To amend the Employee Retirement Income Security Act of 1974 to ensure that pharmacy benefit managers are considered fiduciaries, and for other purposes.
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- House
- Sponsors
- 2
- Latest action
- Dec 18, 2025
What it does
This bill would amend the Employee Retirement Income Security Act of 1974 (ERISA) to classify pharmacy benefit managers (PBMs) as fiduciaries when they perform certain functions related to group health plans, such as managing prescription drug networks, negotiating rebates, processing claims, or conducting utilization reviews. It would require PBMs and third-party administrators to disclose compensation arrangements and prohibit them from being indemnified for breaches of their fiduciary duties, making any such indemnification clauses void as against public policy. The changes would apply to plan years starting at least 12 months after the bill’s enactment and affect PBMs, health plans,…
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.