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Thirty-first Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act YEAR ENDED… British Columbia. Legislative Assembly 1973

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Full Text

 PROVINCE OF BRITISH COLUMBIA
Thirty-first Annual Report
of the Business Done in Pursuance of the
I Teachers' Pensions Act
YEAR ENDED DECEMBER 31
1971
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1973
  L_
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,
1971.
ERNEST HALL
Provincial Secretary
Provincial Secretary's Office,
Victoria, B.C., December 11,1972.
 The Honourable Ernest Hall,
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 fiscal year ended December 31,
1971.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST
Commissioner of Teachers' Pensions
December 11, 1972.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Report   of   the Business Done in Pursuance of the Teachers' Pensions Act
During the Fiscal Year Ended December 31, 1971
Sections 6, 7, and 10—Contributions received from teachers totalled $12,059,-
857, made up as follows:
$
Basic contributions  11,831,238
Voluntary contributions  64,172
Repayment of refunds for reinstatement        117,850
Contributions  for  approved period of leave of
absence   26,770
Contributions for approved military or other service 19,827
As at December 31, 1971, there were 30,813 teachers with contributory credits
in the fund, made up as follows:
Current contributors—
Teachers employed by school districts  23,793
Teachers employed other than by school districts   112
Open inactive accounts—
Teachers out of service less than two years  3,725
Teachers with deferred vested pension rights.. 268
Teachers out of service more than two years_ 2,915
Section 8 (1)—Employer basic contributions received from the Minister of
Finance, based on 23,793 teachers contributing in December 1970, amounted to
$6,733,555.
Section 8 (3), (4), and (5)—Employer contributions received from the British Columbia Teachers' Federation and employers other than school districts for
112 teachers on loan, etc., amounted to $67,519.
Section 8 (8)—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 $2,116,290.
Sections 11, 14, and 15 (1)—Superannuation allowances were granted in respect of 239 teachers, as follows:
Normal retirement age  220
Total and permanent disability       7
Death in service     12
For analysis and comparative statistics, see Schedules 2, 3, and 4 appended.
Sections 15 (5) and 16—Refunds were granted in respect of 1,597 teachers
and totalled $1,833,216, made up as follows:
$
Resignations   1,562 1,694,626
Death in service        28 131,518
Miscellaneous   7 7,072
For analysis and comparative statistics, see Schedules 2 and 3 appended.
Section 20 — Actuarial and administrative expenses paid from the Fund
amounted to $129,307.
 J 6 BRITISH COLUMBIA
Section 25—Securities held by the trustees at December 31, 1971, amounted
to $195,349,350, par value, as set out in Schedule 1 appended. Transactions during the year (par values) were as follows:
$
Purchases    21,108,000
Redemptions     3,28 8,100
Net increase during year  17,819,900
The average yield on securities purchased during the year was 7.052 per cent.
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.
Interest  earnings  available for  distribution  to  the  accounts  of  the  Fund
amounted to $11,291,527, arrived at as follows:
$
Total interest earned  11,483,774
Less— $
Actuarial   and   administration   expense   129,307
Charges under section 13 (4), being
the like amount of medical plan
premiums deducted from eligible pensioners      62,940
        192,247
Interest available for distribution  11,291,527
Section 37—During the year the Teachers' Pensions Board held one meeting at
which it dealt with some 150 cases in accordance with Board policies. Applications
considered included reinstatement of previous teaching service, payment of employee-
employer contributions for periods of absence, and disability allowance.
W. H. FORREST
Commissioner of Teachers' Pensions
 TEACHERS' PENSIONS ACT—ANNUAL REPORT J 7
TEACHERS' PENSIONS FUND
Statement of Changes in Fund Balance, Year Ended December 31, 1971
Fund balance increased during year by—
Contributions per requirements of the Teachers' Pensions Act—
Employees— $ $
Basic contributions  11,831,238
Voluntary contributions   64,172
Repayment of refunds for reinstatement _ 117,850
Contributions for approved periods of leave of
absence 	
Contributions for approved military or other
service 	
26,770
19,827
Employers—
Basic contributions      6,733,555
Contributions paid by employers other than
school districts for teachers on loan, etc..... 67,519
Transfers from College Pensions Fund re four pensions granted	
Interest on investments     11,483,774
12,059,857
6,801,074
18,822
30,363,527
Fund balance decreased during year by-
Superannuation allowance
Refund of contributions—
Resignations 	
Death in service	
Miscellaneous 	
$
1,694,626
131,518
7,072
Transfers to Civil Service Superannuation Fund of present
value of eight pensions granted	
Portion of medical premiums in respect of eligible recipients of a superannuation allowance	
Reimbursement to employers of Canada Pension Plan
employer contributions paid by them in respect of
employees to whom the Teachers' Pensions Act
applies 	
Actuarial and administration expenses	
7,498,172
1,833,216
146,055
62,940
2,116,290
129,307
11,785,980
Net increase in Fund balance during year     18,577,547
Fund balance, December 31, 1970 ■  177,669,036
Fund balance, December 31, 1971    196,246,583
 I 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND—Continued
Statement of Financial Position as at December 31, 1971
Assets
$
81,697
1,244,483
Cash in bank	
Accounts receivable	
Investments at the lower of cost or par value after amortization of
discounts (Schedule 1) (par value, $195,349,350)   192,486,610
Accrued interest on investments       2,599,892
196,412,682
Liabilities and Fund Balance
Liabilities—Accounts payable 	
Fund balance—
Pensions Account, being the amount available for $
the payment of current pensions  74,179,035
Employee Contributions Account  ____. 103,759,214
Employer Reserve Account  18,308,334
166,099
196,246,583
196,412,682
W. H. FORREST
Commissioner of Teachers' Pensions
C. WEBSTER, CA.
Accountant
Auditor's Report
I have examined the Statement of Financial Position of the Teachers' Pensions Fund as at
December 31, 1971, and the Statement of Changes in Fund Balance for the year then ended.
My examination included a general review of the accounting procedures and such tests of
accounting records and other supporting evidence as I considered necessary in the circumstances, except that my work did not include a review of the actuarial soundness of the plan.
It is the responsibility of the actuary appointed by the Fund to make actuarial valuations at
intervals of not more than five years.
In my opinion, with the foregoing explanation concerning the actuarial soundness of the
plan, these financial statements present fairly the financial position of the Fund as at December
31, 1971, and the changes in Fund balance for the year then ended, in accordance with generally
accepted accounting principles applied on a basis consistent with that of the preceding year.
J. W. MINTY, CA.
Comptroller-General
Province of British Columbia
Victoria, B.C., November 8,1972.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
J 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, 1971
Province of British Columbia guaranty—
B.C. Hydro and Power Authority	
B.C. Electric Company Limited	
B.C. Power Commission 	
Pacific Great Eastern Railway	
Greater Vancouver Water District	
Greater Vancouver Sewerage and Drainage District
B.C. school districts serials	
B.C. School Districts Capital Financing Authority serials 	
B.C. School Districts Capital Financing Authority
B.C. municipal serials	
B.C. improvement districts	
Nechako Improvement District serial	
B.C. hospital improvement districts serials	
B.C. irrigation districts serials	
B.C. irrigation districts	
B.C. water works districts	
Saltair Water Works District serial	
Greater Vancouver Water District serial	
Greater Vancouver Sewerage and Drainage District
serial 	
Province of Alberta guaranty—Alberta Municipal Financing Corporation	
31,1971
Par Value
Book Value
$
$
112,814,000
111,350,969
1,450,750
1,374,509
6,256,000
6,209,460
15,806,000
15,729,543
1,528,000
1,525,136
980,000
979,800
20,602,600
19,814,368
4,888,000
4,846,684
25,127,000
24,875,860
1,575,500
1,513,354
664,000
654,938
751,000
743,865
940,000
928,853
279,000
275,771
592,500
591,367
94,000
93,193
10,000
9,830
500,000
483,000
477,000
472,302
14,000
13,808
195,349,350
192,486,610
 I   10
BRITISH COLUMBIA
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ZZ«
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
SCHEDULE 3—TEACHERS' PENSIONS FUND
J 11
Comparative Statistics, January 1, 1959, to December 31, 1971,
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.
3 Includes refund of extra compulsory contributions only, 1,609.
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   1 Female
1
Male
Female
1950
4,982
409
169
5,638
479
325
6,446
493
222
7,123
607
323
8,329
704
404
10,009
886
524
10,468
977
694
10,914
1,195
649
6,640
1,321
810
7,206
1,341
1,321
8,027
1,255
1,034
9,020
1,239
1,422
10,665
1,882
1,410
12,445
2,144
1,711
12,671
2,402
2,169
12,991
2,798
2,266
11)1     I       574
19
30
T9
33
73
93
96
86
39
61
~n
~92
112
174
158
153
1
i?    1        n
397
425
:::
461
487
601
739
819
874
478
Nonactive i	
Nonactive2        . ..
1961
I3l
199
261
316
1,7563
466
393
636
729
930
898
1,5033
1,368
1,204
9
~16
16
8
~21
16
14
23
To
34
28
25
565
Nonactivei—	
Nonactive 2	
1963         	
Nonactivei	
Nonactive2	
1965     	
669
802
Nonactive1-
Nonactive2  	
1967        	
1,003
Nonactivei- -
Nonactive2	
1969       -      -    -
1,250
Nonactivei—	
Nonactive2	
1970	
1,383
1,493
Nonactivei	
Nonactive2 —
1971     	
	
