Data / Federal rules / 2026-22306

Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure

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The Employee Benefits Security Administration published this final rule in the Federal Register on November 2, 2026. It takes effect on January 4, 2027.

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What the agency says

The Department is issuing a final regulation that will require providers of pharmacy benefit management services and affiliated providers of brokerage and consulting 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 for employers and is growing faster than medical and surgical spending. These disclosure requirements apply for purposes of ERISA's statutory prohibited transaction exemption for service arrangements under section 408(b)(2). These disclosures are needed so that fiduciaries can assess the reasonableness of contracts or arrangements with these service providers, including the reasonableness of the service providers' compensation. As directed in section 12 of President Trump's Executive Order 14273, Lowering Drug Prices by Once Again Putting Americans First, the Department is issuing this rule to improve employer health plan transparency into the direct and indirect compensation received by pharmacy benefit managers. This final rule will affect sponsors and other fiduciaries of large, self-insured group health plans and certain service providers to such plans.

Key facts

Document number

2026-22306

Type

Final rule

Action

Final rule

Agency

Labor Department; Employee Benefits Security Administration

Published

November 2, 2026

Takes effect

January 4, 2027

Dates

This regulation is effective January 4, 2027. This regulation is applicable to plan years beginning on or after July 1, 2027.

Regulation ID (RIN)

1210-AB37

Code of Federal Regulations

29 CFR 2550

Topics

Employee benefit plans; Pensions

Significant

Yes, under Executive Order 12866

Pages

105

The document on federalregister.gov PDF

Other documents from the Employee Benefits Security Administration

Everything from the Employee Benefits Security Administration · Rules on employee benefit plans · Rules on pensions · Published in November 2026

Read from the Federal Register API, last updated 2026-11-10. 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.