PBM Compensation Disclosure (ERISA Self-Insured Plans)

Current understanding

Under ERISA Section 408(b)(2)(B), pharmacy benefit managers and affiliated brokers/consultants that provide services to large self-insured group health plans must disclose their direct and indirect compensation to plan fiduciaries so those fiduciaries can assess whether fees are reasonable. A DOL final rule operationalizes this disclosure regime for the self-insured ERISA plan segment; it does not reach Medicare, Medicaid, or fully insured markets.

Evidence log

• 2026-11-02 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure: cross-connection with drug-pricing: PBM fee disclosure to ERISA plan fiduciaries is a transparency lever on the drug supply chain that sits alongside Medicare/Medicaid-focused drug-pricing policy. (novelty: 3)

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