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Thirty-fourth Annual Report of the Business Done in Pursuance of the Teachers' Pensions Act YEAR ENDED… British Columbia. Legislative Assembly 1976

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 PROVINCE OF BRITISH COLUMBIA
Thirty-fourth Annual Report
of the Business Done in Pursuance of the
Teachers' Pensions Act
YEAR ENDED DECEMBER 31
1974
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1976
  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,
1974.
, GRACE MCCARTHY
Provincial Secretary
Provincial Secretary's Office,
Victoria, B.C., March 12,1976.
 The Honourable Grace McCarthy,
Provincial Secretary, Victoria, B.C.
Madam : 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, 1974.
I have the honour to be,
Madam,
Your obedient servant,
W. H. FORREST
Commissioner of Teachers' Pensions
March 12, 1976.
 TEACHERS' PENSIONS ACT
ANNUAL REPORT
Reporr of Business Done in Pursuance of the Teachers' Pensions Act
During the Fiscal Year Ended December 31,1974
Section 4o—Cost-of-living supplements totalling $622,365, paid in the period
July 1 through December 31, 1974, were charged to Pension Account. When the
accumulated payments exceed 1 per cent of the average annual total of contributory
salaries, cost-of-living supplements are to be financed by additional employee and
employer contributions each at the rate of Vz per cent of salary, with a further
similar increase when the accumulated payments again exceed 1 per cent of the
average annual total of contributory salaries. Projections indicate the first increase
in contributions will be effective on or about May 1, 1976.
Sections 6, 7, and 10—Contributions received from teachers totalled $19,-
088,332, made up as follows:
$
Basic contributions   18,741,226
Voluntary contributions  45,549
Repayment of refunds for reinstatement        132,534
Contributions for approved periods of leave of
absence  32,784
Contributions for approved military or other service         136,239
As at December 31, 1974, there were 36,385 teachers with contributory credits
in the fund, made up as follows:
Current contributors—
Teachers employed by school districts  28,251
Teachers employed other than by school districts       117
Open inactive accounts—
Teachers out of service less than two years    4,102
Teachers with deferred vested pension rights        284
Teachers out of service more than two years     3,631
Costs assumed by the Minister of Finance in respect of recognition of
approved military or other service amounted to $135,949.
Section 8 (1)—Employer basic contributions received from the Minister of
Finance, at 70 per cent of the amount paid by teachers employed by school districts, amounted to $13,043,273.
Section 8 (3), (4), and (5)—Employer contributions received from the
British Columbia Teachers' Federation and employers other than school districts
for 117 teachers on loan, etc., amounted to $107,974.
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 $3,089,240.
5
 P 6 BRITISH COLUMBIA
Sections 11, 11 a, 14, and 15 (1)—Superannuation allowances were granted
in respect of 389 teachers as follows:
Normal retirement age  361
Total and permanent disability      5
Death in service     14
Resumption of remarried widows' allowances       9
Transfers totalling $286,944 were received from three reciprocal pension
plans in respect of 13 contributors upon grant of allowance and in respect of six
contributors following transfer of service.
Transfers totalling $753,707 were made to five reciprocal pension plans in
respect of 17 contributors upon grant of allowance and in respect of 13 contributors
following transfer of service.
For analysis and comparative statistics, see Schedules 2, 3, and 4 appended.
Section 13 (4)—The matching portion of medical premiums deducted from
eligible recipients of a superannuation allowance was paid by the Minister of
Finance.
Sections 15 (5) and 16—Refunds were granted in respect of 1,277 teachers
and totalled $2,213,370 made up as follows:
Resignations 	
Death in service	
$
,210
2,107,773
14
55,446
46
49,476
7
675
Excess contributions on grant of allowance
Miscellaneous 	
For analysis and comparative statistics, see Schedules 2 and 3 appended.
Section 20—Actuarial and administrative expenses paid from the fund
amounted to $168,932.
Section 25—Securities held by the trustees at December 31, 1974, amounted
to $259,947,550, par value, as set out in Schedule 1 appended. Transactions during the year (par values) were as follows:
$
Purchases   24,792,000
Redemptions      3,205,100
21,586,900
The average yield on securities purchased during the year was 9.557 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
$256,987,011 the net rate of interest earned during the year after charging administration expense $168,932 was 6.848 per cent.
Section 37—During the year the Teachers' Pensions Board held one meeting
at which it dealt with some nine cases in accordance with Board policies. Applications considered all related to disability allowances.
LEGISLATION
The Teachers' Pensions Act was amended at the 1975 Session of the Legislative Assembly. The more important changes are as follows:
(1) Amending the formula for calculating cost-of-living supplements for
pensioners.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
P 7
(2) Amending the formula for calculating the highest average for pension purposes of persons who have been receiving benefits under
an approved group disability salary continuance plan.
