PROVINCE OF BRITISH COLUMBIA Thirtieth Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act for the Year Ended DECEMBER 31 1970 Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty In right of the Province of British Columbia. 1972 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, 1970. WESLEY D. BLACK Provincial Secretary Provincial Secretary's Office, Victoria, British Columbia, December 13,1971. 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, 1970. I have the honour to be, Sir, <- ■ Your obedient servant, December 13,1971. W. H. FORREST Commissioner of Teachers' Pensions TEACHERS' PENSIONS ACT ANNUAL REPORT Report of the Business Done in Pursuance of the Teachers' Pensions Act During the Period January 1, 1970, to December 31, 1970 Sections 6 and 7—Contributions received from teachers totalled $10,615,742, consisting of basic contributions of $10,425,762, extra and voluntary contributions of $66,125, individual repayment of refunds for reinstatement of $102,478, and individual contributions for approved periods of leave of absence of $21,377. As at December 31, 1970, there were 23,139 teachers making current contributions, of whom 107 were employed by other than school districts. In addition, there were open acounts in the following categories: Teachers out of service less than two years 3,092 Teachers with deferred vested pension rights 287 3,379 Teachers out of service more than two years 2,863 Section 8 (1)—Employer basic contributions received from the Minister of Finance based on 22,327 teachers contributing in December, 1969, amounted to $6,279,711. 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 $67,616. As at December 31, 1970, there were 107 teachers in this category. Sections 8 (5) and (6)—The net rate of interest earned during 1970 after charging administration expenses was 6.11 per cent. After distributing interest for 1970 to the Basic Account at the guaranteed rate of 4 per cent, amounting to $5,534,498, and to the Retirement Annuity Account at the net earned rate of 6.11 per cent, amounting to $1,599,833, the balance of interest earned during 1970, amounting to $2,919,932, was transferred to the Interest Reserve Account. As of December 31, 1970, 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, 1970 Nil Interest earned during 1970 over minimum statutory requirements 2,919,932 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 mem- $ ber with dependents 50,657 Transferred to the Basic Account toward providing the benefits under the Act, as determined by the Fund actuary 2,869,275 2,919,932 Balance at credit, December 31, 1970 Nil 5 K 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 $2,107,738. Section 11—Superannuation allowances were granted 224 teachers who attained retirement age. For analysis see statements of comparative statistics appended. Section 14—Superannuation allowances were granted to 13 teachers who had become totally and permanently disabled. Section 15—Superannuation allowances were granted to the dependent in the case of 17 teachers who died while still in service, and refunds totalling $188,068 were made in the case of 44 teachers who died while still in service. Section 16—Refunds totalling $1,737,364 were made to 1,790 teachers who left the service of their employers. Section 20—Actuarial and administration expenses paid from the Fund amounted to $113,663. Section 25—The securities held by the trustees on December 31, 1970, are set out in Schedule 1 of this Report. During the year, $18,937,500 par value bonds were purchased, the average yield being 7.934 per cent, and $3,206,100 par value bonds were redeemed, resulting in a net increase of $15,731,400 par value bonds held by the trustees during 1970. 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 three meetings during which it dealt with some 250 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. LEGISLATION The Teachers' Pensions Act, 1961 was amended during the 1971 Session of the Legislature. Among the more important changes are the following: (1) Provision for payment of a supplementary allowance to persons in receipt of a superannuation allowance, commencing in July 1971, calculated at the rate of 7 per cent of the lifetime portion of the allowance received but based on not less than $150 per month and not more than $300 per month. (2) The ceiling on contributory earnings of $12,500 per annum was removed effective from the 1st day of July 1971. (3) The average salary on which the 2-per-cent formula is calculated was increased by changing the average from the highest 10 years of service to the highest seven years of service. (4) The 2-per-cent formula will apply