Introduction
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.
My focus
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.
Looking ahead
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.
/Insights
Publications
- “New law puts brakes on health-care reimbursements for employees,” Chicago Daily Law Bulletin, September 22, 2015
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
In the news
- Employee Benefit Plan Review
Managing increasing health and welfare fiduciary risks
Corporate partners Damian Myers of Washington, DC and Yelena Gray of Chicago, counsel Lena Gionnette of Rochester, and associate Annie Zhang of Washington, DC, all members of NP’s Employee Benefits & Executive Compensation team, contributed this column, discussing how to manage increasing health and welfare fiduciary risks.May 1, 2024 - Employee Benefit Plan Review
Ask the experts
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.June 1, 2022 - Journal of Compensation and Benefits
OTC COVID-19 test coverage requirements under group health plans
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.May 9, 2022 - Employee Benefit Plan Review
Ask the Experts: Defined contribution plan amendments and telemedicine coverage
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.April 26, 2022 - Employee Benefit Plan Review
Ask the Experts
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.March 1, 2022 - Employee Benefits Plan Review
Ask the experts
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.Feb 8, 2022 - Employee Benefit Plan Review
Ask the experts: COVID-19 coverage requirements; changes to the EPCRS program
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.Jan 1, 2022 - Employee Benefit Plan Review
Ask the experts
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.Nov 1, 2021 - Employee Benefit Plan Review
Ask the Experts - Price transparency rules
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.Oct 8, 2021 - Employee Benefit Plan Review
Ask the experts
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.Aug 20, 2021 - Employee Benefits Plan Review
Ask the experts
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.July 27, 2021 - Employee Benefit Plan Review
New law requires health plans to demonstrate compliance with parity requirements between mental health and medical benefits
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.June 10, 2021 - Inside Health Policy
Stakeholders await key guidance on full COBRA subsidies
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.March 26, 2021 - Journal of Compensation and Benefits
Stimulus legislation gives temporary relief under flexible spending arrangements
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.March 12, 2021 - Law360
3 Tips on Complying with the New Mental Health Parity Law
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.Feb 10, 2021 - Big Sky Business Journal
Montana Highlights
Nixon Peabody is mentioned in this roundup of major Montana business news for its representation of Eagle Bancorp Montana, Inc., in its acquisition of Ruby Valley Bank in Twin Bridges, Montana. Nixon Peabody’s deal team was led by Public Company Transactions partner Lloyd Spencer and senior counsel Ray Gustini and included Public Company Transactions partner Sean Clancy, Real Estate partner Colette Dafoe, Energy & Environmental Group partner Jean McCreary, and Labor & Employment partners Jeff Gilbreth, Yelena Gray and Tom McCord.April 9, 2018 - Confero
Cash Balance Plans Face an Amendment Deadline
Chicago Labor & Employment partner Yelena Gray authored this column discussing the upcoming compliance deadline for cash balance plan sponsors.June 1, 2016 - Chicago Daily Law Bulletin
New Law Puts Brakes on Health-Care Reimbursements for Employees
Chicago Labor & Employment partner Yelena Gray authored this column discussing the importance of employers being aware of medical reimbursement arrangements. Click here to read the full article.Sep 22, 2015 - Law360
Attorneys Rally Around High Court's Gay Marriage Decision
Chicago Labor & Employment partner Yelena Gray and Providence Labor & Employment partner Andrew Prescott are quoted in this article on the impact of the Supreme Court’s recent decision regarding marriage equality.June 26, 2015
Admitted to practice
Illinois
Education
Indiana University School of Law, J.D., summa cum laude
Kherson Pedagogical Institute, Russian Language and Literature Diploma, high honors
Professional activities
- Taxation Section, American Bar Association
Recognition
- Selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2025 in the field of Employee Benefits (ERISA) Law; listed since 2022.
Languages
Russian, Ukrainian
Insights And Happenings
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Partner / Chair, Litigation Department- San Francisco
- Office:+1 415.984.8309
- abarron@nixonpeabody.com
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Robert Fisher
Partner / Practice Group Leader, Government Investigations & White Collar Defense- Boston
- Office:+1 617.345.1335
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Jenny L. Holmes
Partner / Deputy Leader, Cybersecurity & Privacy- Rochester
- Office:+1 585.263.1494
- jholmes@nixonpeabody.com
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John Ruskusky
Partner / Practice Group Leader, Complex Disputes- Chicago
- Office:+1 312.977.4460Mobile:+1 708.606.8720
- jtruskusky@nixonpeabody.com
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