S. 3349

119 S3349 IS: PBM Disclosure Act
 U.S. Senate
 2025-12-04
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 3349  IN THE SENATE OF THE UNITED STATES   December 4, 2025   Mr. Marshall  (for himself and  Ms. Blunt Rochester ) introduced the following bill;
 which was read twice and referred to the  Committee on Health, Education, Labor, and Pensions    A BILL
To clarify the requirement to disclose direct and indirect compensation from entities providing pharmacy benefit management services or third party administration services.
1.
Short title
This Act may be cited as the   PBM Disclosure Act  .
2.
Clarification of requirement to disclose direct and indirect compensation for brokers and consultants to employer-sponsored health plans
(a)
In general
Section 408(b)(2)(B)(ii)(I)(bb) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(b)(2)(B)(ii)(I)(bb)) is amended by adding at the end the following:
(CC)
Pharmacy benefit management services provided by pharmacy benefit managers or other service providers and related services provided by third party administrators (or other entities providing such services) for which the covered service provider, an affiliate, or a subcontractor reasonably expects to receive indirect compensation or direct compensation described in item (dd).
  .
(b)
Regulations
Not later than 180 days after the date of enactment of this Act, the Secretary of Labor shall promulgate regulations, through notice and comment rulemaking, clarifying the requirements of section 408(b)(2)(B) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1108(b)(2)(B) ) with respect to covered service providers providing services described in subitem (CC) of subclause (I)(bb) of such section, as amended by subsection (a). Such regulations shall apply with respect to any plan year that begins on or after the date that is 6 months after such regulations are promulgated.
(c)
Sense of Congress
It is the sense of Congress that the amendment made by subsection (a) clarifies the existing requirement of covered service providers with respect to services described in section 408(b)(2)(B)(ii)(I)(bb)(BB) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(b)(2)(B)(ii)(I)(bb)(BB)) that were in effect since the application date described in section 202(e) of the No Surprises Act ( Public Law 116–260 ;  29 U.S.C. 1108  note), and does not impose any additional requirement under section 408(b)(2)(B) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1108(b)(2)(B) ).