to all pensionable service, whether before or after the 1st day of January 1961, with a maximum of 35 countable years to produce a maximum pension of 70 per cent of average salary. (5) The contribution by the Minister of Finance on behalf of each Board of School Trustees is increased at a compound rate of 10 per cent for the next seven years from approximately $281 per active teacher in 1970 to $548 per active teacher in 1977. (6) The Teacher Qualification Service and its permanent employees were brought under the Act. TEACHERS' PENSIONS ACT—ANNUAL REPORT K 7 (7) Provision for the Lieutenant-Governor in Council to make regulations prescribing conditions under which an employee who is absent from service may contribute at double the normal rate in order to count period of absence as pensionable service and also terms and conditions under which an employee may be reinstated in the Fund. (8) Provision enabling the Lieutenant-Governor in Council to recognize military or other service as pensionable service and prescribe the amount the employee would be required to contribute to the Fund in order to receive credit for same. (9) Provision to co-ordinate disability pensions with the new group disability salary continuance plan recently established in some school districts. In pertinent cases, the disabled teacher will continue to accumulate additional pension benefits while disabled, at no additional cost to the teacher. (10) From the 1st day of January 1971, the Fund will be divided into three accounts to more clearly allocate the assets, as follows: (a) Pensions Account—Will show the capitalized value of all superannuation allowances in force. (b) Employee Contribution Account—Will contain the contribution plus interest equity of all contributors who have not taken a refund or been granted a superannuation allowance. (c) Employer Reserve Account—Will consist of the excess of the assets of the Fund over the sum of the balances in the Pensions Account and the Employee Contribution Account. W. H. FORREST Commissioner of Teachers' Pensions K 8 BRITISH COLUMBIA TEACHERS' PENSIONS FUND Statement of Revenue and Expenditure for the Year Ended December 31, 1970 Revenue Contributions per requirements of the Teachers' Pensions Act— Employees— $ $ Basic contributions Voluntary contributions 10,425,762 66,125 Repayment of refunds for reinstatement 102,478 Contributions for approved periods of leave of absence 21,377 10,615,742 Employers— Basic contributions 6,279,711 Contributions paid by employers other than school districts for teachers on loan, etc. 67,616 Transfer from College Pension Fund re pension granted Interest on investments 6,347,327 2,726 10,167,926 27,133,721 Expenditure Superannuation allowances 6,537,543 Refund of contributions— Resignations 1,737,364 Death in service 188,068 Miscellaneous 894 1,926,326 155,916 50,657 Transfers to Civil Service Superannuation Fund of present value of seven allowances 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 2,107,738 Actuarial and administration expenses 113,663 10,891,843 Net increase of ledger assets 16,241,878 TEACHERS' PENSIONS ACT—ANNUAL REPORT K 9 TEACHERS' PENSION FUND—Continued Balance Sheet as at December 31, 1970 Assets $ $ Cash in bank 15,372 Accounts receivable— Employee contributions 1,101,442 Employer contributions 7,314 1,108,756 Investments at the lower of cost or par value after amortization of discounts (Schedule 1) (par value, $177,529,450) 174,456,724 Accrued interest on investments 2,249,803 177,830,655 Liabilities Sundry accounts payable Employees' Retirement Annuity Account Teachers' Pensions Fund Basic Account 161,619 26,913,061 150,755,975 177,830,655 W. H. Forrest Commissioner of Teachers' Pensions G. S. Soutar Accountant Auditor's Report I have examined the balance sheet of the Teachers' Pensions Fund as at December 31, 1970, and the statement of revenue and expenditure 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. 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, 1970, and the results of its operations 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, C.A. Comptroller-General Province of British Columbia Victoria, British Columbia, November 8, 1971. K 10 BRITISH COLUMBIA SCHEDULE 1—TRUSTEES OF THE TEACHERS' PENSIONS FUND AND THE MINISTER OF FINANCE FOR THE PROVINCE OF BRITISH COLUMBIA. Securities Held as at December 31,1970 Government of Canada guaranty- Railway Company -Canadian National 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 Par Value Book Value $ $ 50,000 49,994 Greater Vancouver Sewerage and Drainage District British Columbia school districts serials British Columbia School Districts Capital