Acting Director, Office of Regulations and Interpretations

1210-AB37 202510 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 1210 Employee Benefits Security Administration EBSA 1200 Department of Labor DOL Improving Transparency into Pharmacy Benefit Manager Fee Disclosure

This action will implement section 12 of Executive Order 14273 to improve employer health plan transparency into the direct and indirect compensation received by pharmacy benefit managers.

]]> Economically Significant Previously Published in The Unified Agenda Final Rule Stage Undetermined Private Sector Regulatory 29 CFR 2550.408b-2 29 U.S.C. 1135 29 U.S.C. 1108 Yes

This regulatory action would improve transparency into pharmacy benefit manager fee disclosure with respect to 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.

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Under development

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Under development

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By addressing the influence of PBMs and promoting transparent pricing, President Trump’s Executive Order aims to create a fairer and more competitive prescription drug market that lowers costs and ensures accountability across the health-care system by better enabling plan fiduciaries to better monitor the PBMs actions to ensure the service contract or arrangement is reasonable. Estimates of the cost are still under development and will be reflected in the notice of proposed rulemaking.

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Under development

]]> NPRM 01/30/2026 91 FR 4348 NPRM Comment Period Extended 03/02/2026 NPRM Comment Period End 04/15/2026 Final Rule 09/00/2026 Undetermined Undetermined No No No Elizabeth Schumacher Acting Director, Office of Regulations and Interpretations 1210 Employee Benefits Security Administration EBSA 202 693-8339 N 5669, 200 Constitution Avenue NW, FP Building, Room N-5655, Washington DC 20210