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Eleventh Annual Report of the Business Done in Pursuance of the College Pension Act YEAR ENDED AUGUST… British Columbia. Legislative Assembly 1980

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 PROVINCE OF BRITISH COLUMBIA
Eleventh Annual Report
of the Business Done in Pursuance of the
College Pension Act
YEAR ENDED AUGUST 31
1979
Queen's Printer for British Columbia ©
Victoria, 1980
  To the Honourable Henry P. Bell-Irving, D.S.O., O.B.E., E.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 College Pension Act for the fiscal year ended August 31, 1979.
EVAN M. WOLFE
Provincial Secretary and
Minister of Government Services
Office of the Provincial Secretary and
Minister of Government Services
Victoria, British Columbia
December 31,1979
 The Honourable Evan M. Wolfe,
Provincial Secretary and
Minister of Government Services,
Victoria, British Columbia
Sir: I have the honour to lay before you the Report of the business done in
pursuance of the College Pension Act during the fiscal year ended August 31, 1979.
Respectfully submitted,
J. D. REID
Superannuation Commissioner
December 31, 1979
 COLLEGE PENSION ACT
ANNUAL  REPORT
Report of the Business Done in Pursuance of the College Pension Act
For the Fiscal Year Ended August 31, 1979
Section 3—All moneys received and paid out under the provisions of this Act
are shown in the statement of changes in fund balance and all assets and liabilities
are shown in the statement of financial position. These financial statements are
attached to this report.
Section 4—During the year 58 eligible employees were, upon application,
declared to be exempt from becoming contributors.
As at August 31, 1979 there were 2,585 active contributors (1,832 male,
753 female).
Section
follows:
-Employee contributions amounted to $3,018,999 made up as
$
Basic contributions  3,008,957
Voluntary contributions        10,042
Section 7—Employer matching contributions amounted to $3,008,957.
Section 11 (1)—During the year 10 allowances were granted. There were
41 allowances in force as at August 31, 1979.
Section 11 (3)—One transfer in the amount of $39,456 was received from an
approved employer.
Section 11a—Transfers totalling $411,906 were received from 3 reciprocal
pension plans in respect of 6 contributors upon grant of allowance as follows:
Upon Grant of Allowance— $
Teachers' Pensions Fund  223,125 re 2 allowances granted
Public Service Superannuation Fund. 154,551 re 3 allowances granted
Municipal Superannuation Fund     34,230 re 1 allowance granted
Transfers totalling $86,454 were made to 3 reciprocal pension plans in respect
of 7 employees upon grant of allowance and in respect of 3 contributors, following
transfer of service as follows:
Upon Grant of Allowance— $
Teachers' Pensions Fund     47,120 re 3 allowances granted
Public Service Superannuation Fund.    31,906 re 3 allowances granted
Municipal Superannuation Fund       7,100 re 1 allowance granted
During Service—
Teachers' Pensions Fund  328 re 3 contributors
Section 16—Refunds amounting to $188,100 were granted to 103 employees
upon resignation.
5
 BRITISH COLUMBIA
Section 21—An actuarial valuation of the Fund was carried out as at August
31, 1976. The valuation indicates that the unfunded liability of the Plan is about
$12,290,000 as at August 31, 1976. The actuary has recommended that the statutory contribution rates under the Plan be increased to ensure stable contribution
rates in the future. These recommendations are now being considered by the
government. Any change to improve financing of the Plan requires statutory
amendments.
Section 22—Administration expenses paid from the Fund amounted to
$18,289.
Section 25—During the year, the Fund's trustee departed from the previous
policy of holding investments until maturity and adopted a policy allowing for the
sale of investments if there is an opportunity to improve the yield upon reinvestment. Pursuant to this policy, certain investments were disposed of resulting in
losses aggregating $23 which have been deducted from interest earnings. It is anticipated that these losses will be recovered through future increased interest earnings.
