PBM Disclosure Act

The PBM Disclosure Act would clarify that pharmacy benefit managers and third-party administrators must disclose both direct and indirect compensation received from entities providing pharmacy benefit management or related services to employer-sponsored health plans. It amends ERISA to explicitly include such services under existing disclosure requirements for brokers and consultants. The Secretary of Labor must issue regulations within 180 days of enactment to clarify these requirements, which would apply to plan years beginning six months after the regulations are finalized. The bill affirms that it clarifies, rather than adds to, existing obligations under the No Surprises Act.

AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.