(3) Permitting employees who transferred to a reciprocal employer and
elected prior to July 1, 1973, to have their contributions transferred to the voluntary account of that employer's pension plan to
reinstate those contributions and their service under this Act.
(4) Permitting the spouse of an employee who dies in service, being
eligible for an allowance, to select a plan with or without a temporary annuity.
W. H. FORREST
Commissioner of Teachers' Pensions
 P 8 BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 1974
ASSETS
Cash and bank deposit notes      $7,429,323
Contributions receivable—
Employee and employer   $2,892,249
Province of British Columbia re deficit in employer reserve    2,679,472
         5,571,721
Accrued interest on investments        4,084,044
Investments at the lower of cost or par value after amortization of discounts    257,728,825
(Par value $259,947,550) 	
$274,813,913
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable     $333,979
Fund Balance
Pensions Account, being the amount available for the payment of current pensions      $118,723,731
Employee Contributions Account      155,756,203
     274,479,934
$274,813,913
Note—These financial statements show only the position of the Fund as at December 31,
1974, and the changes in Fund balance for the year then ended and do not purport to show
the adequacy of the Fund to meet the obligations of the pension plan.
W. H. FORREST C. WEBSTER, CA.
Commissioner of Teachers' Pensions Accountant
AUDITOR'S REPORT
I have examined the statement of financial position of the Teachers' Pensions Fund as at
December 31, 1974, 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, 1974, 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.
I. W. MINTY, CA.
Comptroller-General
Province of British Columbia
Victoria, B.C.
January 30, 1976.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
TEACHERS' PENSIONS FUND
STATEMENT OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1974
P 9
Fund Balance Increased During Year by
Contributions per requirements of the Teachers' Pensions Act
Employees:
Basic contributions 	
  $18,741,226
  45,549
  132,534
Contributions for approved periods of leave of absence 32,784
Contributions for approved military or other service __ 136,239
Voluntary contributions 	
Repayment of refunds for reinstatement
Employers:
Basic contributions
Contributions paid by employers other than school
districts for teachers on loan, etc. 	
$13,043,273
107,974
Province of British Columbia re deficit in Employer Reserve Account
Transfers from other funds—
Public Service Superannuation Fund
College Pension Fund
Government of Canada Public Service Pension Account
Province of Alberta Teachers' Pensions Fund	
$234,814
8,977
43,153
58,451
Interest on investments
Fund Balance Decreased During Year by
Superannuation allowances—
Contributory allowances
Cost-of-living supplements
Refund of contributions—
Resignations 	
Death in service	
$13,295,741
622,365
$13,918,106
Excess on grant of allowance
Miscellaneous  	
Transfers to other funds—
Public Service Superannuation Fund
College Pension Fund
Government of Canada Public Service Pension Account 	
Province of Alberta Teachers' Pensions Fund
Province of Ontario Teachers' Pensions Fund
2,107,773
55,446
49,476
675
435,511
188,472
117,476
7,470
4,778
2,213,370
Reimbursement to employers of Canadian Pension Plan employer contributions paid by them in respect of employees
to whom the Teachers' Pensions Act applies	
Actuarial and administration expenses 	
Net increase in Fund balance during year
Fund balance—December 31, 1973	
Fund balance—December 31, 1974	
753,707
$19,088,332
13,151,247
2,679,472
3,089,240
168,932
345,395
17,185,283
52,449,729
20,143,355
32,306,374
242,173,560
$274,479,934
 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, 1974
Par Value Book Value
Province of British Columbia Guaranty $ $
B.C. Hydro and Power Authority  168,877,000 167,667,630
B.C. Electric Company Limited   1,450,750 1,389,855
B.C. Power Commission   6,256,000 6,216,810
B.C. Railway Company   33,741,000 33,678,996
Greater Vancouver Water District   1,528,000 1,525,888
Greater Vancouver Sewerage and Drainage District   980,000 979,842
B.C. School Districts Serials  12,870,800 12,356,847
B.C. School Districts Capital Financing Authority Serials  3,793,000 3,761,251
B.C. School Districts Capital Financing Authority  25,127,000 24,915,216
B.C Municipal Serials   1,001,500 962,616
B.C. Improvement Districts   984,000 976,101
Nechako Improvement District Serial  691,000 684,435
B.C. Hospital Improvement Districts Serials   674,000 665,684
B.C Irrigation Districts Serials   234,000 231,073
B.C. Irrigation Districts   715,500 714,510
B.C. Water Works Districts  94,000 93,297
Greater Vancouver Water District Serial  500,000 483,000
Greater Vancouver Sewerage and Drainage District Serial  416,000 411,902
Province of Alberta Guaranty
Alberta Municipal Financing Corporation  14,000 13,872
259,947,550   257,728,825
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
P 11
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BRITISH COLUMBIA
SCHEDULE 3
Teachers' Pensions Fund
Comparative Statistics, January 1,1959, to December 31, 1974,
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 	
4,982
6,640
103
524
19
39
12
13
397
478
Nonactivel	
409
1,321
..
Nonactive2
169
810
1961               	
5,638
7,206
131
636
30
61
9
14
425
565
Nonactivel	
479
1,341
Nonactive2	
325
1,321
	
