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Federal Register · Regulatory notice

Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure

The Department is issuing a final regulation that will require providers of pharmacy benefit management services and affiliated providers of brokerage and consulting services to disclose information about their compensation to fiduciaries of large, self-insured group health plans subject to the Employee Retirement Income Security Act (ERISA). Pharmacy spending is a major driver of overall healthcare costs for employers and is growing faster than medical and surgical spending. These disclosure requirements apply for purposes of ERISA's statutory prohibited transaction exemption for service arrangements under section 408(b)(2). These disclosures are needed so that fiduciaries can assess the reasonableness of contracts or arrangements with these service providers, including the reasonableness of the service providers' compensation. As directed in section 12 of President Trump's Executive Order 14273, Lowering Drug Prices by Once Again Putting Americans First, the Department is issuing this rule to improve employer health plan transparency into the direct and indirect compensation received by pharmacy benefit managers. This final rule will affect sponsors and other fiduciaries of large, self-insured group health plans and certain service providers to such plans.

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Became public
Nov 2, 2026
Event / period date
Jan 4, 2027
Collected
Nov 8, 2026, 7:42 PM EST

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The source explicitly mentions CENTENE CORP. A mention alone does not establish a financial benefit.

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 and comment on whether the rule should be adjusted due to the new statutory provisions. The Department chose to draw the public's attention to the CAA, 2026 and specifically seek comments on the interaction with the proposal to ensure robust public input on that matter. Commenters had notice and a full opportunity to submit comments on the interaction with the CAA, 2026, including the statutory authority, as evidenced by the substantial volume of [[Page 69146]] comments addressing precisely these issues. 14.2. Placement This final rule, establishing disclosure requirements for covered service providers to covered plans, will appear at 29 CFR 2550.408b-22. In connection with this final rule, the Department is also revising its existing service provider regulation (29 CFR 2550.408b-2(c)(2)) in the Code of Federal Regulations to cross-reference the final rule. 15. Severability The Department proposed under paragraph (o) that if any provision of the rule is held to be invalid or unenforceable by its terms, or as applied to any person or circumstance, or stayed pending further agency action, the provision shall be construed so as to continue to give the maximum effect to the provision permitted by law, unless such holding shall be one of invalidity or unenforceability, in which event the provision shall be severable from this section and shall not affect the remainder thereof. The 

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