Data / Federal rules / 2026-01907
Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure
The Employee Benefits Security Administration published this proposed rule in the Federal Register on January 30, 2026. Comments closed on March 31, 2026.
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What the agency says
The Department is proposing a regulation that would require providers of pharmacy benefit management services and affiliated providers of brokerage and consulting services to disclose information about their compensation to fiduciaries of self-insured group health plans subject to the Employee Retirement Income Security Act (ERISA). These disclosures are needed so that fiduciaries can assess the reasonableness of the contracts or arrangements with these service providers, including the reasonableness of the service providers' compensation. These disclosure requirements would apply for purposes of ERISA's statutory prohibited transaction exemption for services arrangements. This proposal implements section 12 of President Trump's Executive Order 14273, Lowering Drug Prices by Once Again Putting Americans First, which instructs the Department to propose regulations to improve employer health plan transparency into the direct and indirect compensation received by pharmacy benefit managers. If finalized, this regulation would affect sponsors and other fiduciaries of self-insured group health plans and certain service providers to such plans.
Key facts
- Document number
- 2026-01907
- Type
- Proposed rule
- Action
- Proposed rule
- Agency
- Labor Department; Employee Benefits Security Administration
- Published
- January 30, 2026
- Comments due
- March 31, 2026
- Dates
- Comments are due on or before March 31, 2026.
- Regulation ID (RIN)
- 1210-AB37
- Code of Federal Regulations
- 29 CFR 2550
- Topics
- Employee benefit plans; Pensions
- Significant
- Yes, under Executive Order 12866
- Pages
- 78
Other documents from the Employee Benefits Security Administration
| Document | Type | Published |
|---|---|---|
| Transparency in Coverage 2026-20447 · significant | Final rule | Oct 6 |
| Federal Independent Dispute Resolution Operations; Correction 2026-17622 · significant | Final rule | Aug 28 |
| Electronic Disclosure by Group Health Plans Under ERISA 2026-14917 · significant | Proposed rule | Jul 23 |
| Federal Independent Dispute Resolution Operations 2026-11140 · significant | Final rule | Jun 4 |
| Excepted Fertility Benefits 2026-09479 | Proposed rule | May 13 |
| Fiduciary Duties in Selecting Designated Investment Alternatives 2026-06178 | Proposed rule | Mar 31 |
| Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur 2026-05492 · significant | Final rule | Mar 20 |
| Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure; Extension of Comment Period 2026-04084 · significant | Proposed rule | Mar 2 |
Everything from the Employee Benefits Security Administration · Rules on employee benefit plans · Rules on pensions · Published in January 2026
Read from the Federal Register API, last updated 2026-10-24. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.