1965                     „    .
7,123
9,020
261
930
33
92
16
20
487
802
Nonactivel
607
1,239
Nonactive2 .	
323
1,422
	
	
	
1%7
8,329
10,665
316
898
73
112
8
34
601
1,003
Nonactivel
704
1,882
Nonactive2
404
1,410
1969. .
10,009
12,445
1,7563
1,5033
93
174
21
28
739
1,250
Nonactivel
886
2,144
	
	
	
	
	
	
	
Nonactive2.
524
1,711
	
	
	
	
1971
10,914
12,991
393
1,204
86
153
24
50
881
1,486
Nonactivel
1,195
2,798
Nonactive2
649
2,266
	
	
	
	
	
..
1972	
11,132
12,520
430
1,276
125
197
19
28
987
1,650
Nonactivel
1,052
2,638
Nonactive2
713
2,458
	
	
	
	
	
	
	
1973
11,466
12,896
380
1,031
85
206
15
32
1,057
1,824
Nonactivel ,	
1,126
2,823
	
	
	
	
	
Nonactive2
784
2,704
	
	
	
.	
	
	
	
	
1974 -	
12,965
15,403
359
918
147
242
21
30
1,183
2,036
Nonactivel	
993
3,393
	
	
.
	
	
	
	
Nonactive2	
852
2,779
	
	
--
	
	
	
	
	
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
SCHEDULE 4
P  13
Teachers' Pensions Fund
Summary of Normal Allowances Granted During 1974
SUBDIVIDED BY YEARS OF SERVICE AND VALUE OF ALLOWANCE
Years of Service
Number of
Allowances
Granted
Average
Salary
During
Last
5 Years
Average
Annual
Allowance,
Single Life
Plan
Average
Value of
Allowance
Average
Teachers'
Share
Average
Government
Share
Under 10
1
42
52
48
58
32
43
27
$
17,782
10.728
11,835
12,060
11,871
13,694
14,765
16,120
$
3,156
2,256
3,648
4,860
6,192
8,280
9,996
10,944
$
32,667
25,108
38,440
51,031
66,449
85,822
108,261
106,746
$
7,757
6,657
10,295
12,754
15,185
19,638
19,451
20,066
$
24,190
10-14
18,451
15-19
28,145
20-24
38,277
25-7.9
51,264
30-34
66,184
35-39
88,810
86,680
Average of Normal Allowances Granted During Year
303	
26
12,737
6,168
64,928
14,265
50,663
Total Value of Normal Allowances Granted During Year
303-
155,861 19,673,298        4,322,246       15,351,052
SUBDIVIDED BY YEARS OF SERVICE AND AGE AT RETIREMENT
Years of Service
Age at Retirement
55
56
57
58
59
60
61
62
63
64
65
Total
Per
Cent
Under 10	
10-14
15-19         .    _	
20-24	
1
2
~2
1
1
2
1
1
2
~2
3
2
3
1
8
2
2
3
5
5
8
6
7
9
12
7
13
1
2
2
1
6
2
5
7
6
4
6
4
4
2
1
5
9
1
5
4
6
7
6
1
4
14
21
15
13
10
18
1
42
52
48
58
32
70
14
17
16
25-29   .
19
30-34 ..
35 and over
11
23
5
5
5
17
25
54
19
31
23
28
91
303
100
Allowances Other Than Normal Granted During 1974
Number of
Allowances
Granted
86
Death
14
Disability
5
Deferred
58
Resumption of
Remarried Widows'
Allowances
Printed by K. M. MacDonald, Printer to the Queen's Most Excellent Majesty
in right of the Province of British Columbia.
1976
530-376-6453
 

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