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

Objection Deadline: May 9, 2018 at 4:00 p.m. (AST)

UNITED STATES DISTRICT COURT

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.

PROMESA

Title III

No. 17-bk-3283-LTS

(Jointly Administered)

NOTICE OF PENSION TRUSTEE ADVISORS, INC.’S SECOND 

INTERIM APPLICATION FOR ALLOWANCE OF COMPENSATION 

FOR SERVICES RENDERED AS PENSION CONSULTANT TO FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD, AS REPRESENTATIVE 

OF THE DEBTORS, FROM OCTOBER 1, 2017-JANUARY 31, 2018

PLEASE TAKE NOTICE that a hearing will be held before the Honorable Laura Taylor 

Swain in Room 3 of the United States District Court for the District of Puerto Rico, Federal 

Building, Office 150, 150 Carlos Chardón Street, San Juan, Puerto Rico 00918-1767, on June 6, 

2018 at 9:30 a.m. (AST), or as soon thereafter as counsel may be heard, or at an earlier date as 

ordered by the Court, to consider Pension Trustee Advisors, Inc.’s second interim application for 

allowance of compensation for services rendered from October 1, 2017 through January 31, 2018 

in the amount of $11,020.50, pursuant to PROMESA sections 316-17, Rule 2016, and Local 

Rule 2016-1.

PLEASE TAKE FURTHER NOTICE that objections to the application, if any, must be 

in writing, and filed with the Court and served on applicant’s undersigned counsel so as to be 

received prior to May 9, 2018 at 4:00 p.m. (AST).

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Dated: March 16, 2018 Respectfully submitted,

/s/ William Fornia

William Fornia

Pension Trustee Advisors, Inc.

Pension Consultant to Financial Oversight 

and Management Board

By: /s/ Jeffrey Chubak

Jeffrey Chubak

STORCH AMINI PC

140 East 45th Street, 25th Floor

New York, New York 10017

(212) 490-4100

jchubak@storchamini.com

Attorneys for Pension Trustee Advisors, Inc.

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UNITED STATES DISTRICT COURT

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.

PROMESA

Title III

No. 17-bk-3283-LTS

(Jointly Administered)

SUMMARY SHEET

PENSION TRUSTEE ADVISORS, INC.’S SECOND INTERIM 

APPLICATION FOR ALLOWANCE OF COMPENSATION FOR 

SERVICES RENDERED AS PENSION CONSULTANT TO FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD, AS REPRESENTATIVE

OF THE DEBTORS, FROM OCTOBER 1, 2017-JANUARY 31, 2018

Applicant: Pension Trustee Advisors, Inc.

Authorized to provide services to: Financial Oversight and Management Board, 

as Representative of the Debtors, pursuant to 

PROMESA section 315(b)

Effective date of retention: July 29, 2017

Compensation period: October 1, 2017-January 31, 2018

Compensation sought: $11,020.50

Expense reimbursement sought: $0

Total sought: $11,020.50

Compensation sought herein that has already 

been paid under Interim Compensation Order

$0

Expenses sought herein that have already 

been paid under Interim Compensation Order

$0

This is a: _ monthly X interim _final application

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SUMMARY OF TIME BILLED DURING COMPENSATION PERIOD

Name Title Hours Billed Hourly Rate Total Fees

William Fornia President 23.7 $465 $11,020.50

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UNITED STATES DISTRICT COURT

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)

PENSION TRUSTEE ADVISORS, INC.’S SECOND INTERIM 

APPLICATION FOR ALLOWANCE OF COMPENSATION FOR 

SERVICES RENDERED AS PENSION CONSULTANT TO FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD, AS REPRESENTATIVE 

OF THE DEBTORS, FROM OCTOBER 1, 2017-JANUARY 31, 2018

Pension Trustee Advisors, Inc. (“PTA”), a pension consultant to the Financial Oversight 

and Management Board for Puerto Rico (“Oversight Board”), as representative of the Debtors 

pursuant to PROMESA section 315(b), submits its second interim application for allowance of 

compensation for services rendered from October 1, 2017 through January 31, 2018

(“Compensation Period”) in the amount of $11,020.50, pursuant to PROMESA sections 316-17, 

Rule 2016, and Local Rule 2016-1, and respectfully states:

 

1 The Debtors in these Title III Cases, along with the last four digits of their respective Federal Tax ID

numbers, are: (i) Commonwealth of Puerto Rico (“Commonwealth”) (3481); (ii) Puerto Rico Sales Tax 

Financing Corporation (“COFINA”) (8474); (iii) Puerto Rico Highways and Transportation Authority 

(“HTA”) (3808); (iv) Employees Retirement System of the Government of the Commonwealth of Puerto 

Rico (“ERS”) (9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (3747). 

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JURISDICTION

1. This Court has subject matter jurisdiction to consider this application, pursuant to 

PROMESA section 306(a). Venue is proper in this district, pursuant to PROMESA section 

307(a). 

