# Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure

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](https://www.federalregister.gov/documents/2026/11/02/2026-22306/improving-transparency-into-pharmacy-benefit-manager-fee-disclosure) [PDF](https://www.govinfo.gov/content/pkg/FR-2026-11-02/pdf/2026-22306.pdf)

## Other documents from the Employee Benefits Security Administration

| Document | Type | Published |
| --- | --- | --- |
| [Transparency in Coverage](https://specstream.ai/data/federal-rules/transparency-in-coverage-2026-20447) 2026-20447 · significant | Final rule | Oct 6 |
| [Federal Independent Dispute Resolution Operations; Correction](https://specstream.ai/data/federal-rules/federal-independent-dispute-resolution-operations-correction-2026-17622) 2026-17622 · significant | Final rule | Aug 28 |
| [Electronic Disclosure by Group Health Plans Under ERISA](https://specstream.ai/data/federal-rules/electronic-disclosure-by-group-health-plans-under-erisa-2026-14917) 2026-14917 · significant | Proposed rule | Jul 23 |
| [Federal Independent Dispute Resolution Operations](https://specstream.ai/data/federal-rules/federal-independent-dispute-resolution-operations-2026-11140) 2026-11140 · significant | Final rule | Jun 4 |
| [Excepted Fertility Benefits](https://specstream.ai/data/federal-rules/excepted-fertility-benefits-2026-09479) 2026-09479 | Proposed rule | May 13 |
| [Fiduciary Duties in Selecting Designated Investment Alternatives](https://specstream.ai/data/federal-rules/fiduciary-duties-in-selecting-designated-investment-alternatives-2026-06178) 2026-06178 | Proposed rule | Mar 31 |
| [Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur](https://specstream.ai/data/federal-rules/retirement-security-rule-definition-of-an-investment-advice-fiduciary-2026-05492) 2026-05492 · significant | Final rule | Mar 20 |
| [Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure; Extension of Comment Period](https://specstream.ai/data/federal-rules/improving-transparency-into-pharmacy-benefit-manager-fee-disclosure-ex-2026-04084) 2026-04084 · significant | Proposed rule | Mar 2 |

[Everything from the Employee Benefits Security Administration](https://specstream.ai/data/federal-rules/agency/employee-benefits-security-administration) · [Rules on employee benefit plans](https://specstream.ai/data/federal-rules/topic/employee-benefit-plans) · [Rules on pensions](https://specstream.ai/data/federal-rules/topic/pensions) · [Published in November 2026](https://specstream.ai/data/federal-rules/month/2026-11)

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](https://creativecommons.org/licenses/by/4.0/).