Clarifies compensation disclosure requirements for pharmacy benefit managers and third-party administrators.
The PBM Disclosure Act amends the Employee Retirement Income Security Act of 1974 to clarify the requirement for covered service providers to disclose direct and indirect compensation from entities providing pharmacy benefit management services or third-party administration services. The bill also mandates the Secretary of Labor to issue regulations within 180 days of enactment, clarifying these requirements. These regulations will apply to any plan year beginning six months after their promulgation.
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