BACKGROUND

2. The Commonwealth commenced its Title III case on May 3, 2017; COFINA 

commenced its Title III case on May 5, 2017; HTA and ERS commenced their Title III cases on 

May 21, 2017; and PREPA commenced its Title III case on July 2, 2017. Pursuant to PROMESA 

section 315(b), the Oversight Board is the representative of each Debtor in its respective Title III 

case.

3. The Oversight Board engaged PTA to provide pension consulting services in 

these Title III cases by Agreement, effective July 29, 2018, approving its employment on an 

hourly basis. A copy of that agreement was filed with PTA’s first interim fee application [ECF 

No. 2754-2].

4. On February 22, 2018, PTA filed its first interim fee application, covering the 

period July 29, 2017 through September 30, 2017. That application was granted, with 

adjustments, by order, entered March 7, 2018 [ECF No. 2685].

2

 

2 On February 28, 2018, the fee examiner advised PTA that he intended to seek a $3,022.50 reduction in 

compensation for nonworking travel, and $3,496.54 reduction in expenses for hotel and airfare charges 

for which no receipt was submitted. PTA advised the fee examiner by e-mail, dated March 6, 2018, that 

it believed those proposed reductions were inappropriate because nonworking travel time was already 

billed at 50% in the first interim fee application, and PTA had receipts for the expenses for which 

reduction was sought, which it then furnished. The fee examiner agreed with PTA’s position, and later 

that date proposed that the application nevertheless be heard on March 7, 2018, and that the subject fees 

and expenses 

be “credit[ed] against deductions on the second interim fee application. Alternately, we could strike PTA 

from tomorrow’s order and hold the entire application over to April.” Given the blizzard forecast in New 

York for March 7, 2018, PTA requested that the hearing be put over to April, as proposed. However, 

PTA was not struck from the order, and the order as entered incorporated the foregoing (disputed) 

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5. Prior to forming PTA in 2010, its principal, William Fornia, had over thirty years 

of consulting and actuarial experience, primarily in the areas of retiree pension and healthcare 

benefits. Mr. Fornia led Aon Consulting’s public sector pension actuarial consulting practice 

from 2006 to 2010, and before that managed the Denver Retirement Practice of Buck 

Consultants and opened the Denver office of Gabriel, Roeder, Smith & Co. His prior positions 

also include serving as corporate actuary for Boeing and consultant for numerous multinational 

corporations in Brazil and Argentina during his ten years at Towers Perrin.

6. Mr. Fornia is a Fellow of the Society of Actuaries, Enrolled Actuary, Member of 

the American Academy of Actuaries, and Fellow of the Conference of Consulting Actuaries. 

He currently serves on the steering committee of the Conference of Consulting Actuaries Public 

Plans Community, and is on the faculty of the Society of Actuaries Fellowship Admissions 

Course. He is a frequent speaker at organizations such as the National Association of State 

Retirement Administrators, the National Council on Teacher Retirement, the National 

Association of Public Pension Attorneys, the National Conference on Public Employee 

Retirement Systems, the Pension Research Council, the Conference of Consulting Actuaries, the 

Western Pension and Benefits Conference, the International Foundation of Employee Benefit 

Plans, The Conference Board, the Government Finance Officers Association, and the Brazilian 

Association of Pension Plans.

BASIS FOR RELIEF REQUESTED

7. PROMESA section 316(a)(1) provides that this Court “may award to a 

professional person employed by ... the Oversight Board (in the Oversight Board’s sole 

 

reductions. PTA reserves the right to credit the foregoing amounts against future reductions suggested by 

the fee examiner to which PTA consents, as the fee examiner has proposed. 

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discretion) ... reasonable compensation for actual, necessary services rendered by the 

professional, or attorney and by any paraprofessional employed by any such person.” 

8. Pursuant to subdivision (c):

In determining the amount of reasonable compensation to be 

awarded to a professional person, the court shall consider the 

nature, the extent, and the value of such services, taking into 

account all relevant factors, including—

(1) the time spent on such services; 

(2) the rates charged for such services; 

(3) whether the services were necessary to the administration of, or 

beneficial at the time at which the service was rendered toward the 

completion of, a case under this chapter; 

(4) whether the services were performed within a reasonable 

amount of time commensurate with the complexity, importance, 

and nature of the problem, issue, or task addressed;

(5) with respect to a professional person, whether the person is 

board certified or otherwise has demonstrated skill and experience 

in the restructuring field; and

(6) whether the compensation is reasonable based on the 

customary compensation charged by comparably skilled 

practitioners in cases other than cases under this title or title 11, 

United States Code. 

9. PROMESA section 317 and the First Amended Interim Compensation Order, 

entered November 8, 2017 [ECF No. 1715] (“Interim Compensation Order”) permit 

professionals to apply for allowance of compensation and reimbursement of expenses on an 

interim basis. 

10. Each factor set forth in section 316(c) supports allowance of the compensation 

sought herein on an interim basis. 

