Hearing Date: November 7, 2018 at 9:30 a.m. (AST) 

Objection Deadline: August 6, 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 THIRD INTERIM 

APPLICATION FOR ALLOWANCE OF COMPENSATION FOR SERVICES 

RENDERED AS PENSION CONSULTANT TO THE FINANCIAL OVERSIGHT 

AND MANAGEMENT BOARD FOR PUERTO RICO, AS REPRESENTATIVE 

OF THE DEBTORS, FROM FEBRUARY 1, 2018-MAY 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 

November 7, 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 third interim 

application for allowance of compensation for services rendered from February 1, 2018-May 31, 

2018, in the amount of $29,596.50, pursuant to PROMESA sections 316-17, Rule 2016, and Local 

Rule 2016-1. 

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

party other than the fee examiner must be filed and served, so as to be received by August 6, 2018 

at 4:00 p.m. (AST). 

 

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 1 of 8
2 

Dated: July 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.

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 2 of 8
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 THIRD INTERIM 

APPLICATION FOR ALLOWANCE OF COMPENSATION FOR SERVICES 

RENDERED AS PENSION CONSULTANT TO THE FINANCIAL OVERSIGHT 

AND MANAGEMENT BOARD FOR PUERTO RICO, AS REPRESENTATIVE 

OF THE DEBTORS, FROM FEBRUARY 1, 2018-MAY 31, 2018 

Applicant: Pension Trustee Advisors, Inc. 

Authorized to provide services to: The Financial Oversight and Management 

Board for Puerto Rico

Effective date of retention: July 29, 2017 

Compensation period: February 1, 2018-May 31, 2018 

Compensation sought: $29,596.50 

Expense reimbursement sought: $0 

Total sought: $29,596.50 

This is a: _ monthly X interim _final application 

SUMMARY OF TIME BILLED DURING COMPENSATION PERIOD 

Name Title Hours Billed Hourly Rate Total Fees 

William Fornia President 6.5 $465 $3,022.50

51.6 $515 $26,574

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 3 of 8
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 THIRD INTERIM 

APPLICATION FOR ALLOWANCE OF COMPENSATION FOR SERVICES 

RENDERED AS PENSION CONSULTANT TO THE FINANCIAL OVERSIGHT 

AND MANAGEMENT BOARD FOR PUERTO RICO, AS REPRESENTATIVE 

OF THE DEBTORS, FROM FEBRUARY 1, 2018-MAY 31, 2018 

Pension Trustee Advisors, Inc. (“PTA”), 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 third interim application for allowance of compensation 

for services rendered from February 1, 2018-May 31, 2018 (“Compensation Period”) in the amount 

of $29,596.50, pursuant to PROMESA sections 316-17, Rule 2016, and Local Rule 2016-1, and 

respectfully states: 

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). 

 

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). 

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 4 of 8
2 

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, 2017, 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. 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. 

5. 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 

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 5 of 8
3 

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. 

6. PTA filed its first interim fee application, covering the compensation period July 

29, 2017-September 30, 2017, on February 22, 2018 [ECF No. 2574]. The order on that 

application was entered on March 7, 2018 [ECF No. 2685]. 

7. PTA filed its second interim fee application, covering the period October 1, 2017-

January 31, 2018, on March 16, 2018 [ECF No. 2719]. The order on that application was entered 

on June 8, 2018 [ECF No. 3279]. 

8. PTA served monthly fee statements for each month included in the Compensation 

Period, pursuant to the Interim Compensation Order (defined below). As of the date hereof, PTA 

has been paid 90% of fees incurred and 100% of expenses for the period ending February 28, 2018. 

BASIS FOR RELIEF REQUESTED 

9. 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 discretion) ... 

reasonable compensation for actual, necessary services rendered by the professional, or attorney 

and by any paraprofessional employed by any such person.” 

10. 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; 

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 6 of 8
4 

(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. 

11. PROMESA section 317 and the Second Amended Interim Compensation Order, 

entered June 6, 2018 [ECF No. 3269] (“Interim Compensation Order”) permit professionals to 

apply for allowance of compensation and reimbursement of expenses on an interim basis. 

12. 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 58.1 hours in connection with services rendered advising the Oversight Board. 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 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. 

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 7 of 8
5 

(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. 

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

Period. 

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

hereto as Exhibit 2 (“Fornia Certification”). 

WHEREFORE, PTA requests an order allowing interim compensation for professional 

services rendered during the Compensation Period in the amount of $29,596.50, 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: July 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.

Case:17-03283-LTS Doc#:3522 Filed:07/16/18 Entered:07/16/18 11:08:55 Desc: Main

Document Page 8 of 8