THE FOLLOW UP
STATEMENT

Proposed rule would require PBMs to disclose rebates, certain compensations, and recouped payments to plan fiduciaries

True

Evidence from credible sources supports the statement as accurate. Learn more in Methodology.

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rulemaking

The proposed rule text includes the listed required disclosures (rebates, compensation when plan price exceeds pharmacy reimbursement, and payments recouped from pharmacies).

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 Department of Labor’s January 29, 2026 EBSA press release states the proposed regulation “would require pharmacy benefit managers to make disclosures to plan fiduciaries” and explicitly lists (1) rebates and other payments from drug manufacturers, (2) compensation when the plan price exceeds pharmacy reimbursement, and (3) payments recouped from pharmacies. The agency’s notice of proposed rulemaking published for Federal Register public inspection contains the same disclosure requirements. Verdict: True — primary sources from DOL (the press release and the NPRM) confirm the proposed rule would require PBMs to disclose those three categories of information to plan fiduciaries so they can assess reasonableness under ERISA.

Sources

Timeline

  1. Update · Jan 30, 2026, 05:40 AMTrue
    The Department of Labor’s January 29, 2026 EBSA press release states the proposed regulation “would require pharmacy benefit managers to make disclosures to plan fiduciaries” and explicitly lists (1) rebates and other payments from drug manufacturers, (2) compensation when the plan price exceeds pharmacy reimbursement, and (3) payments recouped from pharmacies. The agency’s notice of proposed rulemaking published for Federal Register public inspection contains the same disclosure requirements. Verdict: True — primary sources from DOL (the press release and the NPRM) confirm the proposed rule would require PBMs to disclose those three categories of information to plan fiduciaries so they can assess reasonableness under ERISA.
  2. Original article · Jan 29, 2026
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