Investments held by the trustee as at August 31, 1979 amounted to
$28,893,000 (par value), as set out in the attached Schedule 1. Transactions
during the year (par value) were as follows: ^
Purchases   6,887,000
Sales        —
Net increase during year
6,887,000
The average yield on investments purchased during the year was 10.064 per
cent.
Based on the mean of the Fund opening and closing balances amounting to
$27,619,371 the net rate of interest earned during the year after charging administration expense was 9.429 per cent.
J. D. REID
Superannuation Commissioner
 COLLEGE PENSION ACT—ANNUAL REPORT 7
Exhibit A
COLLEGE PENSION FUND
STATEMENT OF FINANCIAL POSITION
AS AT AUGUST 31, 1979
ASSETS 1979 1978
$ $
Cash and term deposits     3,240,809 1,940,844
Contributions receivable       776,731 573,542
Accrued interest on investments        702,519 535,069
Investments in bonds issued or guaranteed by Canada or a Province
(Note 2)   28,492,297       21,647,529
33.212,356       24,696,984
LIABILITY AND FUND BALANCE
Liability
Pensions and transfer payable         42,316 24,029
Fund  Balance (Exhibit B)
Employees' Retirement Annuity Account         68,149 56,788
College Pension Fund Basic Account  33,101,891        24,616,167
33,170,040       24,672,955
33,212,356       24,696,984
The four accompanying notes are an integral part of these financial statements.
Approved by:
J. D. REID, F.C.I.A.
Superannuation Commissioner, Trustee
C. WEBSTER, CA.
Comptroller, Superannuation Branch
AUDITOR'S REPORT
To the Commissioner of the College Pension Fund, and
To the Provincial Secretary and Minister of Government Services
Province of British Columbia:
I have examined the statement of financial position of the College Pension Fund as at
31 August 1979 and the statement of changes in fund balance for the year then ended. My
examination was made in accordance with generally accepted auditing standards, and accordingly included such tests and other procedures as I considered necessary in the circumstances.
I have relied upon information furnished by the Fund's Consulting Actuary as to the
accuracy of note 1 to the financial statements.
In my opinion, these financial statements present fairly the financial position of the Fund
as at 31 August 1979 and the changes in its 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.
ERMA MORRISON, CA.
Auditor General
Victoria, British Columbia
21 December 1979.
 BRITISH COLUMBIA
COLLEGE PENSION FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED AUGUST 31, 1979
Exhibit B
Fund balance increased by
Contributions—
Employees:
Basic 	
Voluntary 	
Employer matching contributions
Transfers from other funds	
Income from investments 	
1979
3,008,957
10,042
3,018,999
3,008,957
451,362
2,622,542
9,101,860
1978
$
2,455,294
20,425
2,475,719
2,455,294
479,105
1,867,737
7,277,855
Fund balance decreased by
Superannuation allowance payments—
Contributory	
Cost-of-living supplements (Note 3)
Refunds	
Transfers to other funds	
Medical premium subsidy for pensioners
Administration expense	
Net increase in fund balance	
Fund balance at beginning of year
Fund balance at end of year (Exhibit A)
262,193
47,354
309,547
604,775
8,497,085
24,672,955
220,757
26,971
247,728
88,100
150,326
86,454
82,061
2,385
1,552
18,289
28,801
510,468
6,767,387
17,905,568
33,170,040       24,672,955
 COLLEGE PENSION ACT—ANNUAL REPORT 9
COLLEGE PENSION FUND
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1979
1. Actuarial Valuation
According to the College Pension Act, actuarial valuations of the Fund shall be made by
an actuary when requested by the Superannuation Commissioner. The first actuarial valuation
of the Fund was carried out as at August 31, 1976. The valuation indicates that the unfunded
liability of the Plan is about $12,290,000 as at August 31, 1976. The actuary has recommended
that the statutory contribution rates under the Plan be increased to ensure stable contribution
rates in the future. These recommendations are now being considered by the government. Any
change to the Plan requires statutory amendments.
2. Investments
Investments are carried at the lower of cost and par value. Premiums are written off in
the year of acquisition. Discounts on single maturity bonds are amortized over the term of the
bonds. Discounts on serial bonds are recognized as income as the serial redemptions occur.
