DOL Proposes Transparency Rule for PBM Compensation
- January 30, 2026
The Department of Labor issued January 30 a proposed rule (91 Fed. Reg. 4045) that would require pharmacy benefit managers (PBMs) and affiliated brokers and consultants to make disclosures about compensation to plan fiduciaries so they can assess reasonableness and fulfill their duties under the Employee Retirement Income Security Act (ERISA).
The proposed rule, which is issued under ERISA’s service provider prohibited transaction exemption, is part of the administration’s broader push to bring transparency to PBMs under an executive order issued by President Trump last year on lowering prescription drug costs. The PBM industry has drawn increasing scrutiny from policymakers as a driver of higher drug prices.
The proposed rule would require PBMs to disclose rebates and other payments from drug manufacturers; compensation received when the price paid by the plan for a prescription drug exceeds the amount reimbursed to the pharmacy; and payments recouped from pharmacies for prescription drugs dispensed to the plan.
Comments on the proposed rule are due March 31.