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Thirty-third Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act YEAR ENDED… British Columbia. Legislative Assembly 1975

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 PROVINCE OF BRITISH COLUMBIA
Thirty-third Annual Report
of the Business Done in Pursuance of the
Teachers' Pensions Act
YEAR ENDED DECEMBER 31
1973
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1975
  To Colonel the Honourable Walter S. Owen, 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,
1973.
ERNEST HALL
Provincial Secretary
Provincial Secretary's Office,
Victoria, B.C., January 31, 1975.
 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,
1973.
I have the honour to be,
Sir,
Your obedient servant,
W. H. FORREST
Commissioner of Teachers' Pensions
January 31, 1975.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Report of Business Done in Pursuance of the Teac hers' Pensions Act
During the Fiscal Year Ended December 31, 1973
Sections 6, 7, and 10 — Contributions received from teachers totalled
$16,153,300, made up as follows: c
Basic contributions  15,870,774
Voluntary contributions   52,746
Repayment of refunds for reinstatement  84,955
Contributions for approved periods of leave of
absence         29,243
Contributions for approved military or other service       115,582
As at December 31, 1973, there were 31,799 teachers with contributory credits
in the fund, made up as follows:
Current contributors—
Teachers employed by school districts  24,227
Teachers employed other than by school districts,.       135
Open inactive accounts—
Teachers out of service less than two years     3,736
Teachers with deferred vested pension rights        213
Teachers out of service more than two years     3,488
Costs assumed by the Minister of Finance in respect of recognition of approved
military or other service amounted to $90,867.
Section 8 (1)—Employer basic contributions received from the Minister of
Finance, based on 23,526 teachers contributing in December 1972, amounted to
$8,846,636.
Section 8 (3), (4), and (5)—Employer contributions received from the British
Columbia Teachers' Federation and employers other than school districts for 135
teachers on loan, etc., amounted to $105,155.
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 $2,407,258.
Sections 11, Ilk, 14, and 15 (1)—Superannuation allowances were granted in
respect of 291 teachers, as follows:
Normal retirement age  252
Total and permanent disability       7
Deferred      24
Death in service       8
There was a transfer in the amount of $23,246 from a reciprocal employer in
respect of one allowance granted. There were transfers in the amount of $434,573
to reciprocal and approved employers in respect of 16 former contributors. For
analysis and comparative statistics, see Schedules 2, 3, and 4 appended.
Section 13 (4)—Effective July 1, 1973, the matching portion of medical premiums deducted from eligible recipients of a superannuation allowance was paid by
the Minister of Finance. Payments from the Fund prior to that date amounted to
$42,661.
5
 P 6 BRITISH COLUMBIA
Sections 15 (5) and 16—Refunds were granted in respect of 1,411 teachers
and totalled $1,960,678, made up as follows:
$
Resignations   1,303 1,798,764
Death in service        28 104,706
Excess contributions on grant allowance         46 56,815
Miscellaneous         34 393
For analysis and comparative statistics, see Schedules 2 and 3 appended.
Section 20 — Actuarial and administrative expenses paid from the fund
amounted to $147,807.
Section 25—Securities held by the trustees at December 31, 1973, amounted
to $238,360,650, par value, as set out in Schedule 1 appended. Transactions during
the year (par values) were as follows:
$
Purchases  26,654,000
Redemptions     4,441,100
Net increase during year  22,212,900
The average yield on securities purchased during the year was 7.927 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.
Based on the mean of the opening and closing balances amounting to
$230,077,400, the net rate of interest earned during the year after charging administration expense $147,807 and matching portion of pensioners' medical premiums
$42,661 was 6.544 per cent.
Section 37—During the year the Teachers' Pensions Board held one meeting
at which it dealt with some 15 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.
LEGISLATION
The Teachers' Pensions Act was amended at the 1973 Fall Session of the
Legislative Assembly, allowing resumption of payment of widows' allowances which
had terminated by reason of remarriage.
The Act was further amended at the 1974 Spring Session of the Legislative
Assembly.   Among the more important changes are the following:
(1) Providing for payment, effective July 1, 1974, to persons in receipt
of an allowance prior to January 1, 1974, of a supplementary allowance calculated by applying to the basic lifetime portion of the allowance the following percentages:
Allowances Percentage
Granted Increase
1972 and before  12
1973      4
(2) Introducing, effective April 1, 1975, quarterly adjustment of eligible
allowances based on the quarterly change in the consumer price
index.