Financing Authority serials British Columbia School Districts Capital Financing Authority British Columbia municipal serials British Columbia improvement districts Nechako Improvement District serial British Columbia hospital improvement districts serials British Columbia irrigation districts serials West Bench Irrigation District Rutland Water Works District 98,199,000 1,450,750 6,256,000 10,146,000 1.528,000 980,000 23,156,200 96,651,416 1,369,394 6,207,010 10,064,726 1,524,885 979,787 22,279,463 5,253,000 5,208,495 24,887,000 24,623,401 1,759,000 1,689,423 664,000 654,550 769,000 761,695 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 ,020,000 1,007,999 293,000 289,679 37,500 36,966 56,000 55,203 16,000 15,728 500,000 483,000 495,000 14,000 490,124 13,786 177,529,450 174,456,724 TEACHERS' PENSIONS ACT—ANNUAL REPORT K 11 o r- ON ,—1 ,_; cn « Q w S S Uh o w </_ p o H O i—i c/l ,—i § Ph 1 1 BO ^ (^ PS 5! fii p H-. 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K 12 BRITISH COLUMBIA SCHEDULE 3—TEACHERS' PENSIONS FUND Summary of Normal Allowances Granted During 1970 Average Average Number of Allowances Granted Years of Service Salary Annual Average Average Average During Last Allowance, Single Life Value of Allowance Teacher's Share Governments' Share 10 Years Plan $ $ $ $ $ 44 10-14 7,069 1,500 15,329 5,094 10,235 19 15-19 7,615 2,136 21,911 6,961 14,950 36 20-24 8,212 3,156 32,401 9,613 22,788 22 25-29 8,053 3,792 38,412 10,833 27,579 25 30-34 8,240 4,512 46,160 11,845 34,315 22 35-39 8,942 5,580 56,050 13,732 42,318 48 40 and over 9,092 5,892 59,337 13,293 46,044 Average of normal allowances granted during year— 216 27 8,184 3,807 38,600 10,079 28,521 Total value of normal allow ances granted during year— 216 822,204 8,337,526 2,177,064 6,160,462 Allowances other than normal granted during year not included in above summary: Death, 17; disability, 14; deferred, 7; total, 38. TEACHERS' PENSIONS ACT—ANNUAL REPORT SCHEDULE 4—TEACHERS' PENSIONS FUND K 13 Comparative Statistics, January 1, 1959, to December 31,1970, Subdivided According to Sex of Contributor i 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 conributions only, 1968, 196; 1969, 1,609. Number of Contributors Allowances Number of Refunds Granted Number of Number of Number of Allowances in Force at End of Year Fiscal Year Allowances Deaths and Granted Expirations Male Female Male 1 Female 1 Male Female Male Female Male Female 1959 4,982 6,640 103 524 19 39 12 13 397 478 Nonactive i_ 409 1,321 . Nonactive2 169 810 1960 5,291 6,890 1,407 123 601 18 49 11 9 404 518 Nonactive1 473 233 1,036 1961 5,638 7,206 131 636 30 61 9 14 425 565 Nonactivei—- 479 1,341 Nonactive2 325 1,321 1962 _ 5,998 490 7,613 1,264 166 691 25 63 12 13 438 615 Nonactivei Nonactive 2 422 1,594 1963 6,446 8,027 199 729 39 77 16 23 461 669 Nonactive1 493 1,255 Nonactive2 222 1,034 1964 6,706 610 8,510 1,195 258 800 29 77 20 16 470 730 Nonactivei Nonactive2 293 1,122 1965 7,123 607 9,020 1,239 261 930 33 92 16 20 487 802 Nonactive2 323 1,422 1966 .... .- .- 7,673 604 9,789 1,514 271 851 64 139 15 16 536 925 Nonactivei Nonactive2 355 1,341 — — 1967 8,329 10,665 316 898 73 112 8 34 601 1,003 NonactiveL 704 1,882 Nonactive2- 404 1,410 —. 1968 9,163 11,486 5203 1,2173 80 127 14 26 667 1.104 Nonactivei 802 2,101 Nonactive2 317 1,811 1969 10,009 12,445 1,7563 1,5033 93 174 21 28 739 1,250 Nonactivei. 886 2,144 Nonactive2 524 1,711 1970... 10,468 12,671 466 1,368 96 158 16 25 819 1,383 Nonactivei 977 2,402 _ Nonactive2 694 2,169 Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty in right of the Province of British Columbia. 1972 480-1271-9458
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Thirtieth Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act for the Year… British Columbia. Legislative Assembly 1972
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Title | Thirtieth Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act for the Year Ended DECEMBER 31 1970 |
Alternate Title | TEACHERS' PENSIONS ACT--ANNUAL REPORT |
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British Columbia. Legislative Assembly |
Publisher | Victoria, BC : Government Printer |
Date Issued | 1972 |
Genre |
Legislative proceedings |
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FileFormat | application/pdf |
Language | English |
Identifier | J110.L5 S7 1972_V02_11_K1_K13 |
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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 | 2018-12-06 |
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 | 10.14288/1.0375938 |
AggregatedSourceRepository | CONTENTdm |
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