176117_bioimage

Yelena F. Gray



Yelena Gray advises employers of all types and sizes on issues related to employee benefit plan design, implementation, administration and regulatory compliance. Yelena also assists clients in negotiating employment agreements and structuring executive compensation.

What do you focus on?

I assist employers with the design and operation of employee benefit plans in the exceedingly complex regulatory environment. Leveraging more than 20 years of experience advising private, public, tax-exempt and employee-owned companies, I provide the depth and prospective in the employee benefits arena that my clients seek.

Welfare Benefit Plans Compliance

I assist employers with the analysis of their workforce and employee benefit offerings, both from the perspective of economic and staffing needs and to ensure compliance with legal mandates. My recent experience runs the gamut of compliance, design, implementation, drafting and day-to-day administration of group health and cafeteria plans, flexible spending and health care reimbursement arrangements, as well other welfare benefit programs. I guide employers in their efforts to determine the impact of health care reform on their group health care plans, update their plan documentation and ensure compliance with the requirements of ACA, HIPAA, COBRA, mental parity and state laws affecting the design and administration of health and welfare plans.

Qualified Retirement Plan

I advise employers in matters involving qualified retirement plans, including plan design and drafting, monitoring compliance with new legislation and regulatory guidance, communicating with regulatory agencies and counsel on issues of fiduciary responsibilities. I have been involved in obtaining determination and private letter rulings from the Internal Revenue Service (IRS), assisting clients in negotiating pension plan audits and advising clients regarding the IRS programs for correcting plan qualification defects and the Department of Labor voluntary fiduciary correction programs. My recent experience includes assisting clients in matters involving leveraged ESOP buyouts and administration. My work also includes counseling employers on unique issues of compliance and administration affecting cash balance plans.

Executive Compensation

I advise clients regarding executive compensation plans, including matters of compliance with the requirements of Section 409A of the Internal Revenue Code and issues involving change in control, employment and severance agreements, as well as equity and incentive compensation arrangements.

What do you see on the horizon?

The regulatory landscape in the employee plans arena is changing daily and will ultimately shape employers’ benefits offerings. Employer shared responsibility rules, market reforms and “the Cadillac tax” are already prompting employers to take a fresh look at their plans. Audit activity is picking up in several areas, including fiduciary processes and welfare benefit plans. In this environment, it’s difficult to underestimate the effects of careful allocation of responsibilities with respect to employee benefit plans, advance planning and appropriate documentation.

Presentations

  • Presenter, “New Compliance Challenges for Employer Health Plans,” Nixon Peabody CLE program, April 2022
  • Presenter, “Information Reporting Requirements Under Code Sections 6055 & 6056,” ABA Section of Taxation Fall Meeting, September 18-20, 2014
  • Presenter, "Square Pegs and Round Holes: Benefit Classification under Final MHPAEA Regulations," ABA Section of Taxation Midyear Meeting, January 23-25, 2014
  • Presenter, "ACA Health Plan Compliance: New Employer Mandate, Plan Documentation and Requirements, Fiduciary Responsibilities," Strafford Webinar, December 17, 2013
  • Presenter, "Impact of the Omnibus Final HIPAA Rule on Employers," ABA Section of Taxation Fall Meeting, September 19-21, 2013

Publications

  • “New law puts brakes on health-care reimbursements for employees,” Chicago Daily Law Bulletin, September 22, 2015

Ask the experts

Employee Benefit Plan Review | July 28, 2022

In this latest installment of NP’s “Ask the Experts” column, Corporate partners Damian Myers in Washington, DC and Yelena Gray in Chicago, and counsel Jean Yu in Los Angeles, all of the Employee Benefits & Executive Compensation team, discuss the compliance items human resources and benefits departments should prioritize following new requirements for health and welfare plans.

Ask the experts

Employee Benefit Plan Review | June 01, 2022

In this latest installment of NP’s “Ask the Experts” column, Corporate partners Damian Myers in Washington, DC and Yelena Gray in Chicago, and counsel Jean Yu in Los Angeles, all of the Employee Benefits & Executive Compensation team, discuss issues employers should be aware of if employees want to invest in cryptocurrency through their 401(k) accounts.

OTC COVID-19 test coverage requirements under group health plans

Journal of Compensation and Benefits | May 09, 2022

This article contributed by Corporate partners Damian Myers in Washington, DC and Yelena Gray in Chicago, and associate Annie Zhang in Washington, DC—all of the Employee Benefits & Executive Compensation team—discusses updated federal requirements for group health plans covering over-the-counter COVID-19 tests purchased by members without an order or clinical assessment from a healthcare provider.

Ask the Experts: Defined contribution plan amendments and telemedicine coverage

Employee Benefit Plan Review | April 26, 2022

In the latest installment of their “Ask the Experts” column, Corporate partners Damian Myers in Washington, DC and Yelena Gray in Chicago, and associate Lena Gionnette in Rochester—all of the Employee Benefits & Executive Compensation team—discuss the legal changes that necessitate amendments to defined contribution plans, along with the extension of telemedicine coverage in 2022.