(3) Financing the quarterly adjustment by raising the employee and
employer contributions to the Fund by one-half per cent of contributory salaries when the total amount of the supplementary allowances
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
P 7
reaches 1 per cent of the annual amount of contributory salaries
with a further raise in such contributions of one-half per cent when
required.
(4) Providing for reinstatement of a former contributor who, having
taken a refund of his contributions, again becomes a contributor for
a continuous period of at least 10 years after an absence of less than
three years.
(5) Increasing the Government contribution on behalf of employers to
an amount matching contributions by employees, effective January
1, 1975.
(6) Permitting retirement at age 55 with 35 years' service without reduction in allowance. For retirement prior to age 60, with less than 35
years' service, the reduction is 5 per cent for each year short of
age 60.
(7) Increasing the rate of interest paid on refunds of compulsory contributions to 4 per cent per annum, effective January 1, 1975, authorizing the Lieutenant-Governor in Council to specify a higher rate to
be applied to voluntary contributions, and providing for the cessation
of accumulation of interest at the end of 10 years from the date of
the last contribution.
(8) Providing for adjustment based on changes in the consumer price
index of the amount of salary used in calculations with respect to
deferred allowances, disability allowances, and allowances during
re-employment.
W. H. FORREST
Superannuation Commissioner
 P 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31,  1973
ASSETS
Cash 	
Contributions receivable 	
Accrued interest on investments	
Investments at the lower of cost or par value after amortization of discounts
(Schedule 1) 	
(Par value $238,360,650)
$1,326,279
1,740,616
3,413,486
235,926,008
$242,406,389
LIABILITIES AND FUND  BALANCE
Liabilities
Accounts payable	
Fund Balance
Pensions Account, being the amount available for the payment
of current pensions    $101,047,063
Employee Contributions Account       135,190,063
         5,936,434
$232,829
Employer Reserve Account
242,173,560
$242,406,389
Note—These financial statements show only the position of the Fund and the changes in
Fund balance and do not purport to show the adequacy of the Fund to meet the obligations of
the pension plan.
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, 1973, and the statement of changes in fund balance for the year then ended.   My
examination included a general review of accounting procedures and such tests of accounting
records and other supporting evidence as I considered necessary in the circumstances.
In my opinion these financial statements present fairly the financial position of the Fund
as at December 31, 1973, 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, British Columbia
January 17,1975
 TEACHERS' PENSIONS ACT—ANNUAL REPORT P 9
TEACHERS' PENSIONS FUND
STATEMENT OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1973
Fund Balance Increased During Year by
Contributions per requirements of the Teachers' Pensions Act—
Employees:
Basic contributions  $15,870,774
Voluntary contributions  52,746
Repayment of refunds for reinstatement  84,955
Contributions for approved periods of leave of absence 29,243
Contributions for approved military or other service.... 115,582
     $16,153,300
Employers:
Basic contributions      $8,846,636
Contributions paid by employers other than school
districts for teachers on loan, etc  105,155
—         8,951,791
Transfers from Public Service Superannuation Fund re one pension granted... 23,246
Interest on investments       14,769,956
$39,898,293
Fund Balance Decreased During Year by
Superannuation allowances   $ 10,712,996
Refund of contributions—
Resignations   $1,798,764
Death in service        104,706
Excess on grant of allowance         56,815
Miscellaneous   393
       1,960,678
Transfers to other funds—
Public Service Superannuation Fund re 14 pensions granted        395,903
Province of Manitoba Teachers' Pensions Fund 1,346
Province of Ontario Teachers' Pensions Fund..        37,324
  434,573
Portion of medical premiums in respect of eligible recipients of
a superannuation allowance  42,661
Reimbursement to employers of Canada Pension Plan employer
contributions paid by them in respect of employees to