(a) Time spent on services rendered. During the Compensation Period, PTA 

expended 23.7 hours in connection with services rendered advising the Oversight Board. 

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Specific services rendered include pension bridge review, analysis of data room documents, and 

communications with representatives for the Official Committee of Retired Employees and 

American Federation of State, County and Municipal Employees. Time detail for the 

Compensation Period is annexed hereto as Exhibit 1.

(b) Rates charged. As set forth in the Fornia Certification (defined below), 

the rates charged for services rendered herein are at or below those charged to PTA’s other 

clients. 

(c) Whether Services were necessary or beneficial. The services rendered 

were necessary to the administration of these Title III cases, and beneficial when rendered. 

The Oversight Board hired PTA for the express purpose of providing these services and has 

approved this application. 

(d) Timeliness of services rendered. The services rendered were performed 

within a reasonable amount of time, given their complexity and importance to these Title III 

cases.

(e) Professional certifications; Restructuring Experience. As noted above, 

Mr. Fornia is a Fellow of the Society of Actuaries, Enrolled Actuary, Member of the American 

Academy of Actuaries, and Fellow of the Conference of Consulting Actuaries. He has significant 

restructuring experience, having provided advisory services similar to those for which PTA was 

engaged herein in Detroit’s and Stockton’s chapter 9 bankruptcy cases. 

11. PTA does not seek reimbursement for expenses incurred during the Compensation 

Period. 

12. The certification required by Local Rule 2016-1(a)(4) and Rule 2016 is annexed 

hereto as Exhibit 2 (“Fornia Certification”). 

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NOTICE

13. Notice hereof has been served upon the following:

Fee Examiner

bwilliam@gklaw.com

kstadler@gklaw.com

adalton@gklaw.com

Fiscal Agency and Financial Advisory Authority

jrapisardi@omm.com

suhland@omm.com

dperez@omm.com

Official Committee of Unsecured Creditors

lucdespins@paulhastings.com

andrewtenzer@paulhastings.com

michaelcomerford@paulhastings.com

alexbongartz@paulhastings.com

Official Committee of Retired Employees

rgordon@jenner.com

rlevin@jenner.com

csteege@jenner.com

mroot@jenner.com

Financial Oversight and Management Board

arthur.gonzalez@nyu.edu

Office of the United States Trustee

guy.gebhardt@usdoj.gov

WHEREFORE, PTA requests an order allowing interim compensation for professional 

services rendered during the Compensation Period in the amount of $11,020.50, directing 

payment of the foregoing amounts, less that portion already paid under the Interim 

Compensation Order, and granting such other and further relief as this Court deems just and 

proper.

Dated: March 16, 2018 Respectfully submitted,

/s/ William Fornia

William Fornia

Pension Trustee Advisors, Inc.

Pension Consultant to Financial Oversight 

and Management Board

By: /s/ Jeffrey Chubak

Jeffrey Chubak

STORCH AMINI PC

140 East 45th Street, 25th Floor

New York, New York 10017

(212) 490-4100

jchubak@storchamini.com

Attorneys for Pension Trustee Advisors, Inc.

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EXHIBIT 1

Time Detail

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EXHIBIT 2

Certification of William Fornia

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UNITED STATES DISTRICT COURT

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)

CERTIFICATION OF WILLIAM FORNIA

I, William Fornia, hereby certify:

1. I am the principal of Pension Trustee Advisors, Inc. (“PTA”), a pension 

consultant to the Financial Oversight and Management Board for Puerto Rico, as representative 

of the Debtors in these Title III cases, and submit this certification in support of PTA’s second

interim fee application, covering the compensation period October 1, 2017 through January 31, 

2018. 

2. Pursuant to Local Rule 2016-1, I certify that: 

(a) I have read the application; 

(b) to the best of my knowledge, information and belief formed after 

reasonable inquiry, the fees and disbursements sought therein conform with the Bankruptcy

 

1 The Debtors in these Title III Cases, along with the last four digits of their respective Federal Tax ID

number, are: (i) Commonwealth of Puerto Rico (3481); (ii) Puerto Rico Sales Tax Financing Corporation 

(8474); (iii) Puerto Rico Highways and Transportation Authority (3808); (iv) Employees Retirement 

System of the Government of the Commonwealth of Puerto Rico (9686); and (v) Puerto Rico Electric 

Power Authority (3747). 

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Code, the Federal Rules of Bankruptcy Procedure, the United States Trustee Guidelines, and the 

Local Rules; and 

(c) the compensation and disbursements sought are billed at or below the rates 

and in accordance with practices customarily employed by me and generally accepted by my 

clients. 

3. Pursuant to Rule 2016(a), no agreement or understanding exists between PTA and 

any other person for sharing compensation to be received in connection with this engagement, 

except as authorized by the Bankruptcy Code or Rules. 

I certify under penalty of perjury that the foregoing is true and correct.

Executed on March 16, 2018.

/s/ William Fornia

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