Ask the Experts

Employee Benefit Plan Review | March 01, 2022

In the newest installment of their monthly “Ask the Experts” column, Chicago partner Yelena Gray, Washington, DC partner Damian Myers, and Rochester associate Lena Gionnette, all from the Corporate group and Employee Benefits & Executive Compensation team, expand on the new requirements for group health plans regarding direct and indirect compensation disclosure, as well as the importance of plan committees engaging an investment advisor for retirement plans.

Ask the experts

Employee Benefits Plan Review | February 08, 2022

In the newest installment of their Ask the Experts” column, Chicago partner Yelena Gray, Washington, DC partner Damian Myers, and Rochester associate Lena Gionnette, all from the Corporate group and Employee Benefits & Executive Compensation team, discuss the competitive bid process that benefit plan administrators should routinely conduct to evaluate service providers, along with the deficient COBRA election notices that are fueling an uptick in litigation.

Ask the experts: COVID-19 coverage requirements; changes to the EPCRS program

Employee Benefit Plan Review | January 01, 2022

In the newest installment of their monthly “Ask the experts” column, Chicago partner Yelena Gray, Washington, DC partner Damian Myers, and Rochester associate Lena Gionnette, all of the Corporate group and Employee Benefits & Executive Compensation team, describe several requirements related to COVID-19 that still apply to group health plans, along with recent changes to the Employee Plans Compliance Resolution System for correcting retirement plan administrative errors.

Ask the experts

Employee Benefit Plan Review | November 01, 2021

In the newest installment of their monthly “Ask the Experts” column, Chicago partner Yelena Gray, Washington, DC partner Damian Myers, and Rochester associate Lena Gionnette, all from the Corporate group and Employee Benefits & Executive Compensation team, outline the legal considerations for employers implementing COVID-19 vaccine incentives or surcharges; new fee disclosure requirements for health and welfare plan brokers; and best practices for plan sponsors when restating their pre-approved documents to the IRS.

Ask the Experts - Price transparency rules

Employee Benefit Plan Review | October 08, 2021

In the newest installment of their monthly “Ask the Experts” column, Chicago partner Yelena Gray, Washington, DC partner Damian Myers, and Rochester associate Lena Gionnette, all from the Corporate group and Employee Benefits & Executive Compensation team, outline the patchwork of new requirements aimed at increasing health care cost transparency and providing best practices for group health plan sponsors to ensure compliance with the rules.

Ask the experts

Employee Benefit Plan Review | August 20, 2021

In the newest installment of their monthly “Ask the experts” column, Chicago partner Yelena Gray, Washington, DC partner Damian Myers, and Rochester associate Lena Gionnnette, all in the Corporate group and Employee Benefits & Executive Compensation team, analyze the Department of Labor’s recent cybersecurity guidance and provide best practices for retirement plans.

Ask the experts

Employee Benefits Plan Review | July 27, 2021

Chicago partner Yelena Gray, Washington, D.C. partner Damian Myers, and Rochester associate Lena Gionnnette, all with the Corporate group and Employee Benefits & Executive Compensation team, contributed this column addressing various questions about health benefit coverage, including parity requirements for mental health and medical benefits, in addition to the application of continuing “COBRA” benefits for former employees.

New law requires health plans to demonstrate compliance with parity requirements between mental health and medical benefits

Employee Benefit Plan Review | June 10, 2021

Chicago partner Yelena Gray, Washington DC partner Damian Myers, and Rochester associate Lena Gionnette, all of the Corporate group, contributed this article analyzing the new federal laws requiring employer-sponsored group health plans to prove that their plans satisfy all aspects of the parity regulations between mental health and medical benefits.

Stakeholders await key guidance on full COBRA subsidies

Inside Health Policy | March 26, 2021

Rochester Corporate partner Brian Kopp, of the Employee Benefits & Executive Compensation team, is quoted in this article on COBRA subsidies included in the newly enacted American Rescue Plan, noting potential challenges for employers. The article also links to a client alert Brian wrote with Chicago Corporate partner Yelena Gray and Washington, DC Corporate partner Damian Myers, both of the Employee Benefits & Executive Compensation team.

Stimulus legislation gives temporary relief under flexible spending arrangements

Journal of Compensation and Benefits | March 12, 2021

Washington, DC partner Damian Myers, Chicago partner Yelena Gray, and Rochester associate Lena Gionnette, all of the Corporate group and Employee Benefits & Executive Compensation team, contributed this article summarizing the temporary relief for flexible spending accounts in the December 2020 stimulus law, highlighting important takeaways for plan sponsors.

3 Tips on Complying with the New Mental Health Parity Law

Law360 | February 10, 2021

Chicago partner Yelena Gray and Washington, D.C. partner Damian Myers, both of the Corporate group and Employee Benefits & Executive Compensation team, are quoted throughout this article on steps employers can take to ensure they are in compliance with the mental health parity law that took effect on Wednesday.

Contact

Yelena F. Gray

Partner

Chicago

Phone: 312-977-4158


Fax: 844-571-5875

Indiana University School of Law, J.D., summa cum laude

Kherson Pedagogical Institute, Russian Language and Literature Diploma, high honors

Illinois

Russian

Ukrainian

Yelena has been selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2022 in the field of Employee Benefits (ERISA) Law.
  • Taxation Section, American Bar Association
Back to top