Bill > HR6837

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to clarify that Pharmacy Benefit Managers (PBMs) are considered fiduciaries, meaning they have a legal duty to act in the best interest of the group health plan and its participants. Specifically, PBMs will be deemed fiduciaries if they manage prescription drug networks or formularies, negotiate drug prices and rebates, process prescription drug claims, or conduct utilization reviews for a group health plan. The bill also requires PBMs and other third-party administrators to disclose their compensation, including indirect payments, related to services provided to a plan, and clarifies that a PBM generally cannot be the responsible plan fiduciary for disclosure purposes unless they sponsor the plan for their own employees. Furthermore, it prohibits PBMs who are deemed fiduciaries from being indemnified or relieved of liability for breaches of their fiduciary duties, making any contract provisions to the contrary void.

Education

https://www.congress.gov/bill/119th-congress/house-bill/6837/all-info