Kelly Bley concentrates on all aspects of employee benefits law. Her primary focus is on the legal issues associated with tax-qualified retirement plans with a specific focus on employee stock ownership plans (ESOPs). She represents domestic and international employers of all sizes, both public and private, with regard to compliance with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA).

Kelly has significant experience working with large, multinational companies and advising them on the benefit plans that they sponsor. In her ESOP work, she works with employers of all sizes who have a desire to create an ownership culture. She works in partnership with companies from beginning to end of the transaction to offer creative solutions and to craft the best plan possible to fit their business needs and culture. She also provides post-transaction support to ESOP companies for tax and ERISA compliance. In addition to helping companies become ESOP companies, she also works with them through the life of the process to head off potential issues that may arise with older ESOP companies.

In both ESOP and non-ESOP companies, she partners with her clients to understand their business, culture and goals so that she can provide tailored advice with an eye toward the big picture. She has in-depth knowledge of compliance and corrections, drafting plan documents and amendments of ESOPs, KSOPs, 401(k), profit sharing defined contribution and defined benefit pension plans, governance and fiduciary structure, drafting board materials and employee communications, advising plan sponsors on plan design issues, compliance, benefit claims and dispute resolution and corporate transactions.

Kelly routinely advises clients on benefits design and strategy, de-risking options and company stock issues. She presents for and advises fiduciary committees regarding their duties as ERISA fiduciaries.

Employers call on Kelly to represent them before the Internal Revenue Service (IRS), the Department of Labor (DOL) and the Pension Benefit Guaranty Corporation (PBGC). Additionally, she advises them on day-to-day and complex issues associated with plan administration, both in a preventative capacity through the creation of administrative procedures and best practices and with regard to IRS and DOL correction programs.

Education

  • Indiana University - Robert H. McKinney School of Law (J.D., magna cum laude)
    • University of Missouri-Columbia (B.A., cum laude)
      • Journalism

    Bar Admission

    • Pennsylvania
    • Indiana
    Publications
    All Publications
    DOL Rescinds 2022 Guidance Concerning Cryptocurrency Investments in 401(k) Plans
    On May 28, 2025, the Department of Labor (DOL) rescinded its 2022 guidance that cautioned retirement plan fiduciaries to exercise “extreme care” in permitting cryptocurrency and other digital asset investments in retirement plans. This rescission signals the DOL will take a more neutral approach to such investments, but plan fiduciaries should continue to evaluate and monitor plan investment options in accordance with their general fiduciary duties under ERISA. Background on Prior Guidance In 2022, under the Biden administration, the DOL released guidance reminding plan fiduciaries that “fiduciaries must act solely in the financial interests of plan participants and adhere to an exacting standard of professional care” and advising plan fiduciaries to exercise “extreme care” before including a cryptocurrency option in a retirement
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    Department of Labor Proposes Rule on Valuing Stock for ESOP Stock Purchase and Sale Transactions
    On January 16, 2025, the Employee Benefits Security Administration (EBSA) at the Department of Labor (DOL) released drafts of long-awaited proposed regulations seeking to clarify the definition of “adequate consideration” as set forth in Section 3(18)(B) of ERISA and a proposed class exemption from certain prohibited transaction restrictions in connection with an employee stock ownership plan’s (ESOP) initial acquisition of privately held employer stock from a selling shareholder.   The ESOP community has sought clear guidance on what the term “adequate consideration” means ever since ERISA’s inception 50 years ago. Although EBSA first proposed “adequate consideration” regulations in 1988, the DOL never finalized these rules. Without such guidance, the ESOP community has expressed concerns that plan sponsors, selling shareholders and ERISA fiduciaries could be left
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