b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (Continued)Executive pension planPensioenfondsenenVoorzieningsfondsenshouldbe reduced to one year or less.Theexecutivepensionplanisafinalpayscheme;thepensionbaseisequaltothesalary.Thepension Pensionsinpaymentanddeferredpensionsmayplanprovidesentitlementstoretirementand beincreasedintheeventofageneralincreasedisabilitypensionforthebenefitoftheparticipant inthecostofliving.Thispossibilityhasnotbeenandtheirwidows,widowersandorphanspension appliedyet.Pensionsinpaymentanddeferredforthebenefitoftheirspouseandchildren. pensionsshall,inanycase,beadjustedannuallyonthebasisofprofitsharingbasedonexcessTheretirementpensioncommencesuponreaching interest,arisingfromtheagreementwiththetheageof60andamountsto: insurance company.1.forBoardmembersdesignatedbyStaatsolie:at Thepensionentitlementsarisingfromtheplanretirement70%ofthelastsalary; areinsuredwithAssuriaLevensverzekeringen2.forotherBoardmembers:peryearofservice, N.V.(Assuria),forwhichStaatsoliehasentereduptoamaximumof28yearsofservice,2.5%of intoanagreementwith,whichprovidesforprofitthe last salary. sharing based on excess interest on assets of Assuria.Thepensionentitlementsareaccruedtime- TheparticipantsandStaatsoliecontributetotheproportionately.Thedisabilitypensionisequal financingofthisplan.Theparticipantscontributetothepotentialretirementpension.Thewidows/ a set percentage of their salary. Other costs of the widowerspensionis70%ofthe(potential) plan are fully borne by Staatsolie.retirement pension. Upon termination of employmentofaparticipantwhohasparticipatedin Theplanassetvalueforthisinsuredexecutivetheschemeforlessthan3years,thecontributions pension plan consist of the insurance policy paid by the director shall be refunded. As sooncoveringparticipants.Astheinsurancepolicyasaparticipantwhohasparticipatedintheplan exactly matches the amount and timing of the foratleast3years,thedirectorshallbeentitled accruedpensionentitlementsoftheparticipants,to the pension entitlements accrued up to thethefairvalueoftheinsurancepolicyhasbeendate of termination of employment. It is notedsetatthepresentvalueoftherelatedobligationsthatthe3-yearperiodonthebasisoftheWet excluding any effects of future salary increases. (X US$ 1,000) 2019 2018Fairvalueofassets4,5004,339 99'