Amends ERISA to classify pharmacy benefit managers as fiduciaries and prohibit indemnification for breaches.

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to classify pharmacy benefit managers as fiduciaries. It prohibits indemnification for breaches by these fiduciaries. The bill also mandates compensation disclosures from pharmacy benefit managers and third-party administrators. These changes apply to plan years beginning at least 12 months after the bill's enactment.

Amends ERISA to classify pharmacy benefit managers as fiduciaries and prohibit indemnification for breaches.

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to classify pharmacy benefit managers as fiduciaries. It prohibits indemnification for breaches by these fiduciaries. The bill also mandates compensation disclosures from pharmacy benefit managers and third-party administrators. These changes apply to plan years beginning at least 12 months after the bill's enactment.