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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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 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
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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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