Investments held at the end of the year are as follows:
1979 1978
Book value   28,492,297
Par value  28,893,000
Market value   26,076,030
21,647,529
22,006,000
21,006,249
The difference between the book value and the market value of the investments is not considered to be a permanent reduction of the Fund balance available for payment of pension
benefits and therefore has not been provided for as at August 31, 1979.
3. Cost-of-living Supplementary Allowances
Payment of supplementary allowances, adjusted quarterly in relation to the cost of living
index, commenced July 1, 1975. The Act provides that when the accumulated payments exceed
1 per cent of the average annual total of contributory salaries, these supplements are to be
financed by additional employee and employer contributions, each at the rate of 0.5 per cent of
salary. The Act provides for a further similar increase when the accumulated payments again
exceed 1 per cent of the average annual total of contributory salaries.
4. Additional Information
These financial statements show only the position of the Fund as at August 31, 1979 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 superannuation plan.
 10
BRITISH COLUMBIA
COLLEGE PENSION FUND
Schedule 1
TRUSTEES OF THE COLLEGE PENSION FUND AND THE MINISTER OF
FINANCE FOR THE PROVINCE OF BRITISH COLUMBIA
Securities Held as at August 31, 1979
Par
Value
Government of Canada
  1,017,000
  21,014,000
  6,487,000
B.C. School Districts Financing Authority  290,000
Peachland Irrigation District   50,000
Province of Ontario Guaranty
Ontario Hydro   35,000
Province of British Columbia Guaranty
B.C. Hydro and Power Authority
B.C. Railway Company	
Book
Value
$
1,017,000
20,655,025
6,446,841
288,431
50,000
35,000
Market
Value
$
935,470
18,806,084
6,025,497
238,542
39,350
31,087
28,893,000 28,492,297 26,076,030
 COLLEGE PENSION ACT—ANNUAL REPORT
11
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 COLLEGE PENSION ACT—ANNUAL REPORT
13
COLLEGE PENSION FUND
Approved and Reciprocal Employers as at August 31, 1979
Approved Employers
Section 12 (6) provides for the method of determining the highest average
salary of a contributor who within three years of making his last contribution to
the Fund enters the service of one or more of the following employers and
becomes entitled to a pension:
Government of Canada	
Effective Date
 July 1, 1973
Any employer to whom the Public Service Superannuation Act applies July 1, 1973
Any employer to whom the Teachers' Pensions Act applies July 1, 1973
University of British Columbia July 1, 1973
University of Victoria   July 1,1973
Simon Fraser University. July 1,1973
Special Agreement With Approved Employer
Section 11 (3) provides for transfer of funds in respect of an employee who
within three months of termination of his service transfers to or from the service
of the following approved employer:
Government of Canada June 22, 1973
Reciprocal Employers
Section 1 1a provides for the method of determining pensionable service and
highest average salary together with pro rata sharing of the present value of the
allowance and transfer of funds in respect of an employee who within three years
of termination of his service transfers to or from the service of the following
reciprocal employers:
An employer under the Public Service Superannuation Act  _.
An employer under the Teachers' Pensions Act  	
An employer under the Municipal Superannuation Act..
Workers' Compensation Board	
July 1, 1973
July 1, 1973
.July 1, 1973
June 3, 1974
 14
BRITISH COLUMBIA
COLLEGE PENSION FUND
Approved Long-term Disability Salary Continuance Plans as at August 31, 1979
Employer
Camosun College..
Capilano College..
College of New Caledonia-
Douglas College.	
Justice Institute of B.C.—
Northern Lights College..
Okanagan College	
Date Plan Approved
...Mar. 27, 1975
..June 4, 1979
...Apr. 30, 1979
..July 30,1979
__ Aug. 3,1979
Pacific Vocational Institute	
Vancouver Community College..
.June 8, 1979
.Feb. 4,1977
..Apr. 9,1979
June 6, 1979
Queen's Printer for British Columbia ©
Victoria, 1980
230-180-9623

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