Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure
Published Date: 1/30/2026
Proposed Rule
Summary
The Department of Labor wants pharmacy benefit managers (PBMs) and related service providers to clearly share how much they get paid with the people managing self-insured health plans. This helps plan managers make sure fees are fair and transparent. If finalized, this rule will affect health plan sponsors and PBMs, with comments open until March 31, 2026.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
PBMs Must Disclose All Fees
The rule would require pharmacy benefit managers (PBMs) and affiliated brokers and consultants to give fiduciaries of ERISA-covered self-insured group health plans clear disclosures of their direct and indirect compensation, including advance disclosure of compensation they reasonably expect to receive. These disclosures are meant to help plan sponsors and other responsible plan fiduciaries assess whether contracts and fees are reasonable.
New Audit and Verification Duties
The proposal includes audit provisions that would let responsible plan fiduciaries verify the accuracy of PBM and affiliated provider disclosures. That means PBMs and affiliated brokers/consultants could face new compliance, record-sharing, and audit obligations when they contract with ERISA-covered self-insured group health plans.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-14917, Electronic Disclosure by Group Health Plans Under ERISA
Group health plans can soon share important info online instead of paper, making it easier and cheaper for everyone. If this rule passes, plan administrators must notify members about electronic disclosures but still offer paper copies if requested. This change affects anyone in group health plans under ERISA and aims to save time and money starting after the rule is finalized.
2026-11140, Federal Independent Dispute Resolution Operations
Starting soon, health plans and insurers must share clearer info when they pay or deny surprise medical bills. They’ll use special codes to explain these decisions, especially when dealing with folks they don’t have contracts with. This helps patients and providers understand bills better and speeds up fixing disputes, with no extra costs for most people.
2026-05492, Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur
The court has canceled the Department of Labor’s 2024 rule that changed who counts as a trusted investment advisor for retirement plans. Starting April 20, 2026, the old rules from 2020 will be back in charge, affecting financial advisors and retirement plan managers. This means advisors should review their practices to stay on the right side of the law and avoid costly mistakes.
2025-14281, Pooled Employer Plans: Big Plans for Small Businesses
Small businesses get a big boost with new guidance on pooled employer plans (PEPs), which help them offer better, cheaper retirement savings options. The government is asking for feedback to create clear rules that make joining these plans easier and more affordable. Starting soon, these changes aim to save workers money and help small employers attract great employees.
2026-11222, Exemption for Certain Prohibited Transactions Involving the Goldman Sachs Group, Inc. (Goldman) Located in New York, New York
Starting June 9, 2026, and lasting five years, certain Goldman Sachs asset managers in New York can keep using a special exemption despite past legal issues. This helps retirement plans work smoothly with Goldman managers while making sure they follow important rules and act responsibly. If plans want to stop working with Goldman, they can do so without big costs or problems.
2026-11063, Proposed Exemption Involving the Abiomed Retirement Savings Plan Located in Danvers, MA
The Abiomed Retirement Savings Plan in Danvers, MA, wants permission to hold special financial rights called contingent value rights (CVRs) and get payments from them. Without this okay, these moves would break some important retirement rules. If approved, the exemption starts retroactively from November 15, 2022, and folks have until July 20, 2026, to share their thoughts or ask for a hearing.
Previous / Next Documents
Previous: 2026-01882, Safety Zone; Inner Harbor, Baltimore, MD
The Coast Guard wants to create a temporary safety zone in Baltimore's Inner Harbor from June 24 to July 1, 2026, to keep people and boats safe during a big Air Show event. Only authorized vessels can enter the zone during this time, helping protect everyone and the environment. If you have thoughts, you can share them by March 2, 2026—no fees or costs involved!
Next: 2026-01912, Reimagining and Improving Student Education
The Department of Education is shaking up student loans to make things simpler and fairer for grad students, parents, and pros starting soon. They’re setting new loan limits, ending some old repayment plans, and introducing fresh, easier ways to pay back loans. If you’ve struggled before, you might get a second chance to fix your loan and start fresh—all changes kick in after March 2026 with new rules and options.