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