000
1,528,000
980,000
19,000
28,306,400
Book Value
$49,713
74,221,269
1,359,164
6,202,109
5,245,091
1,524,383
979,758
19,000
27,252,551
5,983,000        5,932,117
17,287,000 16,997,242
2,090,000 2,008,916
802,000 794,381
1,167,000 1,153,424
319,000 315,500
28,000 27,524
500,000 483,000
529,000 523,789
14,000 13,743
$148,294,150 $145,102,674
 O 10
BRITISH COLUMBIA
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S o __
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE No. 3.—TEACHERS' PENSIONS FUND
O 11
Comparative Statistics, January 1, 1959, to December 31, 1968, 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
sa
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1959—
Normal retirement
Disability.-	
Death  	
4
1
3
1
49
5
3
2
8
1
6
114
59
79
104
21
57
13
2
424
2
Totals 	
5    |      3
1    |    49
10    |      8
1
6
252
125    |      72
426
1960—
Normal retirement
10
2
7
2   j    45
Z 1 1
4    j      8
....    1      2
1    |    .....
....
5
120
59
80
103
19
59
13
2
464
Death  	
3
Totals	
12
7
2    |    46
5   |   10   1   ... . |     5
259    |    122
74    |    467
1961—
Normal retirement
11
13
6
3
2
5
50
1
5
1
3
8
1
5
126
58
77
108
24
62
15
7
509
Death     	
4
Totals	
11    |    19
10    |    51
9    |      9   1    ....    |      5
261    |    132    |      84    |    513
1962—
Normal retirement
13
7
3
3
3
59
8
3
5
3
1
3
2
131
55
72
112
26
62
15
in
566
Death           	
4
Totals...	
13    |    10
6
59
16
4
3   '
2
258    |    138    |      87    |    570
1963—
Normal retirement
8
14
5
1
2
7
77
2
5
3
3
4
2
3
1
18
I
134    j    122
52    |      29
69    |    _....
60
16
17
625
Death
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         125
46          32
89    1    --
56
16
692
9
Totals	
13
12
3    |    78
15
6
7    |      8
270    |    157    |      72    |    701
1965—
Normal retirement
Disability 	
Death	
10
3
9
3
4
2
93
1
8
2
6
5
2
1
11
1
137
44
86
129
33
60
17
-     ■
774
9
Totals	
13
12    |      6
94
16    |      7    |      1    |    12
267    |    162    |      77    |    783
1966—
Normal retirement
7
3
35
6
5
144
3
1            I            1
6    [      3    |      5    j    12
1   \    1    \   1    1    =
138
43   I
89
161
36
60
16
906
Death  —
12
Totals  	
10    f   41    |      5    I1 147
7    |      6    |      6    |    12
270
197    p     76    |    918
1967—
Normal retirement
Disability	
Death     	
2
30
3
2
1
7
138
2
12
4
1
5
2
1
1    |    16
1     1    ....
128
39
88
1
186    1      61
37           17
6
1,028
14
Totals	
2    |    33
10    | 140
17    |      7
2    |    16
255    |    223    |      84
1,042
1968—
Normal retirement
Disability	
Death	
2
1
54
4
10
1
5
124
6
9
2
2
8
3
2
1
13
121
38
86
232
38
69
18
10
1,139
20
Totals	
3
58
16
130
13
11    !      3
13
245
270
97
1,159
 O  12 BRITISH COLUMBIA
SCHEDULE No. 4.—TEACHERS' PENSIONS FUND
Comparative Statistics, January 1, 1957, to Decemcer 31, 1968,
Subdivided According to Sex of Contributor
Number of
Contributors
AlloNvances
Fiscal Year
Number of
Refunds
Granted
Number of
AlloNvances
Granted
Number of
Deaths and
Expirations
Number of
Allowances
in Force at
End of Year
Male
Female
Male
Female
Male     Female
Male   1 Female
1
Male  1 Female
1
1957 	
Non-active* 	
4,305
330
201
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
6,022
1,070
801
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
103
96
103
123
131
166
199
258
261
271
316
520
501
483
524
601
636
691
729
800
930
851
898
1,217
_.
21
19
18
30
25
39
29
33
64
73
80
40
21
39
12
14
12
11
9
12
16
20
16
15
8
14
13
14
13
9
14
13
23
16
20
1      16
34
26
383
390
397
404
425
438
461
470
487
536
601
667
445
1958-.	
452
1959	
478
Non-active2	
1960 — ....	
49
61
63
77
77
92
139
112
127
518
1961     	
565
1962 	
615
1963	
669
Non-active2	
1964	
730
1965
802
Non-activei.
Non-active2	
1966     	
925
Non-actlvel	
	
1967	
1,003
Non-active1 —
Non-active2	
1968	
1,104
Non-active2 	
	
1 Non-active open accounts of teachers who have been out of service less than two years.
2 Non-active open accounts of teachers who have been out of service over two years.
Printed by A. Sutton, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1970
430-1269-523

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