Hearing Date: June 6, 2018 at 9:30 a.m. AST

Objection Deadline: April 9, 2018 (for parties other than the Fee Examiner)

IN THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO 

RICO,

as representative of

THE COMMONWEALTH OF PUERTO RICO, 

et al.

Debtors.1

PROMESA

Title III

No. 17 BK 3283-LTS 

(Jointly Administered)

VERIFIED CERTIFICATION OF KIM NICHOLL IN SUPPORT OF THE 

SECOND APPLICATION OF SEGAL CONSULTING FOR ALLOWANCE 

OF COMPENSATION FOR SERVICES RENDERED AND 

REIMBURSEMENT OF EXPENSES INCURRED AS ACTUARIES AND 

CONSULTANTS TO THE OFFICIAL COMMITTEE OF RETIRED 

EMPLOYEES OF THE COMMONWEALTH OF PUERTO RICO

FROM OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

I, Kim Nicholl, have the responsibility for ensuring that the Application complies with the 

UST Guidelines, and I hereby certify the following:

1. I am a Senior Vice President in the firm of Segal Consulting (“Segal”), and meet 

the qualification standards of the American Academy of Actuaries to provide retirement related 

actuarial consulting services.

 1

The Debtors in these jointly-administered PROMESA title III cases, along with each Debtor’s respective 

title III case number listed as a bankruptcy case number due to software limitations and the last four (4) 

digits of each Debtor’s federal tax identification number, as applicable, are: (i) Commonwealth of Puerto 

Rico (Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico 

Sales Tax Financing Corporation (Bankruptcy Case No. 17 BK 3284) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (Bankruptcy Case No. 17 BK 3567-LTS) 

(Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax 

ID: 9686); and (v) Puerto Rico Electric and Power Authority (Bankruptcy Case No. 17 BK 4780) (Last 

Four Digits of Federal Tax ID: 3747).

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2. I am the lead actuary from Segal providing actuarial consulting services to the 

Retiree Committee in connection with the above-captioned Title III Cases. I am authorized to 

submit this certification in support of the Second Application of Segal Consulting for Allowance 

of Compensation for Services Rendered and Reimbursement of Expenses Incurred As Actuaries 

and Consultants to The Official Committee of Retired Employees of the Commonwealth of Puerto 

Rico From October 1, 2017 through January 31, 2018 (the “Application”). Except as otherwise 

noted, I have personal knowledge of the matters set forth herein.

3. I have read the Application. The statements contained in the Application are true 

and correct according to the best of my knowledge, information, and belief.

4. To the best of my knowledge, information, and belief, formed after reasonable 

inquiry, the fees and disbursements sought in the Application are permissible under PROMESA, 

the Federal Rules of Bankruptcy Procedure, the Puerto Rico Oversight, Management, and 

Economic Stability Act (“PROMESA”), 48 U.S.C. §§ 2101–2241, the Federal Rules of 

Bankruptcy Procedure (the “Bankruptcy Rules”), the Bankruptcy Rules for the United States 

Bankruptcy Court for the District of Puerto Rico (the “Local Rules”), orders of this Court, and the 

United States Trustee’s Guidelines for Reviewing Applications for Compensation and 

Reimbursement of Expenses Filed Under 11 U.S.C. § 330 by Attorneys in Large Chapter 11 Cases 

Effective as of November 1, 2013 (the “UST Guidelines”).

(a) The fees and disbursements sought in the Application are billed at rates Segal 

customarily employs and Segal clients generally accept in matters of this nature.

(b) None of the professionals seeking compensation varied their hourly rate based on 

their geographic location.

(c) Segal is not seeking compensation for this Interim Period for time spent reviewing 

or revising time records or preparing, reviewing, or revising invoices.

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(d) Segal does not make a profit on costs or expenses for which it seeks reimbursement, 

whether the service is performed by Segal in-house or through a third party.

(e) In accordance with Rule 2016(a) of the Bankruptcy Rules and 11 U.S.C. § 504, no 

agreement or understanding exists between Segal and any other person for the 

sharing of compensation to be received in connection with the above cases except 

as authorized by PROMESA, the Bankruptcy Rules, and the Local Rules.

(f) All services for which compensation is sought were professional services rendered 

to the Retiree Committee and not on behalf of any other person.

5. The Retiree Committee was provided with a copy of the Application before it was 

filed with the Court and does not object to the relief requested therein.

I certify under penalty of perjury that the foregoing is true and correct to the best of my 

knowledge, information, and belief formed after reasonable inquiry.

Executed on March 19, 2018

/s/ Kim Nicholl 

Kim Nicholl

Case:17-03283-LTS Doc#:2742-1 Filed:03/19/18 Entered:03/19/18 19:07:09 Desc:

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