whom the Teachers' Pensions Act applies       2,407,258
Actuarial and administration expenses  147,807
       15,705,973
Net increase in Fund balance during year     $24,192,320
Fund balance—December 31, 1972      217,981,240
Fund balance—December 31, 1973     $242,173,560
 P 10 BRITISH COLUMBIA
SCHEDULE  1
TRUSTEES FOR THE TEACHERS' PENSIONS FUND AND THE
MINISTER OF FINANCE FOR THE PROVINCE OF BRITISH COLUMBIA
Securities Held as at December 31, 1973
Par Value Book Value
Province of British Columbia Guaranty
$ $
B.C. Hydro and Power Authority  148,650,000 147,356,076
B.C. Electric Company Limited       1,450,750 1,384,740
B.C. Power Commission      6,256,000 6,214,360
B.C. RaUway Company    29,176,000 29,109,178
Greater Vancouver Water District       1,528,000 1,525,637
Greater Vancouver Sewerage and Drainage District         980,000 979,828
B.C. School Districts Serials     15,351,400 14,745,195
B.C. School Districts Capital Financing Authority Serials      4,158,000 4,123,062
B.C. School Districts Capital Financing Authority    25,127,000 24,902,097
B.C. Municipal Serials       1,208,000 1,160,975
B.C. Improvement Districts          984,000 975,713
Nechako Improvement District Serial         712,000 705,236
B.C. Hospital Improvement Districts Serials         768,000 758,694
B.C. Irrigation Districts Serials           250,000 246,956
B.C. Irrigation Districts         715,500 714,462
B.C. Water Works Districts .....           94,000 93,262
Greater Vancouver Water District Serial         500,000 483,000
Greater Vancouver Sewerage and Drainage District Serial         438,000 433,686
Province of Alberta Guaranty
Alberta Municipal Financing Corporation           14,000 13,851
238,360,650   235,926,008
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
P 11
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 P 12
BRITISH COLUMBIA
SCHEDULE 3
Teachers' Pensions Fund
Comparative Statistics, January 1,1959, to December 31,1973,
Subdivided According to Sex of Contributor
Fiscal Year
Number of
Contributors
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
1959	
Nonactive i	
Nonactive2   ....
19fi.
4,982
409
169
5,638
479
325
6,446
493
222
7,123
607
323
8,329
704
404
10,009
886
524
10,914
1,195
649
11,132
1,052
713
11,466
1,126
784
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
12,991
2,798
2,266
12,520
2,638
2,458
12,896
2,823
2,704
103
131
199
261
316
1,7563
393
430
380
524
636
729
930
898
1,5033
1,204
1,276
1,031
19
30
39
33
73
93
86
125
85
39
61
~77
~92
112
174
153
197
206
12
9
~\6
T6
__
~21
24
19
15
13
~14
23
20
~34
~28
"so
~28
32
397
425
461
487
601
739
881
987
1,057
478
565
Nonactive*  .
Nonactive2	
1963.
Nonactive1	
Nonactive2	
10M
669
802
Nonactive2
1967  -
1,003
1969	
Nonactive1 —
Nonactive2       	
1971
1,250
1,486
Nonactive1	
Nonactive2	
197?
1,650
Nonactive2
1973
1,824
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 contributions only, 1,609.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
P  13
SCHEDULE 4
Teachers' Pensions Fund
Summary of Normal Allowances Granted During 1973
SUBDIVIDED BY YEARS OF SERVICE AND VALUE OF ALLOWANCE
Number of
Allowances Granted
Years of
Service
Average
Salary
During
Last
5 Years
Average
Annual
Allowance,
Single Life
Plan
Average
Value of
Allowance
Average
Teacher's
Share
Average
Government
Share
39	
36	
25	
10-14
15-19
20-24
25-29
30-34
35-39
40 and over
$
9,317
9,979
10,927
11,193
11,553
13,170
14,212
$
1,872
2,736
4,020
5,748
7,128
8,916
9,648
$
20,087
29,201
42,823
59,360
73,657
92,156
92,904
$
6,855
9,877
12,873
16,091
18,262
19,563
20,068
$
13,232
19,324
29,950
36 	
43,269
51      _.	
35    	
55,395
72,593
30     .-
72,836
Average of Normal Allowances Granted During Year
252..
27
11,410
5,724
58,775
$
14,850
$
43,925
Total Value of Normal Allowances Granted During Year
252...
$
120,437
14,811,386
3,742,199
11,069,187
SUBDIVIDED BY YEARS OF SERVICE AND AGE AT RETIREMENT
Years of Service
Age at Retirement
Under
55
56     57
58
59
60
61
62     63
	
64
65
Total
Per
Cent
Under 10 years..
10-14 years-
15-19 years 	
20-24 years 	
25-29 years	
30-34 years-
35 years and over-
Totals	
26
25
23
39
36
25
36
51
65
252
16
14
10
14
20
26
100
ALLOWANCES OTHER THAN NORMAL GRANTED DURING 1973
Number of
Allowances Granted
39
Death
Disability
7
Deferred
24
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1975
480-275^(268
 

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