To amend the Employee Retirement Income Security Act of 1974 to ensure that pharmacy benefit managers are considered fiduciaries, and for other purposes.
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Summary
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to classify pharmacy benefit managers (PBMs) as fiduciaries when they manage prescription drug networks, formularies, or negotiate rebates and discounts on behalf of group health plans. The bill requires PBMs and third-party administrators to disclose all direct and indirect compensation they receive, prohibits PBMs from indemnifying themselves against liability for breaches of fiduciary duty, and clarifies that PBMs cannot serve as the responsible plan fiduciary for disclosure purposes unless they sponsor a plan for their own employees. These requirements take effect 12 months after enactment.
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