To amend the Employee Retirement Income Security Act of 1974 to ensure that pharmacy benefit managers are considered fiduciaries, and for other purposes.

This bill changes the federal law that governs employer health plans (ERISA) so that pharmacy benefit managers are treated as fiduciaries of the plans they serve. A company would be treated as a fiduciary if it runs a drug network or drug list for a plan, negotiates drug rebates or discounts, processes drug claims, or reviews drug use for a plan. Pharmacy benefit managers and third party administrators would have to disclose the payments they expect to receive for their services to a plan. These fiduciaries could not be protected by contract from liability for their duties, and the changes would apply starting with plan years that begin at least 12 months after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Jake Auchincloss Democrat sponsor
• 2 cosponsors