Labor Department Finalizes PBM Fee Disclosure Rule for Large Self-Insured Plans

The US Department of Labor’s PBM fee disclosure rule is now final. The Employee Benefits Security Administration (EBSA) rule, “Improving Transparency into Pharmacy Benefit Manager Fee Disclosure” (RIN 1210-AB37), requires providers of pharmacy benefit management services, and their affiliated brokers and consultants, to disclose their direct and indirect compensation to the fiduciaries of large, self-insured group health plans covered by the Employee Retirement Income Security Act (ERISA). The document (FR Doc. 2026-22306) went on public inspection on 30 October 2026 and is scheduled for publication in the Federal Register on November 2, 2026.

The rule takes effect 60 days after publication and applies to plan years beginning on or after 1 July 2027. It adds a new section, 29 CFR 2550.408b-22, under ERISA section 408(b)(2), the statutory exemption that allows plans to pay service providers who would otherwise be parties in interest. A contract with a PBM is only “reasonable” under that exemption if the required disclosures are made. Daniel Aronowitz, Assistant Secretary of EBSA, signed the rule in Washington on 28 October 2026.