KEY DETAILS
A Labor Department final rule of November 2, 2026, effective January 4, 2027, has PBMs disclose pay to large self-insured plan fiduciaries.
Here is where things stand. The Labor Department's Employee Benefits Security Administration issued a final rule, dated November 2, 2026, titled Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure. This one is worth a careful read. The department says the disclosures are needed so that fiduciaries of large, self-insured group health plans can assess the reasonableness of contracts or arrangements with these service providers, including the reasonableness of their compensation.
The disclosure duty falls on providers of pharmacy benefit management services and on affiliated providers of brokerage and consulting services, and the information goes to fiduciaries of large, self-insured group health plans subject to the Employee Retirement Income Security Act (ERISA). The reasoning is laid out plainly. According to the Labor Department, pharmacy spending is a major driver of overall healthcare costs for employers and is growing faster than medical and surgical spending. One more legal detail matters here. The department says the requirements apply for purposes of ERISA's statutory prohibited transaction exemption for service arrangements under section 408(b)(2).
That is what the Labor Department's notice says. The full entry for this final rule, identifier 2026-22306, is on glp1laws.com at https://glp1laws.com/fda/fr-2026-22306.
Originally published on GLP1Laws.
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