PBM FAIR Act

This bill changes the federal law that governs employer health plans (ERISA) so that companies that manage prescription drug benefits for group health plans are treated as fiduciaries, meaning they owe legal duties to the plan. This applies to companies that run drug networks or drug lists, negotiate drug rebates or discounts, process drug claims, or review drug use for a plan. The bill requires pharmacy benefit managers and third party administrators to disclose the payments they expect to receive for services to a plan. It bars these companies from being protected by contract from liability for breaking their duties, and makes such contract terms void. The changes take effect for plan years starting at least 12 months after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Roger Marshall Republican sponsor
• 3 cosponsors