Labor Department issues proposed rule to increase transparency of PBM fees

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The Department of Labor (EBSA) has published/issued a proposed regulation on PBM fees and compensation.

Source summary

The U.S. Department of Labor’s Employee Benefits Security Administration proposed a rule requiring pharmacy benefit managers (PBMs) to disclose fees and compensation to fiduciaries of employer-sponsored self-insured group health plans. The disclosures would include manufacturer rebates, compensation when plan-paid prices exceed pharmacy reimbursements, and payments recouped from pharmacies; fiduciaries would be able to audit PBM reports. The proposal, issued under an ERISA service-provider prohibited transaction exemption, is open for public comment for 60 days after its Federal Register publication.

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Latest fact check

The U.S. Department of Labor’s Employee Benefits Security Administration issued a proposed rule on Jan. 29, 2026 that it described as bringing “overdue transparency” to pharmacy benefit manager (PBM) fees and compensation and that would require disclosures of rebates/manufacturer payments, compensation when plan payments exceed pharmacy reimbursements, and amounts recouped from pharmacies; the agency press release and the Federal Register public‑inspection notice (RIN 1210‑AB37) set out those requirements. Major news outlets (Reuters, Modern Healthcare) contemporaneously reported the EBSA proposal and summarized the same disclosure elements. Verdict: True — the DOL/EBSA announcement and the Federal Register notice confirm that EBSA issued a proposed regulation to increase transparency into PBM fees and compensation on Jan. 29, 2026.

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Timeline

Update · Jan 30, 2026, 05:39 AMTrue
The U.S. Department of Labor’s Employee Benefits Security Administration issued a proposed rule on Jan. 29, 2026 that it described as bringing “overdue transparency” to pharmacy benefit manager (PBM) fees and compensation and that would require disclosures of rebates/manufacturer payments, compensation when plan payments exceed pharmacy reimbursements, and amounts recouped from pharmacies; the agency press release and the Federal Register public‑inspection notice (RIN 1210‑AB37) set out those requirements. Major news outlets (Reuters, Modern Healthcare) contemporaneously reported the EBSA proposal and summarized the same disclosure elements. Verdict: True — the DOL/EBSA announcement and the Federal Register notice confirm that EBSA issued a proposed regulation to increase transparency into PBM fees and compensation on Jan. 29, 2026.
Original article · Jan 29, 2026
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