Elizabeth H. Bray

Illinois

Polsinelli PC
150 N. Riverside Plaza
Suite 3000
Chicago, IL 60606

Tel: 312.463.6383

Email: ebray@polsinelli.com
Web: www.polsinelli.com

Liz Bray is a Shareholder in the Chicago office of Polsinelli, where she represents publicly traded companies, executives, and most often, private corporations and closely held entities to design, implement and ensure the compliance of employee benefit plans and executive compensation arrangements with the Internal Revenue Code (IRC), ERISA, COBRA, the Affordable Care Act and other federal statutes affecting such arrangements.

Liz is experienced with qualified and non-qualified deferred compensation plans, executive employment agreements, incentive compensation plans, equity compensation plans, severance plans and retention plans. Liz also routinely assists clients in structuring deferred compensation in compliance with Section 409A of the IRC.

Liz also has significant background in employee benefits issues that arise in the context of mergers and acquisitions, including the transition of benefit plans, and new benefit plan design and issues regarding golden parachute taxes under Section 280G of the IRC.

Practicing in the area of employee benefits and executive compensation allows her to find creative and practical options to problems created by complex laws and regulations.

Education

  • Villanova University School of Law (LL.M., 2009)
    • Taxation
  • Villanova University School of Law (J.D., 2007)
  • Villanova University (B.A., 2004)
    • Economics

Recognition

  • Selected for inclusion in Best Lawyers in America for Employee Benefits (ERISA) Law, 2025 & 2026
  • Selected for inclusion in “Rising Stars – Employee Benefits” by Illinois Super Lawyers, 2014-2021

Polsinelli’s Employee Benefits and Executive Compensation practice advises publicly traded companies, private entities, nonprofit organizations, and public sector employers of all sizes and across all industries on the full spectrum of legal, financial, and administrative issues related to executive compensation and benefit plans. The team brings a business-minded approach, helping clients align their goals to attract, motivate, and retain employees through competitive benefit programs. With extensive experience serving hospital systems and health care providers, including faith-based organizations and academic medical centers, the group partners with clients to navigate the complex compliance and strategic issues unique to these organizations. Leveraging the firm’s national platform, Polsinelli’s attorneys work closely with clients to achieve their employee benefit and executive compensation objectives.

Many of the professionals within the practice previously held positions at leading actuarial, accounting, and consulting firms, or gained significant in-house experience with the government agencies responsible for enforcing the highly technical laws and regulations applicable to benefit plans. This diverse mix of backgrounds allows the team to offer practical, business-oriented solutions that align legal strategies with real-world implementation, resulting in effective outcomes for clients.

Polsinelli also represents employers before the Internal Revenue Service (IRS), Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC), providing effective guidance through plan audits and government proceedings. In collaboration with the firm’s Labor & Employment and ERISA Litigation practices, the team routinely advises on best practices to prevent or resolve disputes involving employee benefit plans, often delivering significant cost savings. In addition, Polsinelli’s Employee Benefits and Executive Compensation attorneys are active members of leading professional organizations, including the Society for Human Resource Management (SHRM), International Foundation of Employee Benefit Plans (IFEBP), The ESOP Association, and the National Center for Employee Ownership, further enhancing the depth and perspective they bring to their counseling services.

Polsinelli is a prominent U.S. law firm headquartered in Kansas City, Missouri. Founded in 1972, the firm has grown into an Am Law 100 firm with more than 1,000 attorneys across over 20 offices nationwide. Its expansion has been fueled by strategic growth and mergers, enabling the firm to establish a strong presence in key markets such as New York, Washington, D.C., California, Boston, Houston, Seattle, and Miami.

The firm is recognized for its client-focused culture and commitment to providing outstanding legal service. Polsinelli offers a full-service platform, with strengths across a wide range of practice areas including health care, real estate, finance, technology, private equity, and life sciences, as well as corporate and transactional law, intellectual property, litigation, and regulatory matters.

She has a tremendous grasp of the complexities of all the federal statutes, from tax law to the Affordable Care Act, that come into play as employers design, implement and manage compensation and benefit plans.
Brian Johnston, Former Practice Chair