Bill > HR4508

This bill, the Hidden Fee Disclosure Act of 2023, aims to clarify and strengthen the application of certain employer-sponsored health plan disclosure requirements under the Employee Retirement Income Security Act (ERISA). It requires covered service providers, such as pharmacy benefit managers (PBMs) and third-party administrators, to provide more detailed disclosures about their compensation, rebates, discounts, and other financial arrangements related to the provision of services to ERISA-covered group health plans. The bill also specifies the information that must be disclosed annually to plan fiduciaries, including details on drug pricing, fees, and potential conflicts of interest. The Secretary of Labor is directed to issue regulations to implement the bill's provisions, which are set to take effect on January 1, 2025.