24
50
Nonactive 1.	
 ~)
J   12 BRITISH COLUMBIA
SCHEDULE 4—TEACHERS' PENSIONS FUND
Summary of Normal Allowances Granted During 1971
Number of
Allowances Granted
56 .
27-
25.-
23.
20-
27..
35-
Years of
Service
10-14
15-19
20-24
25-29
30-34
35-39
40 and over
Average
Salary
During
Last
7 Years
$
7,689
8,959
8,738
8,893
9,267
10,017
10,166
Average
Annual
Allowance,
Single Life
Plan
$
1,548
2,520
3,324
4,344
5,724
6,780
6,912
Average
Value of
Allowance
18,350
29,672
37,584
48,333
68,065
77,931
75,810
Average
Teacher's
Share
6,160
9,337
10,946
11,941
13,975
15,567
15,841
Average
Government
Share
$
12,190
20,335
26,638
36,392
54,090
62,364
59,969
Average of Normal Allowances Granted During Year
213  -	
25
1
1         $
8,954
$
4,116
1
$           1
46,902    ]
1
$
11,236
$
35,665
Total Value of Normal Allowances Granted During Year
213 -  	
$
1        	
1
$
876,408
9,990,089    |
1
$
2,393,340
$
7,596,749
Allowances other than normal granted during 1971: Death, 12; disability, 7; deferred, 7; total, 26.
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1973
480-1272 9798

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