Tuesday to Tuesday, 2026-10-27 to 2026-11-03 · · run 20261105T0454Z
PBM Fee Rule Finalized
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The Labor Department issued a final rule on November 2, 2026, requiring pharmacy benefit managers to disclose compensation information to large employer health plans, the Department said.
The rule requires providers of pharmacy benefit management services to disclose information about their compensation to fiduciaries of large, self-insured group health plans subject to the Employee Retirement Income Security Act (ERISA).
Pharmacy spending is a major driver of overall healthcare costs, the Department said.
These disclosure requirements apply for purposes of ERISA’s statutory prohibited transaction exemption under section 408(b)(2).
The Department is issuing this rule as directed in section 12 of President Trump’s Executive Order 14273 to improve employer health plan transparency.
The regulation is effective January 4, 2027, and applicable to plan years beginning on or after July 1, 2027.
The final rule establishes an audit right for plans to verify disclosures made by PBMs.
PBMs must confirm receipt of an audit request within 10 business days and provide information within a commercially reasonable period.
Sources
- Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure Federal Register, significant rules
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